Republic of Korea

Korea achieved rapid economic growth and close-to-full employment for almost two decades from the late 1960s. Upon the arrival of the era of globalization, growth started to slow down in the 1990s. In this situation, the 1997 Asian financial crisis and the recent global economic crisis hit the Korean economy hard like other countries. Nevertheless, Korea succeeded in reducing the negative impact of the two financial crises on its labour market and became one of the fastest recovery countries in the world. (The rest omitted)