1. Korea's Growth Performance: Past and Future
- Author:
- Marcus Noland
- Publication Date:
- 11-2011
- Content Type:
- Working Paper
- Institution:
- East-West Center
- Abstract:
- South Korea is arguably the premier development success story of the last half century. For 47 years starting in 1963, the economy averaged 7 percent real growth annually, and experienced only two years of economic contraction: 1980 after the second oil shock and the assassination of President Park Chung-hee, and 1998 at the nadir of the Asian financial crisis. At the start of that period South Korea had a per capita income lower than that of Mozambique or Bolivia; today it is richer than Spain or New Zealand, and was the first Asian and first non-G7 country to host a summit of the G20, the unofficial steering committee of the world economy.
- Topic:
- Demographics, Development, Economics, Industrial Policy, International Trade and Finance, and Political Economy
- Political Geography:
- Israel, Asia, South Korea, Spain, Mozambique, New Zealand, and Bolivia