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The Korean Economy

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Frame of Image eved and sustained rapid economic growth over a long period of time that raised the nation's status to a much higher level: joining the OECD in 1996 and hosting the G20 Summit in 2010. The gross national income (GNI) per capita soared from a mere 85 US dollars in 1961 to more than 20,000 US dollars in 2006. Korea became the world's 13th largest economy as of 2014. Wi t h the postwar reconstruction completed by the early 1960s, the Korean government began to formulate and carry out economic development plans to overcome poverty and build the foundation for a self-supporting economy, which provided a framework for economic growth based on export-oriented industrialization. Despite the oil shocks and strengthened protectionism, the Korean economy continued to grow at an annual rate of more than 10 percent in the 1970s, thanks to technical development achieved by nurturing heavy and chemical industries. However, Korea also experienced such side effects as high rates of inflation and a chronic current account deficit. In order to resolve structural problems that arose during the process of growth-oriented development, the Korean government shifted its policy stance to building a foundation for economic stability through fiscal and financial austerity in the 1980s. Based on this, the Korean economy achieved strong growth from 1986, taking full advantage of 'the three lows' - low oil prices, low international interest rates and the low value of the U.S. dollar in terms of the Japane


Full Text
Title The Korean Economy
Similar Titles
Material Type Articles
Author(English)

The Bank of Korea

Publisher

Seoul:The Bank of Korea

Date 2015-05
Pages 25
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Economy < Economic Administration
Economy < Others
Holding The Bank of Korea; KDI School