Inside Economy of South Korea
- 5 years ago
South Korea’s economy is the 4th and 11th largest in Asia and the world respectively. It is a mixed economy which is mostly led by family-owned corporations called chaebols. Nonetheless, the control of the chaebol is not likely to last and it creates the risk of slowing down the revolution of Korean economy into something more beneficial for the future generations. South Korea’s economy is the global front-runner of Consumer electronics, Mobile Broadband and Smartphone.
South Korea is acknowledged for its remarkable growth from one of the most deprived countries in the world to a developed, high-earning country in just a small number of generations. The period of rapid economic development in South Korea after the Korean War, which converted South Korea from a developing country to a developed country is termed as the Miracle on the Han River. Following this rapid development, South Korea joined the ranks of elite countries in the OECD and the G-20. It has also been incorporated in the group of Next Eleven countries that will lead the worldwide economy in the middle of the 21st century.
South Korea is acknowledged for its remarkable growth from one of the most deprived countries in the world to a developed, high-earning country in just a small number of generations. The period of rapid economic development in South Korea after the Korean War, which converted South Korea from a developing country to a developed country is termed as the Miracle on the Han River. Following this rapid development, South Korea joined the ranks of elite countries in the OECD and the G-20. It has also been incorporated in the group of Next Eleven countries that will lead the worldwide economy in the middle of the 21st century.