Miracle on the Han-gang RiverWithin the brief span of the last 40 years, the Republic of Korea has achieved an astonishing economic turnaround. Starting with its recovery at the end of the Korean War, the country has transformed its economy so completely and so rapidly that the achievement has come to be known as the "economic miracle on the Han-gang River" (a reference to the river that runs through Seoul).
Fuelled by high savings and investment rates - and a strong focus on educating the upcoming generations - Korea's economic growth took off in the 1960s. Over the past three decades, the country has maintained an average annual economic growth of 8.6% and has become the 11th largest trading nation in the world.
In less than two generations, Korea has established itself as one of the world's leading shipbuilders and manufacturers of semiconductors and consumer electronics. In addition, since the late 1980s, the burgeoning Korean automobile industry has been penetrating overseas markets.
On 12 December 1996, Korea became the 29th member country of the Organization for Economic Cooperation and Development (OECD). Today, Korea is clearly on target in balancing its economic reform with economic stability - marking the beginning of a new era of sustainable growth based on increased productivity and global competitiveness. |
