WORLDS SEVENTH LARGEST EXPORTER, SOUTH KOREA (YOB 1948) Republic of Korea was founded in 1948. Between 1962 and 1994, South Koreas tiger economy grew at an average of 10% annually, fueled by annual export growth of 20%, in a period called the Miracle on the Han River that rapidly transformed it into a high-income advanced economy and the worlds 11th largest economy by 1995. Today, South Korea is the eighth largest country in international trade, a regional power with the worlds 10th largest defence budget and founding member of the G-20 and APEC. Civilian government replaced military rule in 1987 and it has since evolved into a vibrant democracy ranked second in Asia on the Democracy Index. In 2009, South Korea became the worlds first former aid recipient to join the OECDs Development Assistance Committee, becoming a major donor. Its pop culture has considerable influence in Asia and expanding globally in a process called the Korean Wave. South Korea is a developed country ranked 15th in the Human Development Index, the highest in East Asia. In terms of average wage, it has Asias highest income and the worlds 10th highest income. It ranks highly in education, quality of healthcare, rule of law, ease of doing business, government transparency, job security, tolerance and inclusion. 64% of 25-34 year old South Koreans hold a tertiary education degree, the highest in the OECD. The most innovative country as measured by the Bloomberg Innovation Quotient, South Korea is the worlds seventh largest exporter, driven by high-tech multinationals such as Samsung, Hyundai-Kia and LG. South Korea has global leadership in advanced technology such as the worlds fastest Internet connection speed, ranking first in the ICT Development Index, e-Government, 4G LTE penetration and second in smartphone penetration.
Posted on: Sun, 07 Sep 2014 11:31:39 +0000
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