South Korea has successfully developed into one of the wealthiest and innovative countries in Asia. Thanks to the excellent economic growth over the past 5 decades after the Korean War, the country is able to quickly build a self-sustaining government without relying on external help from the United States. Ranked in third place as the top largest economy in Asia and fifteenth in global ranks, South Korea’s conglomerates such as Hyundai has contributed immensely to the economy. Their excellent economy also includes the government in stabilizing and protecting Korea’s economy by utilizing tax incentives as well as using monetary policy. Not to be confused with North Korea, which is known to be a country ruled by communist and poverty and where the economy is much more fragile due to leading ambitions towards nuclear plans. The relationship between North and South Korea has placed major concerns among the citizens in Seoul on whether plans on unification would affect the country’s progress and much more.
However, the economy was heavily affected in 2008 by the International Economic Crisis as South Korea heavily includes international trade and finance. The effects of the crisis showed in 2009 where Korea’s gross domestic product growth plummeted from a drastic 5.1% to 0.2%. But, the country managed to recover swiftly due to their strong dynamics in stimulus planning and dynamics in product export. The country’s capability in developing at a very quick rate and to be able to recover losses in a short period of time shows their self-sustaining development and reliability.
With great past and current finance leaders leading the economic research and development such as Dr. Sakong II, the presidential committee for the G20 Seoul Summit, we can expect to see a bright future for Korea’s continuous development in all fields.