Economy of South Korea

From Wikipedia
Jump to navigation Jump to search

This article is about the economy of the Republic of Korea. For the economy of the Democratic People's Republic of Korea, see Economy of North Korea.

TemplateStyles' src attribute must not be empty.

Template:Infobox economy Template:South Korean economy South Korea has a highly developed mixed economy.[1][2][3] By nominal GDP, the economy was worth Template:KRW (US$1.87 trillion). It has the 4th largest economy in Asia and the 13th largest in the world as of 2025.[4] South Korea is notable for its rapid economic development from an underdeveloped nation to a developed, high-income country in a few decades. This economic growth has been described as the Miracle on the Han River,[5] which has allowed it to join the OECD and the G20. It is included in the group of Next Eleven countries as having the potential to play a dominant role in the global economy by the middle of the 21st century.[6] Among OECD members, South Korea has a highly efficient and strong social security system; social expenditure stood at roughly 15.5% of GDP.[7][8][9] South Korea spends around 4.93% of GDP on advanced research and development across various sectors of the economy.[10][11]

South Korea's education system and the establishment of a motivated and educated populace were largely responsible for spurring the country's high technology boom and economic development.[12] South Korea began to adapt an export-oriented economic strategy in the 1960s to fuel its economy.[13] In 2022, South Korea was the ninth largest exporter and ninth largest importer in the world. The Bank of Korea and the Korea Development Institute periodically release major economic indicators and economic trends of the economy of South Korea.[14][15]

Renowned financial organisations, such as the International Monetary Fund, note the resilience of the South Korean economy against various economic crises. They cite the country's economic advantages as reasons for this resilience, including low state debt and high fiscal reserves that can quickly be mobilised to address any expected financial emergencies.[16] South Korea was one of the few developed countries that was able to avoid a recession during the Great Recession.[17] South Korea's economy relies significantly on semiconductor and other AI-related gear exports, which account for around 4-40% of its total exports. The ratio of South Korea's exports to GDP is 46%. Consumption, by contrast, plays a relatively small role, accounting for 40% of South Korea's GDP.[18]

Despite the South Korean economy's high growth and structural stability, South Korea is experiencing damage to its credit rating in the stock market due to North Korea in times of military crises. The recurring conflict affects the financial markets of its economy.[19][20][21][22][23] The South Korean economy faces challenges due to a declining and ageing population, with a fertility rate among the lowest in the world. Additionally, economic growth is increasingly concentrated in a small number of tech-related companies, with smaller businesses that account for 60% of employment seeing slower growth.[18]

History

Overview

Following the Korean War, South Korea remained a country with less developed markets for a little more than a decade. The growth of the industrial sector was the principal stimulus to South Korea's economic development. In 1986, manufacturing industries accounted for approximately 30 percent of gross domestic product (GDP) and 25 percent of the workforce. Due to strong domestic encouragement and some foreign aid, Seoul's industrialists introduced modern technologies into outmoded or newly built facilities, increased the production of commodities—especially those for sale in foreign markets—and plowed the proceeds back into further industrial expansion. As a result, industry altered South Korea's landscape, drawing millions of labourers to urban manufacturing centres.[citation needed][24]

A downturn in the South Korean economy in 1989 spurred by a decrease in exports and foreign orders caused concern in the industrial sector. Ministry of Trade and Industry analysts stated that decreased export performance resulted from structural problems, including an overly strong won, increased wages and labour costs, frequent strikes, and higher interest rates. The result was an increase in inventories and cutbacks in production at a number of electronics, automobile, and textile manufacturers, as well as at the smaller firms that supplied the parts. Factory automation systems were introduced to reduce dependence on labour, to boost productivity with a smaller workforce, and to improve competitiveness.[citation needed]

Colonial period

Japan colonized Korea, officially annexing it on 22 August 1910 as the Province of Choson.[25]: 24  Japan encouraged an inflow of Japanese capital to Korea's less developed economy.[25]: 24  A large majority of major firms in Korea became Japanese owned and operated as a result, with key positions reserved for Japanese.[25]: 24  Koreans were permitted to work in menial roles under harsh labor conditions.[25]: 24  Most of Korea's coal, iron, and crop production was shipped to Japan.[25]: 24 

Rapid growth from 1960s to 1980s

Main article: Miracle on the Han River
File:Historical GDP growth of South Korea.png
Growth of the South Korean economy 1961–2015
File:TwoKoreasGDPPerCapita.svg
Economy of South Korea, compared to North Korea. North Korea began to lose the economic competition after its adoption of Juche in 1974.

Following the coup that brought General Park Chung Hee to power in 1961, which at first caused political instability and an economic crisis, a protectionist economic policy began, pushing a bourgeoisie that developed in the shadow of the State to reactivate the internal market. To promote development, a policy of export-oriented industrialisation was applied, closing the entry into the country of all kinds of foreign products, except raw materials. Agrarian reforms were carried out and Park nationalised the financial system to swell the powerful state arm, whose intervention in the economy was through five-year plans.[26]

The spearhead was the chaebols, diversified family conglomerates such as Hyundai, Samsung, and LG Corporation, which received state incentives such as tax breaks, legality for their exploitation system and cheap or free financing: the state bank facilitated the planning of concentrated loans by item according to each five-year plan, and by economic group selected to lead it.

South Korea received foreign aid from the United States due to their Cold War alliance, and foreign economic and military support has continued for years. Chaebols started to dominate the domestic economy and, eventually, began to become internationally competitive. Under these chaebols, workers began to see their wages and working conditions improve, which increased domestic consumption. By the 1980s, the country had risen from low income to middle income.[27]

South Korea's real GDP expanded by an average of more than 8 percent per year,[28] from US$2.7 billion in 1962[29] to US$230 billion in 1989,[30] breaking the trillion dollar mark in the early 2000s. Nominal GDP per capita grew from US$103.88 in 1962[31] to US$5,438.24 in 1989,[32] reaching the US$20,000 milestone in 2006. The manufacturing sector grew from 14.3 percent of the GNP in 1962 to 30.3 percent in 1987. Commodity trade volume rose from US$480 million in 1962 to a projected US$127.9 billion in 1990. The ratio of domestic savings to GNP grew from 3.3 percent in 1962 to 35.8 percent in 1989.[28] In the early 1960s, South Korea's rate of growth exceeded North Korea's rate of growth in most industrial areas.[33]

The most significant factor in rapid industrialisation was the adoption of an outward-looking strategy in the early 1960s.[34][28] This strategy was particularly well-suited to that time because of South Korea's low savings rate and small domestic market. The strategy promoted economic growth through labour-intensive manufactured exports, in which South Korea could develop a competitive advantage. Government initiatives played an important role in this process.[28] Entrepreneurs such as Kim Hyung-mok were key figures in supporting industrial growth by investing in education and infrastructure aligned with the state’s economic goals. Through the model of export-led industrialisation, the South Korean government incentivised corporations to develop new technology and upgrade productive efficiency to compete in the global market.[35] By adhering to state regulations and demands, firms were awarded subsidisation and investment support to develop their export markets in the evolving international arena.[35] In addition, the inflow of foreign capital was encouraged to supplement the shortage of domestic savings. These efforts enabled South Korea to achieve growth in exports and subsequent increases in income.[28]

Beginning in 1973, South Korea's government used its National Investment Fund and the Korea Development Bank to invest large amounts of money into what Park Chung Hee's government viewed as the six strategic industries: steel, non-ferrous metals, shipbuilding, industrial machinery, electronics, and petrochemicals.[36]: 136  This developmental approach was frequently criticized at the time from outside Korea, including by the World Bank.[36]: 136  The strategy was successful and ultimately also helped develop companies like Samsung and POSCO and reduced input costs for production in downstream industries as well.[36]: 136 

By emphasising the industrial sector, Seoul's export-oriented development strategy left the rural sector barely touched. The steel and shipbuilding industries in particular played key roles in developing South Korea's economy during this time.[37] Except for mining, most industries were located in the urban areas of the northwest and southeast. Heavy industries were located in the south of the country. Factories in Seoul contributed over 25 percent of all manufacturing value-added in 1978; taken together with factories in the surrounding Gyeonggi Province, factories in the Seoul area produced 46 percent of all manufacturing that year. Factories in Seoul and Gyeonggi Province employed 48 percent of the nation's 2.1 million factory workers. Increased income disparity between the industrial and agricultural sectors became a problem by the 1970s despite government efforts to raise farm income and improve rural areas [28]

File:South Korean inflation.webp
South Korean inflation Template:Legend-line
  Inflation
Template:Legend-line

In the early 1980s, in order to control inflation, a conservative monetary policy and tight fiscal measures were adopted. Growth of the money supply was reduced from the 30 percent level of the 1970s to 15 percent. During this time, Seoul froze its budget for a short while. Government intervention in the economy was greatly reduced and policies on imports and foreign investment were liberalised to promote competition. To reduce the imbalance between rural and urban sectors, Seoul expanded investments in public projects, such as roads and communications facilities, while further promoting farm mechanisation.[28]

The measures implemented early in the decade, coupled with significant improvements in the world economy, helped South Korea regain its lost momentum. South Korea achieved an average of 9.2 percent real growth between 1982 and 1987 and 12.5 percent between 1986 and 1988. The double-digit inflation of the 1970s was brought under control. Wholesale price inflation averaged 2.1 percent per year from 1980 through 1988; consumer prices increased by an average of 4.7 percent annually. Seoul achieved its first significant surplus in its balance of payments in 1986 and recorded a US$7.7 billion and a US$11.4 billion surplus in 1987 and 1988 respectively. This development permitted South Korea to begin reducing its level of foreign debt. The trade surplus for 1989, however, was only US$4.6 billion, and a small negative balance was projected for 1990.[28]

1990s and the Asian Financial Crisis

See also: Asian Financial Crisis
File:South Korean bonds.webp
South Korean bonds Template:Legend-line Template:Legend-line Template:Legend-line Template:Legend-line

For the first half of the 1990s, the South Korean economy continued a stable and strong growth in both private consumption and GDP. During the 1997 Asian financial crisis, after several other Asian currencies were attacked by speculators, the Korean won started to depreciate in October 1997.[38] The problem was exacerbated due to non-performing loans at many of Korea's merchant banks. By December 1997, the IMF had approved a US$21 billion loan, which would be part of a US$58.4 billion bailout plan.[38] By January 1998, the government had shut down a third of Korea's merchant banks.[38] Throughout 1998, Korea's economy would continue to shrink quarterly at an average rate of −6.65%.[38] and South Korean chaebol Daewoo was dismantled by the government in 1999 due to debt problems. General Motors managed to purchase the motors division. Indian conglomerate Tata Group purchased the trucks and heavy vehicles division of Daewoo.[38]

Actions by the South Korean government and debt swaps by international lenders have contained the country's financial problems. Much of South Korea's recovery from the 1997 Asian financial crisis can be attributed to labour adjustments (i.e. a dynamic and productive labour market with flexible wage rates) and alternative funding sources.[38] By the first quarter of 1999, GDP growth had risen to 5.4%, and strong growth thereafter combined with deflationary pressure on the currency led to a yearly growth of 10.5%. In December 1999, President Kim Dae-jung declared the currency crisis over.[38]

2000s

South Korea's economy has moved away from a centrally planned, government-directed investment model toward a more market-oriented one. These economic reforms, pushed by President Kim Dae-jung, helped South Korea maintain one of Asia's few expanding economies,[39] with growth rates of 10.8% in 1999 and 9.2% in 2000. Growth fell back to 3.3% in 2001 because of the slowing global economy, decreased exports, and perceptions that corporate and financial reforms had stalled.

After the bounce back from the 1997 Asian financial crisis, the economy continued strong growth in 2000 with a GDP growth of 9.08%.[38] However, the South Korean economy was affected by the September 11 attacks. The slowing global economy, falling exports, and the perception that corporate and financial reforms had stalled caused growth to decrease to 3.8% in 2001[40] Thanks to industrialisation GDP per hour worked (labour output) more than tripled from US$2.80 in 1963 to US$10.00 in 1989.[40] More recently the economy stabilised and maintained a growth rate of between 4–5% from 2003 onwards.[40]

Led by industry and construction, growth in 2002 was 5.8%,[41] despite anemic global growth. The restructuring of chaebols, bank privatisation, and the creation of a more liberalised economy—with a mechanism for bankrupt firms to exit the market—remain an unfinished reform task. Growth slowed in 2003, but production expanded 5% in 2006, due to popular demand for key export products such as HDTVs and mobile phones.[citation needed]

Like most industrialised economies, South Korea experienced setbacks during the Great Recession. Growth fell by 3.4% in the fourth quarter of 2008 from the previous quarter, the first negative quarterly growth in 10 years, with year on year quarterly growth continuing to be negative into 2009.[42] Many sectors of the economy at the time reported declines, with manufacturing dropping 25.6% as of January 2009, and consumer goods sales dropping 3.1%.[42] Exports in autos and semiconductors, two pillars of the economy, shrank 55.9% and 46.9% respectively, while exports overall fell by a record 33.8% in January, and 18.3% in February 2009 year on year.[43] As in the 1997 Asian financial crisis, Korean currency also experienced massive fluctuations, declining by 34% against the US dollar.[43] Annual growth in the economy slowed to 2.3% in 2008, and was expected to drop to as low as −4.5% by Goldman Sachs,[44] but South Korea was able to limit the downturn to a standstill at 0.2% in 2009.[45] Despite the Great Recession, the South Korean economy, helped by timely stimulus measures and strong domestic consumption of products that compensated for decreased exports,[46] was able to avoid a recession unlike most industrialised economies, posting positive economic growth for two consecutive years of the crisis. In 2010, South Korea made an economic rebound with a growth rate of 6.1%, signaling a return of the economy to pre-crisis levels. South Korea's exports recorded $424 billion in the first eleven months of the year 2010, already higher than its export in the whole year of 2008.

File:Korea President Park Business Leaders 20130508 01.jpg
South Korean President Park Geun-hye at a breakfast meeting with chaebol business magnates Lee Kun-hee and Chung Mong-koo in 2013

The South Korean government signed the Korea-Australia Free Trade Agreement (KAFTA) on 5 December 2013, with the Australian government seeking to benefit its industries—including automotive, services, and resources and energy—and position itself alongside competitors, such as the U.S. and ASEAN.[47] South Korea is Australia's third largest export market and fourth largest trading partner with a 2012 trade value of A$32 billion. The agreement contains an Investor State Dispute Settlement (ISDS) clause that permits legal action from South Korean corporations against the Australian government if their trade rights are infringed upon.[48]

The government cut the work week from six days to five in phases, from 2004 to 2011, depending on the size of the firm.[49] The number of public holidays was expanded to 16 by 2013.[50]

South Korean economy decreased in the first quarter of 2019, which happened to be its worst drop since the Great Recession. GDP declined a seasonally adjusted 0.3 percent from the previous quarter.[51]

South Korea's prices rose more than 6 percent in July compared with last year, the fastest jump in nearly a quarter century.

In July 2022, South Korea's Consumer price index rose 6.3 percent, the highest rate since November 1998.

High-tech industries in the 1990s and 2000s

In 1990, South Korean manufacturers planned a shift in future production plans toward high-technology industries. In June 1989, panels of government officials, scholars, and business leaders held planning sessions on the production of such goods as new materials, mechatronics—including industrial robotics—bioengineering, microelectronics, fine chemistry, and aerospace. This shift in emphasis, however, did not mean an immediate decline in heavy industries such as automobile and ship production, which had dominated the economy in the 1980s.[52]

South Korea relies upon exports to fuel the growth of its economy, with finished products such as electronics, textiles, ships, automobiles, and steel being some of its most important exports. Although the import market has liberalised in recent years, the agricultural market has remained protectionist due to disparities in the price of domestic agricultural products such as rice with the international market. As of 2005, the price of rice in South Korea was four times that of the average price of rice on the international market, and it was believed that opening the agricultural market would affect South Korean agricultural sector negatively. In late 2004, however, an agreement was reached with the WTO in which South Korean rice imports will gradually increase from 4% to 8% of consumption by 2014. In addition, up to 30% of imported rice will be made available directly to consumers by 2010, where previously imported rice was only used for processed foods. Following 2014, the South Korean rice market will be fully opened.[citation needed]

South Korea today is known as the Launchpad of a mature mobile market, where developers thrive in a market where few technology constraints exist. There is a growing trend of inventions of new types of media or apps, using the 4G and 5G internet infrastructure in South Korea. South Korea today has the infrastructure to meet a density of population and culture that has the capability to create strong local particularities.[53]

COVID-19 pandemic and 2020s economic situation

South Korea faced a turning point in its economy in 2023. With the increasing challenges posed by China's growing manufacturing industry and the impact of COVID-19, South Korea's manufacturing sector is experiencing a consistent decline. According to SP Global, South Korea's export of manufactured goods to China, one of the biggest trading partners of South Korea, decreased by 4.4% in the fourth quarter of 2022 and by 31% in January 2023.[54] On the other hand, their primary electronic manufacturing industry is facing a downturn. While information and communication technology maintained 34% of South Korea's total 2022 exports, at the end of the year, it decreased to 24%.[54] The government had to incur a massive fiscal spending in 2020, leading to a rise in the fiscal deficit as projected in their budget.[55] Moreover, their forecasted debt-to-GDP ratio jumped to 41.2% of GDP in 2020 from 37.1% of GDP in 2019. In 2021, the government unveiled a $29 billion extra budget to aid small businesses and boost employment.[56] In 2024, the government forecast a debt-to-GDP ratio was 47.4% of GDP.[57]

With downturns in many manufacturing industries, South Korea has been facing a recession. Many economists state the reason for industries' slowdown as deteriorating global conditions. The inflation rate in South Korea is regularly rising, and the problems in the domestic economy, such as household debt, population problems, and productivity problems, are the key fiscal and monetary factors that hold South Korea's economic growth.

Due to the sudden evolution of COVID-19, private consumption decreased, and a bottleneck in the supply sector occurred. With this situation, the Bank of Korea indicated that the consumer inflation rate rose about three percent after COVID-19 evolved. Assuming that South Korea's interest rate was low compared to other countries, raising house prices and household debt became one of the problems in South Korea's economy.[58]

As part of its response to the COVID-19 pandemic, the government introduced sizeable fiscal and liquidity support, including expanded employment-retention subsidies, emergency cash transfers, and loan-payment deferrals and guarantees for firms; measures the OECD later noted helped preserve jobs and limit household income losses.[59]

In April 2020, the government introduced two relief programmes: Template:KRW Key Industry Stabilization Fund, via the Korea Development Bank, to temporarily provide financing to sectors affected by the COVID-19 shock,[60] and a temporary increase in the existing Employment Retention Subsidy (고용유지지원금) paid to employers who put workers on furlough instead of laying them off.[61] To reach workers outside employment insurance, a temporary emergency employment stabilization allowance was introduced for "special-type" workers - which includes the self-employed and contractors - with pandemic-related income declines, with payments totalling Template:KRW over three months.[62][63]

Policy announcements in 2022–2023 included continued financial forbearance for small businesses and SMEs through extensions of loan maturities and repayment deferrals, alongside targeted relief for high energy costs via expanded energy vouchers for low-income households.[64][65] The government also convened strategy meetings aimed at strengthening competitiveness in semiconductors and rechargeable batteries,[66] and in March 2023, the government expanded tax incentives and other support intended to strengthen competitiveness in high-tech manufacturing, including semiconductors and rechargeable batteries.[67]

To stabilise the inflated economy, the government has passed the "Korean New Deal Program" to US$144 billion.[68] This expansionary fiscal policy promoted private consumption and increased the number of jobs. This expansionary fiscal stimulus is designed to recover the economic and social impact of COVID-19 from the existing climate and environmental dangers. The New Deal policy is divided explicitly into healthcare and green industries.

South Korea's Ministry of Economy and Finance asserted the New Growth Strategy 4.0 in August 2023. The New Growth Strategy suggests projects for South Korea's long-term industry growth.[69] The South Korean government advocates these policies as a New Growth 4.0 project, which aims to generate tangible outcomes in the future by setting the focus of policy and investments towards emerging industries. To achieve these goals, the strategy outlines the following key guidelines:

  1. Foster artificial intelligence and semiconductor industries and build up a collaborative ecosystem between businesses.
  2. Dominate the global market of the Urban Air Mobility (UAM) industry.
  3. Secure Clean Hydrogen Production Technology via Water Electrolysis.
  4. Advance Autonomous Driving Technologies.
  5. Promote the Battery Re-manufacturing and Reuse Markets.
  6. Expand the Private Sector-led My Data Based Services.
  7. Streamline the Ordering Process of Research Equipment or Facilities to Alleviate Administrative Burdens.

Besides this, South Korea is one of the countries with excellent healthcare systems, biomedical technology, and AI technology. While South Korea's value in the medical industry is projected at around US$6.7 billion, the medical technology market is projected to reach US$11.5 billion.[70][71] The annual projected growth rate of the medical industry is over 6%, which indicates a bright future for the industry. Many economists suggest that by adopting AI technology, South Korea will be a bio-medical industry-leading country. An article about the future data-driven healthcare industry in South Korea suggests that AI technology helps the medical industry provide customised medical services for patients and can utilise the benefits and costs.[72]

In April 2025, the incorporation of Korean government bonds into the "World Government Bond Index" was postponed from November this year to April next year. After being listed as a prospective candidate for incorporation in September 2022, it was successfully included in the regular market classification report in the second half of October 2024.[73]

Economic inequality

page-not-found

Data

The following table shows the main economic indicators in 1980–2021 (with IMF staff estimates in 2022–2027). Inflation below 5% is in green.[74] Template:Sticky header

Year GDP

(in Bil. US$PPP)

GDP per capita

(in US$ PPP)

GDP

(in Bil. US$nominal)

GDP per capita

(in US$ nominal)

GDP growth

(real)

Inflation rate

(in Percent)

Unemployment

(in Percent)

Government debt

(in % of GDP)

1980 82.7 2,169.4 65.4 1,714.6 Decrease-1.6% Negative increase28.7% 5.2% n/a
1981 Increase97.1 Increase2,507.3 Increase72.9 Increase1,883.5 Increase7.2% Negative increase21.4% Template:DecreasePositive4.5% n/a
1982 Increase111.7 Increase2,839.9 Increase78.3 Increase1,992.3 Increase8.3% Negative increase7.2% Template:DecreasePositive4.1% n/a
1983 Increase131.6 Increase3,296.9 Increase87.8 Increase2,198.9 Increase13.4% Increase3.4% Steady4.1% n/a
1984 Increase150.7 Increase3,730.0 Increase97.5 Increase2,413.3 Increase10.6% Increase2.3% Template:DecreasePositive3.9% n/a
1985 Increase167.7 Increase4,109.0 Increase101.3 Increase2,482.4 Increase7.8% Increase2.5% Negative increase4.0% n/a
1986 Increase190.4 Increase4,620.3 Increase116.8 Increase2,834.9 Increase11.3% Increase2.8% Template:DecreasePositive3.8% n/a
1987 Increase220.0 Increase5,284.7 Increase147.9 Increase3,554.6 Increase12.7% Increase3.0% Template:DecreasePositive3.1% n/a
1988 Increase255.0 Increase6,067.2 Increase199.6 Increase4,748.7 Increase12.0% Negative increase7.1% Template:DecreasePositive2.5% n/a
1989 Increase283.8 Increase6,684.6 Increase246.9 Increase5,817.1 Increase7.1% Negative increase5.7% Negative increase2.6% n/a
1990 Increase323.5 Increase7,545.1 Increase283.4 Increase6,610.0 Increase9.9% Negative increase8.6% Template:DecreasePositive2.5% Template:DecreasePositive3.2%
1991 Increase370.4 Increase8,555.9 Increase330.7 Increase7,637.2 Increase10.8% Negative increase9.3% Steady2.5% Template:DecreasePositive12.3%
1992 Increase402.4 Increase9,197.2 Increase355.5 Increase8,126.5 Increase6.2% Negative increase6.2% Steady2.5% Template:DecreasePositive12.0%
1993 Increase440.2 Increase9,961.0 Increase392.7 Increase8,886.4 Increase6.9% Increase4.8% Negative increase2.9% Template:DecreasePositive11.2%
1994 Increase491.3 Increase11,005.5 Increase463.4 Increase10,381.2 Increase9.3% Negative increase6.3% Template:DecreasePositive2.5% Template:DecreasePositive10.0%
1995 Increase549.8 Increase12,193.2 Increase566.6 Increase12,565.0 Increase9.6% Increase4.5% Template:DecreasePositive2.1% Template:DecreasePositive8.8%
1996 Increase604.1 Increase13,269.2 Increase610.2 Increase13,402.9 Increase7.9% Increase4.9% Steady2.1% Template:DecreasePositive8.1%
1997 Increase652.4 Increase14,197.2 Decrease570.6 Decrease12,416.8 Increase6.2% Increase4.4% Negative increase2.6% Negative increase10.0%
1998 Decrease625.9 Decrease13,522.6 Decrease382.9 Decrease8,271.4 Decrease-5.1% Negative increase7.5% Negative increase7.0% Negative increase14.3%
1999 Increase707.5 Increase15,177.3 Increase497.3 Increase10,666.9 Increase11.5% Increase0.8% Template:DecreasePositive6.6% Negative increase16.3%
2000 Increase789.1 Increase16,786.6 Increase576.5 Increase12,263.5 Increase9.1% Increase2.3% Template:DecreasePositive4.4% Negative increase16.7%
2001 Increase846.0 Increase17,860.1 Decrease547.7 Decrease11,563.0 Increase4.9% Increase4.1% Template:DecreasePositive4.0% Negative increase17.2%
2002 Increase925.6 Increase19,427.1 Increase627.0 Increase13,159.7 Increase7.7% Increase2.8% Template:DecreasePositive3.3% Template:DecreasePositive17.0%
2003 Increase973.6 Increase20,328.4 Increase702.7 Increase14,672.4 Increase3.1% Increase3.5% Negative increase3.6% Negative increase19.8%
2004 Increase1,051.7 Increase21,872.1 Increase792.5 Increase16,482.8 Increase5.2% Increase3.6% Negative increase3.7% Negative increase22.4%
2005 Increase1,131.4 Increase23,480.1 Increase934.7 Increase19,398.5 Increase4.3% Increase2.8% Negative increase3.8% Negative increase25.9%
2006 Increase1,227.7 Increase25,345.4 Increase1,052.6 Increase21,731.0 Increase5.3% Increase2.2% Template:DecreasePositive3.5% Negative increase28.1%
2007 Increase1,334.0 Increase27,401.2 Increase1,172.5 Increase24,083.3 Increase5.8% Increase2.5% Template:DecreasePositive3.3% Template:DecreasePositive27.4%
2008 Increase1,400.5 Increase28,550.5 Decrease1,049.2 Decrease21,387.7 Increase3.0% Increase4.7% Template:DecreasePositive3.2% Template:DecreasePositive26.9%
2009 Increase1,420.7 Increase28,812.5 Decrease943.7 Decrease19,139.7 Increase0.8% Increase2.8% Negative increase3.6% Negative increase30.0%
2010 Increase1,535.6 Increase30,988.3 Increase1,143.6 Increase23,077.2 Increase6.8% Increase2.9% Negative increase3.7% Template:DecreasePositive29.5%
2011 Increase1,625.3 Increase32,546.8 Increase1,253.4 Increase25,100.2 Increase3.7% Increase4.0% Template:DecreasePositive3.4% Negative increase33.1%
2012 Increase1,684.6 Increase33,557.1 Increase1,278.0 Increase25,459.2 Increase2.4% Increase2.2% Template:DecreasePositive3.2% Negative increase35.0%
2013 Increase1,726.9 Increase34,244.3 Increase1,370.6 Increase27,179.5 Increase3.2% Increase1.3% Template:DecreasePositive3.1% Negative increase37.7%
2014 Increase1,792.6 Increase35,324.5 Increase1,484.5 Increase29,252.9 Increase3.2% Increase1.3% Negative increase3.5% Negative increase39.7%
2015 Increase1,933.8 Increase37,907.5 Decrease1,466.0 Decrease28,737.4 Increase2.8% Increase0.7% Negative increase3.6% Negative increase40.8%
2016 Increase2,026.5 Increase39,567.0 Increase1,499.4 Increase29,274.2 Increase2.9% Increase1.0% Negative increase3.7% Negative increase41.2%
2017 Increase2,105.9 Increase41,001.1 Increase1,623.1 Increase31,600.7 Increase3.2% Increase1.9% Steady3.7% Template:DecreasePositive40.1%
2018 Increase2,218.9 Increase43,014.2 Increase1,725.4 Increase33,447.2 Increase2.9% Increase1.5% Negative increase3.8% Template:DecreasePositive40.0%
2019 Increase2,309.3 Increase44,610.7 Decrease1,651.4 Decrease31,902.4 Increase2.2% Increase0.4% Steady3.8% Negative increase42.1%
2020 Increase2,320.5 Increase44,766.3 Decrease1,644.7 Decrease31,728.3 Decrease-0.7% Increase0.5% Negative increase3.9% Negative increase48.7%
2021 Increase2,517.1 Increase48,653.1 Increase1,811.0 Increase35,003.8 Increase4.1% Increase2.5% Template:DecreasePositive3.7% Negative increase51.3%
2022 Increase2,765.8 Increase53,574.2 Decrease1,734.2 Decrease33,591.6 Increase2.6% Negative increase5.5% Template:DecreasePositive3.0% Negative increase54.1%
2023 Increase3,123 Increase56,709 Increase1,709 Increase33,147 Increase2.0% Increase3.8% Negative increase3.4% Negative increase54.4%
2024 Increase3,065.4 Increase59,526.8 Increase1,879.0 Increase36,488.9 Increase2.7% Increase2.3% Template:DecreasePositive3.3% Negative increase55.2%

Annual real GDP per capita growth was 1.9% in 2024.[75] Median disposable income was $31,882 PPP in 2021.[76]

Sectors

See also: List of largest companies of South Korea, Chaebol, and Economy of Seoul

Agriculture and fishing

Main articles: Agriculture in South Korea, Aquaculture in South Korea, and Fishing industry in South Korea
See also: Rice production in South Korea
page-not-found
page-not-found

Manufacturing

Main article: Manufacturing in South Korea
page-not-found

Automobile

Main article: Automotive industry in South Korea
See also: List of automobile manufacturers of South Korea and Plug-in electric vehicles in South Korea
File:Hyundai Sonata DN8 PE Aero Silver Matte (5).jpg
A Hyundai automobile. The automotive line is a key sector in South Korea's industry.

The automobile industry was one of South Korea's major growth and export industries in the 1980s. By the late 1980s, the capacity of the South Korean motor industry had increased more than fivefold since 1984; it exceeded 1 million units in 1988. Total investment in cars and car-component manufacturing was over US$3 billion in 1989. Total production (including buses and trucks) for 1988 totaled 1.1 million units, a 10.6 percent increase over 1987, and grew to an estimated 1.3 million vehicles (predominantly passenger cars) in 1989. Almost 263,000 passenger cars were produced in 1985—a figure that grew to approximately 846,000 units in 1989. In 1988 automobile exports totaled 576,134 units, of which 480,119 units (83.3 percent) were sent to the United States. Throughout most of the late 1980s, much of the growth of South Korea's automobile industry was the result of a surge in exports; 1989 exports, however, declined 28.5 percent from 1988. This decline reflected sluggish car sales to the United States, especially at the less expensive end of the market, and labour strife at home.[77] South Korea today has developed into one of the world's largest automobile producers. The Hyundai Motor Group is South Korea's largest automaker in terms of revenue, production units and worldwide presence.

Battery

Main article: Battery industry of South Korea

South Korean companies began developing batteries in the 1980s and started supplying them for EVs in 2009.[78][79][80] In recent years, the global market share of the biggest three Korean battery firms (LG Energy Solution, SK On, and Samsung SDI) has only been second to China.[81] In the 2020s, they began to transition away from EVs to energy storage due to demand.[82]

Electronics

Main article: Electronics industry in South Korea

Electronics is one of South Korea's main industries. During the 1980s through the 2000s, South Korean companies such as Samsung, LG, and SK led South Korea's growth. Samsung and LG are major producers in electronic devices such as televisions, smartphones, display, and computers.

Semiconductor

Main article: Semiconductor industry in South Korea

In 2017, 17.1% of South Korea's exports were semiconductors produced by Samsung Electronics and SK Hynix.[citation needed] Semiconductor exports reached a record $15 billion in August 2025, an increase of nearly a third from 2024, contributing to total monthly exports of $58.4 billion.[83]

Pharmaceutical

South Korea’s pharmaceutical industry is the world's 13th largest and is rapidly emerging as a global biopharmaceutical and CDMO hub. With a market size exceeding USD 21 billion in 2021 and high growth projected, the sector is driven by innovations in antibody-drug conjugates (ADCs) and strong CDMO capabilities. Key players include Samsung Biologics, Celltrion and Yuhan Corporation.[citation needed]

Shipbuilding

File:Aerial View of Daewoo Shipbuilding & Marine Engineering.jpg
Hanwha Ocean Okpo Shipyard in Geoje

South Korea became a leading producer of ships in the 1970s.[84] With government support, Hyundai Heavy Industries became the largest South Korean shipbuilder. In the late 1970s, Samsung and Daewoo entered the shipbuilding business through acquisitions.[85]Template:Reference page The "oil glut" and global recession led to an industry decline in the mid-1980s. Labor unrest, a lack of government support, and Japanese competition decreased orders in the late 1980s.[84]

From 2003 to 2011, South Korea ranked first in the world for shipbuilding.[86]

In January 2022, the European Commission blocked the acquisition of Daewoo Shipbuilding Marine Engineering by Hyundai Heavy Industries. The commission stated that the combined firm would have a majority share of the market for large LNG carrier construction.[87] After a failed acquisition attempt in 2009, Hanhwa Group became the largest shareholder in DSME in May 2023, renaming it to Hanwha Ocean.[88]

Steel

Starting in the late 1960s, government policies gave firms entering the heavy and chemical industries support in areas such as credit access, tax breaks, and infrastructure. Due to the initial investment required for steel, the Pohang Iron and Steel Company (POSCO) was created under state ownership in 1968. As a part of normalizing relations in 1965 and colonial compensation, Japan provided financial and technical assistance in creating a steel complex in Pohang.[85]Template:Reference page POSCO has since been ranked as one of the highest-output steel producers in the world.[89] As of 2009, POSCO was the primary steel producer in South Korea, with Hyundai Steel growing as a nascent player. At the time, a lack of blast furnace facilities led to a "chronic shortage of steel" in the country.[90] As of 2016, cheap Chinese products flooded the domestic steel plate market, which was faltering due to a slump in the shipbuilding industry.[91] As of 2025, rebar suffered from "persistent oversupply" amidst a prolonged decline in construction.[92] In 2026, the government implemented stricter oversight over the tracking information of imported steel to help enforce antidumping tariffs.[93]

Mining

Iron ore was the country's top export in the early 1960s.[94] The decreasing profitability of domestic mining led to the closure of various mines.[95][96] South Korea's graphite production declined significantly after the 1960s.[95] In 2010, the country had one active molybdenum mine as it reoponed NMC to increase mineral self-sufficiency.[96] In 2014, almost all mining production in the country was for non-metallic minerals by small companies. These minerals included kaolin, limestone, and silica.[97]

Coal

As of 1988, there were 374 coal mines in the country.[98] In the following years, over three hundred mines were shut down due to government initiatives.[99] As of 2016, 3 publicly and 2 privately run coal mines were in service.[100] As of 2025, only a private coal mine remained after the shutdown of the last state-run mine. Most coal produced in the country has been anthracite.[99]

Tungsten

page-not-found

Construction

File:Seosan Break Water Construction (Hyundai Construction).jpg
Breakwater construction in Seosan coast (1984)

By 1981, the majority of construction work by South Korean companies took place overseas, particularly in the Middle East. By the end of the decade, focus shifted to a "rapidly growing domestic market."[101]

South Korea's largest construction companies include Samsung C&T Corporation, which built some of the tallest buildings in the world such as Taipei 101,[102] Petronas Towers, and the Burj Khalifa.[103]

Defense

File:US Navy 100727-N-2013O-128 An SH-60F Sea Hawk helicopter flies by Dokdo (LPH 6111).jpg
South Korea's remarkable technological advancements and industrialisation allowed the country to produce increasingly advanced military equipment.
Main article: Defense industry of South Korea

During the 1960s, South Korea was dependent on the United States to supply its armed forces, but after the elaboration of President Richard M. Nixon's policy of Vietnamisation in the early 1970s, South Korea began to manufacture its own weapons.[104]

Since the 1980s, South Korea has begun exporting military equipment and technology to boost its international trade. Some of its key military export projects include the T-155 Firtina self-propelled artillery for Turkey; the K11 air-burst rifle for the United Arab Emirates; the Bangabandhu class guided-missile frigate for Bangladesh; fleet tankers such as Sirius class for the navies of Australia, New Zealand, and Venezuela; Makassar class amphibious assault ships for Indonesia; and the KT-1 trainer aircraft for Turkey, Indonesia, and Peru.

South Korea also exports various core components of other countries' advanced military hardware. Those hardware include modern aircraft such as F-15K fighters and AH-64 attack helicopters which will be used by Singapore, whose airframes will be built by Korea Aerospace Industries in a joint-production deal with Boeing.[105] In other major outsourcing and joint-production deals, South Korea will facilitate the sales of Mistral class amphibious assault ships to Russia that will be produced by STX Corporation.[106] The deal was cancelled in 2014 due to Russia's actions in Ukraine and the ships were sold to Egypt instead.[107] South Korea's defence exports were $1.03 billion in 2008 and $1.17 billion in 2009.[108]

Education

Main article: Education in South Korea
page-not-found

Energy

Main article: Energy in South Korea
See also: Renewable energy in South Korea
page-not-found

Finance and banking

Main articles: Financial services in South Korea and List of banks in South Korea

Healthcare

Main article: Healthcare in South Korea
page-not-found

Housing

Main article: Housing in South Korea
page-not-found

Retailing

Main pages: Retailing in South Korea and Category:South Korean brands
See also: List of South Korean retail companies, List of markets in South Korea, and Delivery culture in South Korea
page-not-found

Mass media and entertainment

Main articles: Korean Wave and Video games in South Korea
page-not-found

Telecommunications

Main articles: Telecommunications in South Korea and Internet in South Korea
See also: Mobile phone industry in South Korea

Lua error: bad argument #1 to "get" (not a valid title).

Tourism

Main article: Tourism in South Korea

In 2012, 11.1 million foreign tourists visited South Korea, making it one of the most visited countries in the world,[109] up from 8.5 million in 2010.[110] Many tourists from all around Asia visit South Korea which has been due to the rise of the Korean Wave (Hallyu).

Seoul is the principal tourist destination for visitors; popular tourist destinations outside of Seoul include the major coastal city of Busan, the Seorak-san national park, the historic city of Gyeongju, and subtropical Jeju Island.

Science and technology

Main article: Science and technology in South Korea
See also: South Korean robotics and South Korean space program
page-not-found

Infrastructure

Transportation

Main article: Transport in South Korea
See also: Road transport in South Korea, List of airports in South Korea, Rail transport in South Korea, and Category:Ports and harbours of South Korea

Lua error: bad argument #1 to "get" (not a valid title).

Water supply and sanitation

TemplateStyles' src attribute must not be empty.

Government policies and labor market

See also: Welfare in South Korea, Pension policy in South Korea, Category:Taxation in South Korea, and Active labor market policy in South Korea

Government expenditure in South Korea accounted for 35% of its GDP.[111] From the 1960s to the 1980s, when Korea's economic development was concentrated, the government's finances were mainly focused on economic development. The proportion of government finances devoted to social development was relatively insignificant. The government's fiscal scale gradually expanded with the consolidated fiscal balance reaching 23.1% of South Korea GDP by 1981, but the government implemented a strong fiscal austerity policy aimed at economic stability, and the relative fiscal scale shrank significantly to the 15% range. Although targeted price stability was achieved, reduced government finance could not fulfill its original function, and the social development sector, which was relatively out of interest in government expenditure, was hit hard. Under these circumstances, the expansionary fiscal stance has been promoted "for the normalization of fiscal functions" since the 1990s.

During the Kim Young-sam administration, taxes were increased to support expansionary finances. This also led to an increase in welfare expenditure. The Kim Dae Jung administration established a welfare system by introducing the National Basic Livelihood Security System, while the Roh Moo Hyun administration set an annual welfare expenditure growth rate of 10% and tried to allocate budgets to the welfare sector first.

However, in 2008, the Lee Myung Bak government implemented a tax reduction policy that significantly lowered the tax rates of income tax, corporate tax, and comprehensive real estate holding tax. Park Geun Hye administration adopted ‘no-tax increase’ policy stance, continuing the Lee Myung Bak administration's tax reduction stance.[112]

In the 2010s, the role of government in the national economy is growing, with increasing government expenditure to support an increasing aging population. But the growth rate of the national budget varies across administrations, reflecting shifts in fiscal policy between expansionary and austerity stances. Under the Moon Jae-in administration, the 'year-on-year growth rate of the national budget' steadily increased after its inauguration in 2017, reaching nearly 9% from 2019 onward. However, with the transition to the Yoon Suk-yeol administration, the growth rate slowed to around 5% and further declined to approximately 2.5% in 2025 budget. Lee Jae-myung administration has allocated a record-high budget of 728 trillion KRW for 2026, with the year-on-year growth rate rising again to around 8%.[113]

Foreign trade

See also: Trade policy of South Korea, List of exports of South Korea, Free trade agreements of South Korea, Globalization in South Korea, and Korean Free Economic Zone

South Korea is ranked as one of the top-10 global exporter, driven by high-tech manufacturing, with semiconductors, automobiles, and shipbuilding as major industries. Key exports also include electronics, chemicals, steel, and machinery.

Trade statistics

2021 top South Korean exports[114]
Product Percentage Exports value
Integrated circuits 17.7% $116 (in billion)
Cars 6.85% $44.7 (in billion)
Refined petroleum 5.57% $36.4 (in billion)
Motor vehicle parts 2.95% $19.3 (in billion)
Office machine parts 2.76% $18 (in billion)
Passenger and cargo ships 2.71% $17.71 (in billion)
Telephones 2.46% $16.1 (in billion)
Machinery 1.78% $11.6 (in billion)
Blank audio media 1.66% $10.8 (in billion)
Others 55.6% $362.39 (in billion)
2021 top South Korean imports
Product Percentage Imports value
Crude petroleum 10.5% $60.6 (in billion)
Integrated circuits 8.21% $41.4 (in billion)
Petroleum gas 4.25% $24.5 (in billion)
Refined petroleum 4.2% $24.3 (in billion)
Photo lab equipment 2.88% $16.6 (in billion)
Coal briquettes 2.27% $13.1 (in billion)
Cars 2.09% $12 (in billion)
Machinery 1.37% $7.9 (in billion)
Computers 1.32% $7.6 (in billion)
Others 62.91% $370 (in billion)
2018 Top 10 export partners[115]
Country/Region Export (M$) Percentage
File:Flag of the People's Republic of China.svg China 162,125 26.8%
File:Flag of the United States.svg United States 72,720 12.0%
File:Flag of Vietnam.svg Vietnam 48,622 8.0%
File:Flag of Hong Kong.svg Hong Kong 45,996 7.6%
File:Flag of Japan.svg Japan 30,529 5.1%
File:Flag of Russia.svg Russia 20,872 3.4%
File:Flag of the Republic of China.svg Taiwan 20,784 3.2%
File:Flag of India.svg India 15,606 2.6%
File:Flag of the Philippines.svg Philippines 12,037 2.0%
File:Flag of Singapore.svg Singapore 11,782 2.0%
File:Flag of Mexico.svg Mexico 11,458 1.9%
Others 173,201 28.6%
Total 604,860 100.0%
2018 Top 10 import partners[115]
Country/Region Import (M$) Percentage
File:Flag of the People's Republic of China.svg China 106,489 19.9%
File:Flag of the United States.svg United States 58,868 11.0%
File:Flag of Japan.svg Japan 54,604 10.2%
File:Flag of Saudi Arabia.svg Saudi Arabia 26,336 4.9%
File:Flag of Germany.svg Germany 20,854 3.9%
File:Flag of Australia (converted).svg Australia 20,719 3.9%
File:Flag of Vietnam.svg Vietnam 19,643 3.7%
File:Flag of Russia.svg Russia 17,504 3.4%
File:Flag of the Republic of China.svg Taiwan 16,738 3.1%
File:Flag of Qatar.svg Qatar 16,294 3.0%
File:Flag of Singapore.svg Singapore 12,762 2.0%
Others 177,153 33.1%
Total 535,202 100.0%
2018 Top 10 positive balance (surplus) countries for South Korea[115]
Country/Region Balance (M$)
File:Flag of the People's Republic of China.svg China 55,636
File:Flag of Hong Kong.svg Hong Kong 43,999
File:Flag of Vietnam.svg Vietnam 28,979
File:Flag of the United States.svg United States 13,852
File:Flag of India.svg India 9,722
File:Flag of the Philippines.svg Philippines 8,468
File:Flag of Mexico.svg Mexico 6,368
File:Flag of Turkey.svg Turkey 4,791
File:Flag of the Republic of China.svg Taiwan 4,045
File:Flag of Singapore.svg Singapore 3,808
Others −110,011
Total 69,657
2018 Top 10 negative balance (deficit) countries for South Korea[115]
Country Balance (M$)
File:Flag of Japan.svg Japan −24,075
File:Flag of Saudi Arabia.svg Saudi Arabia −22,384
File:Flag of Qatar.svg Qatar −15,768
File:Flag of Kuwait.svg Kuwait −11,541
File:Flag of Germany.svg Germany −11,481
File:Flag of Australia (converted).svg Australia −11,108
File:Flag of Russia.svg Russia −10,183
File:Flag of Iraq.svg Iraq −7,658
File:Flag of the United Arab Emirates.svg United Arab Emirates −4,699
File:Flag of Chile.svg Chile −2,667
Others 191,221
Total 69,657

Mergers and acquisitions

Since 1991, there has been a steady upward trend in South Korean M&A until 2018 with only a short break around 2004. Since 1991, around 18,300 deals in, into or out of South Korea have been announced, which sum up to a total value of over 941 bil. USD. 2016 has been the year with the largest deal value (1,818 in bil. USD) and the most deals (82,3).[116]

Target industries are distributed very evenly with no industry taking a larger share than 10%. The top three target industries are electronics (9.7%), semiconductors (9.1%) and metals and mining (7.7%). However, over 51% of the acquiring companies originate from the financial and brokerage sector.[citation needed]

See also

References

  1. ↑ "South Korea: Introduction >> globalEDGE: Your source for Global Business Knowledge". Archived from the original on 5 June 2018. Retrieved 2 August 2016.
  2. ↑ "South Korea Market overview" (PDF). Archived from the original (PDF) on 25 October 2016. Retrieved 2 August 2016.
  3. ↑ Kerr, Anne; Wright, Edmund (1 January 2015). A Dictionary of World History. Oxford University Press. ISBN 9780199685691 – via Google Books.
  4. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named IMFWEODE
  5. ↑ Kleiner, JüRgen (2001). Korea, A Century of Change. World Scientific. ISBN 978-981-02-4657-0.
  6. ↑ Chapter Thirteen - Beyond the BRICs: a Look at The 'Next 11' (PDF). Goldman Sachs. p. 161. Archived from the original (PDF) on 17 December 2020. Retrieved 6 May 2021.
  7. ↑ Kenworthy, Lane (1999). "Do Social-Welfare Policies Reduce Poverty? A Cross-National Assessment" (PDF). Social Forces. 77 (3): 1119–1139. doi:10.2307/3005973. JSTOR 3005973. Archived (PDF) from the original on 10 August 2013.
  8. ↑ Moller, Stephanie; Huber, Evelyne; Stephens, John D.; Bradley, David; Nielsen, François (2003). "Determinants of Relative Poverty in Advanced Capitalist Democracies". American Sociological Review. 68 (1): 22–51. doi:10.2307/3088901. JSTOR 3088901.
  9. ↑ OECD. "Social Expenditure - Aggregated data". stats.oecd.org. Archived from the original on 26 June 2024. Retrieved 19 February 2026.
  10. ↑ Our World in Data. "Research & development spending as a share of GDP". ourworldindata.org. Retrieved 10 January 2024.
  11. ↑ Organisation for Economic Co-operation and Development. "Gross domestic spending on R&D". data.oecd.org. Retrieved 10 January 2024.
  12. ↑ "High performance, high pressure in South Korea's education system". ICEF. 23 January 2014. Archived from the original on 9 July 2017. Retrieved 19 January 2015.
  13. ↑ documents1.worldbank.org (PDF) https://web.archive.org/web/20241203174622/https://documents1.worldbank.org/curated/en/346251468739299894/pdf/Koreas-exerience-with-export-led-industrial-development.pdf. Archived from the original (PDF) on 3 December 2024. Retrieved 5 August 2025. Missing or empty |title= (help)
  14. ↑ "Economic Statistics System". Bank of Korea. Archived from the original on 28 June 2013. Retrieved 22 September 2012.
  15. ↑ "KDI Korea Development Institute > Publications". Korea Development Institute. Archived from the original on 3 February 2019. Retrieved 22 September 2012.
  16. ↑ "S Korea stands among world's highest-level fiscal reserve holders: IMF". Xinhua. 7 September 2010. Archived from the original on 14 November 2010. Retrieved 8 September 2010.
  17. ↑ "South Korea Survived Recession With CEO Tactics". Newsweek. 10 May 2010. Archived from the original on 12 June 2016.
  18. ↑ 18.0 18.1 "Japan, South Korea and Taiwan are suffering industrial rot". The Economist. 27 May 2026. ISSN 0013-0613. Retrieved 30 May 2026.
  19. ↑ "Moody's Raises Korea's Credit Range". The Chosun Ilbo. 2 August 2010. Archived from the original on 15 August 2016. Retrieved 14 August 2010.
  20. ↑ "Financial markets unstable in S.Korea following Cheonan sinking". Hankyeoreh. 26 May 2010. Archived from the original on 4 September 2016. Retrieved 14 August 2010.
  21. ↑ "BTI 2016 South Korea Country Report" (PDF). Archived from the original (PDF) on 18 August 2016. Retrieved 30 July 2016.
  22. ↑ "Development of Competition Laws in Korea" (PDF). Archived (PDF) from the original on 17 August 2016. Retrieved 30 July 2016.
  23. ↑ "Korea's Competition Law and Policies in Perspective Symposium on Competition Law and Policy in Developing Countries". Archived from the original on 18 August 2016. Retrieved 30 July 2016.
  24. ↑ Lee, Chan. "South Korea". Britannica. Retrieved 6 May 2026.
  25. ↑ 25.0 25.1 25.2 25.3 25.4 Li, Xiaobing (2018). The Cold War in East Asia. Abingdon, Oxon: Routledge. ISBN 978-1-138-65179-1.
  26. ↑ "Corea del Sur no es un milagro | Un Estado muy fuerte, industrialización, extrema flexibilización laboral y conglomerados familiares. El papel de EE.UU". 30 March 2018. Archived from the original on 29 January 2019. Retrieved 5 March 2019.
  27. ↑ "Archived copy" (PDF). Archived (PDF) from the original on 10 February 2020. Retrieved 30 July 2019.CS1 maint: archived copy as title (link)
  28. ↑ 28.0 28.1 28.2 28.3 28.4 28.5 28.6 28.7 Template:Country study
  29. ↑ "Countries Compared by Economy > GDP. International Statistics at NationMaster.com". nationmaster.com. Archived from the original on 19 May 2011. Retrieved 4 March 2021.
  30. ↑ "Countries Compared by Economy > GDP. International Statistics at NationMaster.com". nationmaster.com. Archived from the original on 11 February 2011. Retrieved 4 March 2021.
  31. ↑ "Countries Compared by Economy > GDP > Per capita. International Statistics at NationMaster.com". nationmaster.com. Archived from the original on 18 December 2010. Retrieved 4 March 2021.
  32. ↑ "Countries Compared by Economy > GDP > Per capita. International Statistics at NationMaster.com". nationmaster.com. Archived from the original on 6 April 2011. Retrieved 4 March 2021.
  33. ↑ North Korean Intentions and Capabilities With Respect to South Korea (PDF) (Report). CIA. 21 September 1967. p. 4. SNIE 14.2–67. Archived from the original (PDF) on 15 November 2017. Retrieved 13 March 2017.
  34. ↑ Koh, Jae Myong (2018) Green Infrastructure Financing: Institutional Investors, PPPs and Bankable Projects, Palgrave Macmillan, pp.37–39.
  35. ↑ 35.0 35.1 Chibber, Vivek (2014). "The Developmental State in Retrospect and Prospect: Lessons from India and South Korea". In Williams, Michelle (ed.). The End of the Developmental State?. Routledge. pp. 30–53.
  36. ↑ 36.0 36.1 36.2 Lan, Xiaohuan (2024). How China Works: An Introduction to China's State-led Economic Development. Translated by Topp, Gary. Palgrave Macmillan. doi:10.1007/978-981-97-0080-6. ISBN 978-981-97-0079-0.
  37. ↑ Shin, Kyoung-ho; Ciccantell, Paul S. (26 August 2009). "The Steel and Shipbuilding Industries of South Korea: Rising East Asia and Globalization". Journal of World-Systems Research: 167–192. doi:10.5195/jwsr.2009.316. Archived from the original on 30 July 2020 – via jwsr.pitt.edu.
  38. ↑ 38.0 38.1 38.2 38.3 38.4 38.5 38.6 38.7 Koo, Jahyeong; Kiser, Sherry L. (2001). "Recovery from a financial crisis: the case of South Korea". Economic & Financial Review. Archived from the original (w) on 8 November 2011. Retrieved 5 May 2009.
  39. ↑ "South Korea (03/03)". U.S. Department of State. Retrieved 27 June 2025.
  40. ↑ 40.0 40.1 40.2 "Total Economy Database". 2009. Archived from the original on 7 May 2016. Retrieved 5 June 2009.
  41. ↑ "South Korea's GDP up 5.8% for year". CNN. Archived from the original on 27 February 2017. Retrieved 26 February 2017.
  42. ↑ 42.0 42.1 Chang, Jaechul. "The Contours of Korea's Economic Slowdown and Outlook for 2009". SERI Quarterly. 2 (2): 87–90.
  43. ↑ 43.0 43.1 Kim Kyeong-Won; Kim Hwa-Nyeon. "Global Financial Crisis Overview". SERI Quarterly. 2 (2): 13–21.
  44. ↑ Vivian Wai-yin Kwok (12 March 2009). "Korea's Choice: Currency Or Economy?". Forbes. Archived from the original on 9 February 2019. Retrieved 26 August 2017.
  45. ↑ US Department of State. "Background Note: South Korea" Archived 4 June 2019 at the Wayback Machine
  46. ↑ "(News Focus) Rate hike heralds start of Korea's stimulus exit". Yonhap News Agency. Archived from the original on 20 May 2013. Retrieved 19 November 2010.
  47. ↑ "Korea-Australia Free Trade Agreement (KAFTA) – Key outcomes". Department of Foreign Affairs and Trade. Australian Government. 5 December 2013. Archived from the original on 15 December 2013. Retrieved 15 December 2013.
  48. ↑ Nattavud Pimpa (6 December 2013). "Lessons from South Korea's Chaebol economy". The Conversation Australia. Archived from the original on 15 December 2013. Retrieved 15 December 2013.
  49. ↑ 주5일근무제 : 지식백과 (in Korean). 100.naver.com. Archived from the original on 14 July 2012. Retrieved 14 July 2014.
  50. ↑ [시사이슈 찬반토론] 대체휴일제 부활 옳을까요. The Korea Economic Daily. Archived from the original on 16 January 2015. Retrieved 14 July 2014.
  51. ↑ "South Korea economy unexpectedly contracts in first-quarter, worst since global financial crisis". Euronews. 25 April 2019. Archived from the original on 25 April 2019. Retrieved 25 April 2019.
  52. ↑ "South Korea - Industry". countrystudies.us. Retrieved 15 May 2026.
  53. ↑ Tesla, Agence (22 June 2016). "Can South Korean Startups (and the government) Save its Flailing Giant Tech Conglomerates? – Innovation is Everywhere". Archived from the original on 25 September 2016. Retrieved 18 July 2016.
  54. ↑ 54.0 54.1 "South Korea's economy faces rising headwinds in 2023". IHS Markit. 3 February 2023. Retrieved 8 October 2023.
  55. ↑ "Ministry of Economy and Finance". english.moef.go.kr. Retrieved 1 November 2025.
  56. ↑ www.ETHRWorld.com. "South Korea unveils $29 billion extra budget to aid small businesses, expects to add 164,000 jobs". ETHRWorld.com. Retrieved 1 November 2025.
  57. ↑ "Ministry of Economy and Finance". english.moef.go.kr. Retrieved 1 November 2025.
  58. ↑ "South Korea's strong economic performance faces post-pandemic challenges". East Asia Forum. 4 February 2022. Retrieved 26 November 2023.
  59. ↑ OECD Economic Surveys: Korea 2022 (PDF) (Report). OECD Publishing. 12 September 2022. Retrieved 10 February 2026.
  60. ↑ "Government Announces KRW40 Trillion Fund to Support Key Industries". Financial Services Commission (Republic of Korea). 22 April 2020. Retrieved 10 February 2026.
  61. ↑ "[보도자료] 사상 최초, 모든 업종에 고용유지지원금 최대 90% 지원상세보기 | 공지사항 | 옴부즈만". ombudsman.kotra.or.kr (in Korean). Retrieved 11 February 2026.
  62. ↑ "Unemployment cash for those who fall through safety net". Korea JoongAng Daily. 7 May 2020. Retrieved 10 February 2026.
  63. ↑ 기자, 이로운넷=박미리 (22 April 2020). "프리랜서 등 93만명 '긴급고용안전지원금' 받는다" [930,000 People, Including freelancers, Will Receive the 'Emergency Employment Stability Support Payment']. 이로운넷 (in Korean). Retrieved 10 February 2026.
  64. ↑ "Measures to Soft Land Loan Maturity Extension and Payments Deferment for Self-employed and SMEs". Financial Services Commission (Republic of Korea). 30 September 2022. Retrieved 10 February 2026.
  65. ↑ "South Korea to double energy vouchers amid soaring bills, cold wave". Reuters. 26 January 2023. Retrieved 10 February 2026.
  66. ↑ "South Korea's Yoon calls strategy meeting to boost chip, battery sectors". Reuters. 10 April 2023. Retrieved 10 February 2026.
  67. ↑ "Samsung Electronics to invest $230 bln through 2042 in South Korea chipmaking base". Reuters. 15 March 2023. Retrieved 10 February 2026.
  68. ↑ "South Korea's Green New Deal in the year of transition". UNDP. Retrieved 26 November 2023.
  69. ↑ "New Growth Strategy 4.0: Measures to address challenges in carrying out primary projects". Ministry of Economy and Finance (South Korea). Retrieved 8 October 2023.
  70. ↑ cycles, This text provides general information Statista assumes no liability for the information given being complete or correct Due to varying update; Text, Statistics Can Display More up-to-Date Data Than Referenced in the. "Topic: Medical technology in South Korea". Statista. Retrieved 8 October 2023.
  71. ↑ "Medical Technology - South Korea | Statista Market Forecast". Statista. Retrieved 8 October 2023.
  72. ↑ Choi, Ji-Young; Lee, Hee-Jo; Lee, Myoung-Jin (21 April 2022). "Future Scenarios of the Data-Driven Healthcare Economy in South Korea". Healthcare. 10 (5): 772. doi:10.3390/healthcare10050772. ISSN 2227-9032. PMC 9141477 Check |pmc= value (help). PMID 35627908 Check |pmid= value (help).
  73. ↑ 한국, 세계국채지수 WGBI 편입 확정…시점 내년 4월로 연기. Newsis (in Korean). 9 April 2025. Retrieved 14 April 2025.
  74. ↑ "Report for Selected Countries and Subjects".
  75. ↑ "GDP per capita growth (annual %), World Bank Group, accessed April 2026".
  76. ↑ OECD (20 June 2024). Society at a Glance 2024: OECD Social Indicators, Figure 4.1 Median income varies by a factor eight across OECD countries. OECD.
  77. ↑ "South Korea: Automobiles and Automotive Parts". Library of Congress. Archived from the original on 25 August 2016. Retrieved 14 August 2010.
  78. ↑ Solution, LG Energy. "History｜LG Energy Solution". LG Energy Solution. Archived from the original on 24 December 2025. Retrieved 10 February 2026.
  79. ↑ "Samsung SDI Company History - From 1970＇s to 2000＇s | Samsung SDI". www.samsungsdi.com. Archived from the original on 5 January 2026. Retrieved 10 February 2026.
  80. ↑ "History < introduction < Company < SK on". eng.sk-on.com. Retrieved 10 February 2026.
  81. ↑ "From Jan to Oct 2025, Global EV Battery Usage Posted 933.5GWh, a 35.2% YoY Growth". www.sneresearch.com. Retrieved 11 February 2026.
  82. ↑ Hye-jin, Byun (11 February 2026). "Korean battery-makers face US EV reality check". The Korea Herald (in Korean). Retrieved 11 February 2026.
  83. ↑ "South Korea Posts Record Semiconductor Exports In August". Barron's. 31 August 2025. Retrieved 1 September 2025.
  84. ↑ 84.0 84.1 "South Korea: Shipbuilding". Library of Congress. Archived from the original on 10 May 2012. Retrieved 14 August 2010.
  85. ↑ 85.0 85.1 "Korean Economic Development under Park Chung-hee" (PDF). Institute for International Economics. 2003.
  86. ↑ Ga-young, Park (4 January 2017). "Japan to surpass Korea in shipbuilding". The Korea Herald. Retrieved 7 May 2026.
  87. ↑ "EU vetoes Korean shipbuilding merger between Hyundai and Daewoo - The Korea Times". www.koreatimes.co.kr. 13 January 2022. Retrieved 6 May 2026.
  88. ↑ Seung-hyun, Song (23 May 2023). "DSME rebranded as Hanwha Ocean". The Korea Herald. Retrieved 6 May 2026.
  89. ↑ "The world's top 10 steelmakers". Reuters. 19 December 2023.
  90. ↑ Han, Jane (5 February 2009). "Hyundai Challenges POSCO's Dominance". The Korea Times. Retrieved 6 May 2026.
  91. ↑ 안성미 (20 September 2016). "POSCO, Hyundai Steel merger to benefit industry: report". The Korea Herald. Retrieved 6 May 2026.
  92. ↑ "Hyundai Steel to cut production by half due to weak demand - The Korea Times". www.koreatimes.co.kr. 20 January 2026. Retrieved 6 May 2026.
  93. ↑ Kyung-min, No (19 March 2025). "Korea tightens steel import rules to curb antidumping loopholes". The Korea Herald. Retrieved 6 May 2026.
  94. ↑ Ho-jung, Won (12 July 2016). "[Graphic News] From iron ore to semiconductors - 70 years of Korean exports". The Korea Herald (in Korean). Retrieved 7 May 2026.
  95. ↑ 95.0 95.1 Park, Junhyeok; Cho, Seong-Jun; Shin, Seungwook; Kim, Rina; Shin, Dongbok; Shin, Youngjae (1 June 2025). "Overview of graphite supply chain and its challenges". Geosciences Journal. 29 (3): 329–341. doi:10.1007/s12303-025-00027-2. ISSN 1598-7477.
  96. ↑ 96.0 96.1 Seo, Jee-yeon (5 November 2012). "Korea supports redevelopment of mines to secure minerals". The Korea Herald. Retrieved 7 May 2026.
  97. ↑ "Mining". nationalatlas.ngii.go.kr (in Korean). Retrieved 7 May 2026.
  98. ↑ Kyung-min, No (23 December 2023). "[Weekender] From hearth to oven: Coal mining history baked into 'yeontan' bread". The Korea Herald (in Korean). Retrieved 7 May 2026.
  99. ↑ 99.0 99.1 Park, Ung (27 June 2025). "Korea closes its last state-run coal mine, marking end of an era". The Korea Times. Retrieved 7 May 2026.
  100. ↑ Ji-hye, Shin (16 May 2016). "Government denies closing coal mine operator". The Korea Herald. Retrieved 7 May 2026.
  101. ↑ "South Korea: Construction". Library of Congress. Archived from the original on 5 March 2016. Retrieved 14 August 2010.
  102. ↑ Hansen, Karen; Zenobia, Kent (31 March 2011). Civil Engineer's Handbook of Professional Practice. John Wiley & Sons. ISBN 9780470901649. Archived from the original on 4 March 2021. Retrieved 10 November 2020.
  103. ↑ "Building -- Samsung C&T". Archived from the original on 21 September 2016. Retrieved 11 June 2016.
  104. ↑ "South Korea: Armaments". Library of Congress. Archived from the original on 4 March 2016. Retrieved 14 August 2010.
  105. ↑ "KAI Major Programs: Airframe". Korea Aerospace Industries. Archived from the original on 9 August 2017. Retrieved 14 August 2010.
  106. ↑ "France to sell two Mistral-class warships to Russia". BBC. 23 July 2010. Archived from the original on 12 February 2019. Retrieved 21 June 2018.
  107. ↑ Los Angeles Times, 6 August 2015
  108. ↑ "Korea emerges as arms development powerhouse". The Korea Times. Archived from the original on 30 November 2016. Retrieved 12 November 2015.
  109. ↑ UNTWO (June 2008). "UNTWO World Tourism Barometer, Vol.5 No.2" (PDF). Archived from the original (PDF) on 19 August 2008. Retrieved 15 October 2008.
  110. ↑ "South Korea Sets Its Sights on Foreign Tourists". The New York Times. 11 November 2010. Archived from the original on 22 July 2016. Retrieved 24 February 2017.
  111. ↑ 통계청 국가통계연구원 (27 August 2025). "광복 80년, 통계로 본 한국 사회의 변화상" [Eighty Years of Liberation: A Statistical Overview of Societal Change in Korea]. www.korea.kr (in Korean). p. 5. Retrieved 4 November 2025.
  112. ↑ Hwang, Sung-hyun (2014). "정권별 조세·재정정책기조의 평가와 시사점: 문민정부에서 박근혜 정부까지 (Evaluation and Implications of Tax and Fiscal Policy by Government: from Civilian government to Park Geun Hye government)". Korean Journal of Public Finance. 7 (2): 24–26.
  113. ↑ Won, Hyung min; Kim, Young eun (29 August 2025). "[Graphics], National Budget Trends". Yonhap News. Retrieved 30 October 2025.
  114. ↑ "South Korea (KOR) Exports, Imports, and Trade Partners | The Observatory of Economic Complexity". oec.world. Retrieved 26 November 2023.
  115. ↑ 115.0 115.1 115.2 115.3 "Trade Statistics > By Country". Korea Customs Service.
  116. ↑ "M&A Statistics by Countries – Institute for Mergers, Acquisitions and Alliances (IMAA)". Institute for Mergers, Acquisitions and Alliances (IMAA). Archived from the original on 27 November 2020. Retrieved 27 February 2018.

Sources

Further reading

  • Koh, Jae Myong (2018) Green Infrastructure Financing: Institutional Investors, PPPs and Bankable Projects, London: Palgrave Macmillan. ISBN 978-3-319-71769-2.
  • Lee-Jay Cho; Somi Seong; Sang-Hyop Lee, eds. (2007). Institutional and Policy Reforms to Enhance Corporate Efficiency in Korea. Seoul: Korea Development Institute. ISBN 978-89-8063-305-0.
  • O. Yul Kwon (2010). The Korean Economy in Transition: An Institutional Perspective. Northampton, MA: Edward Elgar. ISBN 978-1-84064-268-1.
  • T. Youn-Ja Shim, ed. (2010). Korean Entrepreneurship: The Foundation of the Korean Economy. New York: Palgrave Macmillan. ISBN 978-0-230-10707-6. Essays on such topics as American-educated technocrats in the 1960s and their role in South Korea's economic growth, and entrepreneurial family companies in South Korea, as well as China and Japan.

Template:Economy of South Korea

Retrieved from "https://wiki.tachyony.co.uk/w/index.php?title=Economy_of_South_Korea&oldid=33026"