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%
- No of the unemployed in 1998: 1.49 million people
- Reforms conducted
- Corporate sector reforms including Chaebols
- 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)
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