Economic Overview Of South Korea

South Korea has been called one of the `Four Dragons’ of East Asia- starting with a high level of poverty and underdevelopment, the country has managed, in the durationof a little more than fifty years, to achieve an economic status which virtually puts it on par with the developed economies of the European Union. The phenomenal economic success of South Korea has largely been because of smart economic policies, integration between various sectors of the economy (and more notably, between the government and private enterprise), government sponsorship of certain key sectors, and heavy foreign investment. Despite the fact that the country suffered in the financial crisis of 1997, it has managed to get back on its feet in a remarkably short span of time, and is working to correct the shortcomings that allowed the crisis to happen.

Some facts:

GDP: US$338 billion
GDP per head: US$7673
Annual Growth: -2%
Inflation: 4.5%
Major industries:   Machinery, textiles, agriculture, transport, electronics,
chemicals, shipbuilding
Major trading partners: USA, Germany, Japan, China, Australia