Korea recently pulled through an economic storm that began in late 1997. This crisis, which roiled markets all across Asia, had threatened Korea's remarkable economic achievements
Korea, once known to be one of the world's poorest agrarian societies, has undertaken economic development in earnest since 1962. In less than four decades, it achieved what has become known as the "Miracle on the Hangang River" - an incredible process that dramatically transformed the Korean economy while marking a turning point in Korea's history.
many successful development programs were implemented. As a result, from 1962 to 2006, Korea's Gross National Income (GNI) increased from US$2.3 billion to US$887.3 billion, with its per capita GNI soaring from $87 to about $18,372.
With a history as one of the fastest growing economies in the world, Korea is working to become the focal point of a powerful Asian economic bloc during the 21st century
The local currency fell 0.8 percent against the greenback in January from a month earlier. The price of Dubai crude, Korea’s benchmark, jumped 69 percent in January compared to a year earlier. South Korea is the world’s fourth-largest crude buyer.
Raw material costs surged 48.7 percent year-on-year mainly due to higher oil prices while the prices of intermediate goods rose 10.6 percent in January, the BOK said.
People Nationality: Noun and adjective--Korean(s). Population (2006): 48,846,823. Population annual growth rate (2006): 0.42%. Ethnic groups: Korean; small Chinese minority. Religions: Christianity, Buddhism, Shamanism, Confucianism, Chondogyo. Language: Korean. Education: Years compulsory--9. Enrollment--11.5 million. Attendance--middle school 99%, high school 95%. Literacy--98%. Health (2006): Infant mortality rate--6.16/1,000. Life expectancy--77.0 yrs (men 73.6 yrs.; women 80.8 yrs). Work force (2005): 23.53 million. Services--67.2%; mining and manufacturing--26.4%; agriculture--6.4%.
Natural resources: Limited coal, iron ore, limestone, kaolinite, and graphite. Agriculture, including forestry and fisheries: Products--rice, vegetables, fruit, root crops, barley; cattle, pigs, chickens, milk, eggs, fish. Arable land--17% of land area
The Second Republic under the leadership of Chang Myon ended after only one year, when Major General Park Chung-hee led a military coup. Park's rule, which resulted in tremendous economic growth and development but increasingly restricted political freedoms, ended with his assassination in 1979
Thereafter, pro-democracy activities intensified even more, ultimately forcing political concessions by the government in 1987, including the restoration of direct presidential elections.