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Korea in the new world economic order : Issues and solutions for the future

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Title Korea in the new world economic order
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Sub Title

Issues and solutions for the future

Material Type Proceedings
Author(English)

Park, Sung-Hoon

Publisher

[Seoul]:Korea Institute for International Economic Policy

Date 1995-11
Series Title; No Seminar Proceedings / 95-02
Pages 68
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Economy < Trade
Economy < Economic Administration
Holding KIEP; KDI School

Abstract

1995 marks the 50th anniversary of the Republic of Korea's national independence. This year will also bear great historic significance as a unique moment in the world economics order. The World Trade Organization(WTO) was inaugurated on the first day of 1995, signifying the entire world community's firm commitment to a truly open and fair trading system. In the past 50 years, the Korea economy has achieved remarkable economic growth and development which was unprecedented in history. From a very poor and a war-devastated country, Korea has become one of the leading countries in the world economy. Now, it is ranked 11th and 12th in the world in terms of GDP and trade volume respectively. It is well known that Korea's economic development was based on an export-oriented industrialization strategy, and has benefited a lot from trade with other trading partners. (The rest omitted)