South Korea is a country in Eastern Asia occupying the southern half of the Korean Peninsula. It borders the Sea of Japan, the Yellow Sea, and North Korea. South Korea’s terrain is mostly mountainous. The government system is a republic; the chief of state is the president, and the head of government is the prime minister. South Korea has a mixed economic system which includes a variety of private freedom, combined with centralized economic planning and government regulation. South Korea is a member of the Asia-Pacific Economic Cooperation (APEC) and the Asia-Pacific Trade AgreementAn agreement, usually between countries, to limit or change ... (APTA).
The Asian financial crisis of 1997-98 exposed longstanding weaknesses in South Korea’s development model, including high debtMoney owed to another person or organisation, such as a loan.../equity ratios and massive short-term foreign borrowing. GDP plunged by 7% in 1998, and then recovered by 9% in 1999-2000. South Korea adopted numerous economic reforms following the crisis, including greater openness to foreign investmentMoney or capital that is invested in a business or in an acc... and imports. Growth moderated to about 4% annually between 2003 and 2007.
South Korea’s export focused economyThe management of money, currency and trade of a nation. The... was hit hard by the 2008 global economic downturn, but quickly rebounded in subsequent years, reaching over 6% growth in 2010. The US-Korea Free Trade AgreementAn agreement, usually between countries, to limit or change ... was ratified by both governments in 2011 and went into effect in March 2012. Between 2012 and 2015, the economyThe management of money, currency and trade of a nation. The... experienced slow growth – 2%-3% per year – due to sluggish domestic consumption and investmentMoney or capital that is invested in a business or in an acc.... The administration in 2015 faced the challenge of balancing heavy reliance on exports with developing domestic-oriented sectors, such as services. The South Korean economy’s long-term challenges include a rapidly aging population, inflexible labor marketThe commercial activity of buying and selling goods and serv..., dominance of large conglomerates (chaebols), and the heavy reliance on exports, which comprise about half of GDP. In an effort to address the long term challenges and sustain economic growthAn increase in a region's or nation's production of goods an..., the current government has prioritized structural reforms, deregulation, promotionThe use of marketing and/or advertising to bring attention t... of entrepreneurship and creative industries, and the competitiveness of small- and medium-sized enterprises.
Important Details
- Country ISO3 : KOR
- Country Code : 410
- Income Group : High income
- Lending Category : NA
- Region : East Asia & Pacific
- Currency Unit: Korean won
- WTO Member : Yes
- TradeThe buying and selling or exchange of goods and services. Th... organisations : APEC, WTO, OECD, G-20
- world rank : 27
- Regional Ranking : 7th in the Asia–Pacific Region
