South-Korean economyThe South Korea's economic growth over the past 30 years has been spectacular. Per capita GNP, only $100 in 1963, exceeded $9,800 in 2002. South korea is now the 12th-largest economy in the world.
In the early 1960s, the Park government instituted sweeping economic reforms emphasizing exports and labor-intensive light industries. The government carried out a currency reform, strengthened financial institutions, and introduced flexible economic planning.
In the 1970s South Korea began directing fiscal and financial policies toward promoting heavy and chemical industries, as well as consumer electronics and automobiles. Manufacturing continued to grow rapidly in the 1980's and early 1990s.
In recent years South Korea's economy moved away from the centrally planned, government-directed investment model toward a ... Read more  |
