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Korea - Growth and prospects of the economy (Vol. 6 of 12) : Annex E (English)

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  • Korea - Growth and prospects of the economy (Vol. 6 of 12) : Annex E (English)
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Title Korea - Growth and prospects of the economy (Vol. 6 of 12) : Annex E (English)
Similar Titles
Material Type Reports
Publisher

World Bank (WB)

Date 1977
Language English
File Type Link
Subject Industry and Technology < Science/Technology

Abstract

The sustained high rate of expansion in incomes over 15 years has transformed Korea from one of the poorest developing countries, with heavy dependence on agriculture and a weak balance of payments financed almost entirely by foreign grants, to a semi-industrialized... See More +, middle income nation with an increasingly strong external payments position and the prospect of eliminating the current account deficit in the next 5-10 years. Korea's outstanding gains are attributable to the interaction of several factors: (i) political stability, strong leadership, and a firm commitment to development, (ii) a largely homogenous and unstructured society, (iii) a well-educated, disciplined, and industrious labour force, and (iv) early recognition of the potential contribution of trade in manufactured goods in compensating for Korea's paucity of natural resources. The main document discusses the Fourth Plan and prospects for the longer term. Separate volumes contain Annexes A-J, which cover agriculture, industry, human resources, a macro model for the long term, energy, transport, public finance, the financial sector, foreign trade, and external capital, respectively.