South Korean Economy is quite strong and has been developing rapidly since the 1950s. The financial growth of South Korea for the last thirty years has been so outstanding that it needs a detailed discussion. The great economic strengths of South Korea has given it the 12th position in world economy and the third position in Asia. China is currently the biggest trading partner and export market of South Korea. It has been acquiring rapid financial expansion through exports of manufactured goods and is considered to be one of the Four Asian Tigers.
The major industries of South Korea have been listed below
- Steel
- Automobiles
- Electronics
Just after the completion of World War II,
South Korean Economy adopted a colonial economic system, much of which was destroyed during the Korean War. This historical event affected South Korean Economy a lot and the entire country started to dependent on United States' aid.
Again in 1962, South Korea went through a series of highly ambitious five-year plans for the sake of financial strengthening. More stress was given on foreign trade that resulted in a boom in business and investment. Thereafter heavy industries begun to take place in the 1960s and 1970s.
There are many
South Korean economists who often call this flourishing growth as the "Miracle on the Han River". Again during the 1980s and 1990's, South Korea became the major exporter of textiles and shoes into a leading global producer of shipbuilding, steel, automobiles, electronics and high-technology products of digital monitors, semiconductors and mobile phones.
Apart from this the companies, known as chaebol, flourished by gaining the aid of the Park regime. Some has been mentioned below
- Hyundai
- Samsung
- LG and SK
In 2004, South Korea became an active member of the trillion dollar club of world economies. In one word the
South Korean economy has been characterized by the moderate inflation, high level of employment, an export surplus, and equal distribution of income.
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South Korean Economy please click on the following links
