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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. [29] South Korea began to adapt an export-oriented economic strategy to fuel its economy. In 2022, South Korea was the ninth largest exporter and ninth ...
In addition, South Korea's rigorous education system and the establishment of a highly motivated and educated populace is largely responsible for spurring the country's high technology boom and rapid economic development. [126] South Korea's industrial manufacturing capability has doubled and its export sector has grown rapidly.
This is a list of South Korean regions by GDP. All data are sourced from the latest regional statistics published by the South Korean Government, [1] the OECD and the International Monetary Fund (IMF). [2] [3] The South Korean won has been converted to the international dollar using the IMF's Purchasing Power Parity conversion rate.
South Korea's share of government spending on welfare is among the lowest among OECD countries. There is a need to resolve the gap between the rich and the poor. [17] The state tries to bridge income inequality and the gap between the rich and the poor by intervening in the market without undermining the flow of the free market economic system.
Through the South Korean government's strong export policy, its economy succeeded in achieving a feat of surpassing $10,000 per capita income and transforming the poor agricultural economy into an advanced industrial economy by achieving an annual average growth of 8.4% for 25 years from 1970 to 1996. [3]
South Korea's economy has experienced less short term growth in recent years. The GDP growth fell to 2.7 percent in 2018 relative to the 3.1 percent in the year prior. [ 20 ] The predictions for 2019 is that growth will slightly fall to 2.6 percent due to an expected increase in internal demands and a decline in external demands. [ 20 ]
South Korea's economy was one of the world's fastest-growing from the early 1960s to the late 1990s, and was still one of the fastest-growing developed countries in the 2000s, along with Hong Kong, Singapore and Taiwan, the other three Asian Tigers. [198] It recorded the fastest rise in average GDP per capita in the world between 1980 and 1990 ...
The Economic Planning Board introduces the Republic of Korea's first electronic mainframe computer, an IBM 1401 system, to process data collected from the country's national census conducted the previous year. [4] [5] 1994