Over the last three decades,
the Republic of Korea has achieved what is widely acclaimed as "the economic
miracle on the Hang-gang River." Since Korea embarked on economic development in
earnest in 1962, its economy has grown at one of the fastest paces in the world.
As a result, Korea, long one of the world's poorest agrarian societies, has
emerged as an upper middle-income, fast-industrializing country.
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