South Korea/

Since the 1960s, South Korea has achieved an incredible record of growth and global integration to become a high-tech industrialized economy. Four decades ago, GDP per capita was comparable with levels in the poorer countries of Africa and Asia. In 2004, South Korea joined the trillion dollar club of world economies, and currently is among the world’s 20 largest economies. Initially, a system of close government and business ties, including directed credit and import restrictions, made this success possible. The government promoted the import of raw materials and technology at the expense of consumer goods, and encouraged savings and investment over consumption. The Asian financial crisis of 1997-98 exposed longstanding weaknesses in South Korea’s development model including high debt/equity ratios and massive short-term foreign borrowing. GDP plunged by 6.9% in 1998, and then recovered by 9% in 1999-2000. Korea adopted numerous economic reforms following the crisis, including greater openness to foreign investment and imports. Growth moderated to about 4-5% annually between 2003 and 2007. With the global economic downturn in late 2008, South Korean GDP growth slowed to 0.2% in 2009. In the third quarter of 2009, the economy began to recover, in large part due to export growth, low interest rates, and an expansionary fiscal policy, and growth exceeded 6% in 2010. The South Korean economy’s long term challenges include a rapidly aging population, inflexible labor market, and overdependence on manufacturing exports to drive economic growth.

$1.467 trillion (2010 est.)

$1.383 trillion (2009 est.)

$1.38 trillion (2008 est.)

$986.3 billion (2010 est.)

6.1% (2010 est.)

0.2% (2009 est.)

2.3% (2008 est.)

$30,200 (2010 est.)

$28,500 (2009 est.)

$28,500 (2008 est.)

24.62 million (2010 est.)

3.7% (2010 est.)

3.7% (2009 est.)

15% (2006 est.)

31.4 (2009)

35.8 (2000)

28.7% of GDP (2010 est.)

23.7% of GDP (2010 est.)

23.5% of GDP (2009 est.)

3% (2010 est.)

2.8% (2009 est.)

1.25% (31 December 2009)

1.75% (31 December 2008)

5.65% (31 December 2009 est.)

7.17% (31 December 2008 est.)

$101.9 billion (31 December 2010 est)

$82.54 billion (31 December 2009 est)

$1.346 trillion (31 December 2009)

$1.132 trillion (31 December 2008)

$1.057 trillion (31 December 2010 est.)

$935.4 billion (31 December 2009 est.)

$836.5 billion (31 December 2009)

$494.6 billion (31 December 2008)

$1.124 trillion (31 December 2007)

rice, root crops, barley, vegetables, fruit; cattle, pigs, chickens, milk, eggs; fish

electronics, telecommunications, automobile production, chemicals, shipbuilding, steel

12.1% (2010 est.)

417 billion kWh (2009 est.)

402 billion kWh (2009 est.)

0 kWh (2009)

0 kWh (2009)

48,180 bbl/day (2010 est.)

2.185 million bbl/day (2010 est.)

907,100 bbl/day

3.074 million bbl/day (2009)

0 bbl (1 January 2010 est.)

651 million cu m (2009 est.)

34.09 billion cu m (2009 est.)

0 cu m (2009 est.)

32.69 billion cu m (2009 est.)

50 billion cu m (1 January 2008 est.)

$36.35 billion (2010 est.)

$42.67 billion (2009 est.)

$466.3 billion (2010 est.)

$373.6 billion (2009 est.)

semiconductors, wireless telecommunications equipment, motor vehicles, computers, steel, ships, petrochemicals

China 21.5%, US 10.9%, Japan 6.6%, Hong Kong 4.6% (2008)

$417.9 billion (2010 est.)

$317.5 billion (2009 est.)

machinery, electronics and electronic equipment, oil, steel, transport equipment, organic chemicals, plastics

China 17.7%, Japan 14%, US 8.9%, Saudi Arabia 7.8%, UAE 4.4%, Australia 4.1% (2008)

$274.6 billion (31 December 2010 est.)

$270 billion (31 December 2009 est.)

$370.1 billion (31 December 2010 est.)

$370.8 billion (31 December 2009 est.)

$112.1 billion (31 December 2010 est.)

$110.8 billion (31 December 2009 est.)

$115.6 billion (31 December 2009)

$74.6 billion (30 June 2008)

South Korean won (KRW) per US dollar - 1,153.77 (2010), 1,276.93 (2009), 1,101.7 (2008), 929.2 (2007), 954.8 (2006)