Group items tagged

Today, according to the 2007 Index, South Korea's economy is 68.6 percent free, making it the world's 36th freest economy. Unfortunately, however, a closer look reveals that South Korea's level of economic freedom is neither as comprehensive nor as concrete as it should be. For example, although its regulatory process has improved, bureaucracy and lack of transparency still hinders entrepreneurial activities. Interventionist government policies still linger. South Korea's labor freedom is also shackled by restrictive employment regulations that hamper employment and productivity growth. Militant labor unions make the situation worse, disrupting the rule of law and undermining productivity.

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.

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