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 Home >> Korea in Brief >> Economics


Going forward with a five-year plan[program] for economic development has started in 1962, Korea has showed enormous growth and has become to be a newly rising industrial nation.

Korea's economic scale has made its way within the 10th ranking of the GNP and trade scale. The GNP which was $87 in 1962 has reached $10,000 in 1995, exportation from 55 million to over 120 billion. The industrial structure has become advanced and the rate of agriculture and fishery industry has been reduced whereas the rate of service and manufacturing industry has increased.

Today, Korea is rapidly stepping forward in branching out in foreign countries. The electronic and automobile industry is taking place in USA, Europe, Mexico etc. Construction industry is active in southeast Asia, the Middle east, Africa etc.

Korea joined OECO in 1996 and has opened doors to the world in fields such as commodities and finance. In 1997 Korea faced its financial crisis from the aggravated world economic condition and shortage on foreign exchange. But through economic getting worse, labor and management cooperation, aid for the unemployed, increase in export Korea was able to overcome the crisis. Now Korea is trying for a second Miracle.

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