South Korea Sociocultural Report

The economy of the Republic of Korea (South Korea) has grown in the last 35 years. Per capita gross national product, only $100 in 1963, exceeded $20,000 USD in 2005. South Korea is now one of the foundings largest economies (as of 2006, it is 14th in the world according to GDP measured in PPP, tenth when measured nominally).

The core of the South Korean economy has changed substantially oer the countrys six-decade existence. In the 1940s, the country was predominantly agricultural, with little pains. The emphasis shifted to clarification industry and consumer products in the following decades, and then to heavy industry in the 1970s and 1980s. As in other unquestionable countries, the service sector has become increasingly dominant since the nineties; it now comprises about two-thirds of the GDP.

South Korea has the tenth largest economy in the world (fourteenth largest by purchasing power parity), and the third largest in Asia, behind only Japan and China (fourth behind China, Japan, and India by purchasing power parity). As one of the East Asian Tigers, it achieved rapid economic growth through exports of manufactured goods. This is in sharp contrast to the stagnation of North Koreas economy, which has turned for the worse since the disintegration of the Soviet Union. South Koreas per capita GDP is now almost 12 times that of North Korea.

This phenomenal growth is practically called the Miracle on the Han River, the Han River being the main river that runs through the nations capital and largest city, Seoul. In the 1980s and 1990s, growth continued as South Korea transform itself from an exporter of mostly textiles and shoes into a major global manufacturing business of auto quicks, electronics, shipbuilding, and steel and later, high-technology fields such as digital monitors, mobile phones, and semiconductors.

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