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Korea's growth performance : Past and future

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  • Korea's growth performance
  • Noland, Marcus
  • East-West Center


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Title Korea's growth performance
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Sub Title

Past and future

Material Type Articles
Author(English)

Noland, Marcus

Publisher

Honolulu:East-West Center

Date 2011-11
Series Title; No East-West Center Working Papers(Economics Series) / 123
Pages 44
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Original Format pdf
Subject Economy < Macroeconomics
Holding East-West Center

Abstract

South Korea is arguably the premier development success story of the last half century. For 47 years starting in 1963, the economy averaged 7 percent real growth annually, and experienced only two years of economic contraction: 1980 after the second oil shock and the assassination of President Park Chung-hee, and 1998 at the nadir of the Asian financial crisis. At the start of that period South Korea had a per capita income lower than that of Mozambique or Bolivia; today it is richer than Spain or New Zealand, and was the first Asian and first non-G7 country to host a summit of the G20, the unofficial steering committee of the world economy. (The rest omitted)