Economic Development of Korea


Crisis Hit the Korean Economy in 1997


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Korean Economy Evolution

Crisis Hit the Korean Economy in 1997

  • Crisis Hit the Korean Economy in 1997
    • Massive contraction of the Korean economy
      • By - 5.5%
      • The Value of Currency Plummeted
        • By 40% in1998, relative to that in 1997
      • Unemployment skyrocketed
        • Unemployment rate in 1998: 7%
          • 2.6% (1997)
        • No of the unemployed in 1998: 1.49 million people
          • 0.57million (1997)

Reforms conducted

  • Reforms conducted
    • Corporate sector reforms including Chaebols
      • Big deals
    • Public Sector
    • More Foreign firms’ investment
      • Increased FDI, especially M&As
  • Government-led Reforms
    • Reforms slowed down with a quick economic recovery
    • 9.6% p.a. Growth Rate (1999-2000)

In the Post Asian Financial Crisis period: Globalization and Regional Trading Agreement (RTAs)

  • In the Post Asian Financial Crisis period: Globalization and Regional Trading Agreement (RTAs)
  • Background
    • Substantial Slowdown of Korean Economy
    • Average Economic Growth Rate (2001-2014): 4% p.a
    • Slow Down of Population Growth and Aging
      • Average Population Growth Rate (2001-2014): 0.5%
      • People with 65 and Older: 13%
    • RTAs expanding rapidly,
      • esp. since the establishment of WTO(Jan1,1995)
      • 604 RTAs Reported to WTO & 398 RTAs are being effective (January, 2015)
      • Free Trade Agreement (FTA): 220 (58%)
  • Source: WTO (http://wto.org/english/tratop_e/region_e/regfac_e.htm)

Korea’s FTA Status:

  • Korea’s FTA Status:
    • FTAs in force (11)
      • Chile, Singapore, EFTA(4), ASEAN(10), India, EU, Peru, USA, Turkey, Australia, Canada
    • FTAs signed (5)
  • Source: Customs, Korea

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