Diplomatic representation: Ambassador Tong-Jin PARK; Chancery at 2320 Massachusetts Avenue NW, Washington DC 20008; telephone (202) 939-5600; there are Korean Consulates General in Agana (Guam), Anchorage, Atlanta, Chicago, Honolulu, Houston, Los Angeles, New York, San Francisco, and Seattle; US—Ambassador Donald GREGG; Embassy at 82 Sejong-Ro, Chongro-ku, Seoul (mailing address is APO San Francisco 96301); telephone [82] (2) 732-2601 through 2618; there is a US Consulate in Pusan
Flag: white with a red (top) and blue yin-yang symbol in the center; there is a different black trigram from the ancient I Ching (Book of Changes) in each corner of the white field
- Economy Overview: The driving force behind the economy's dynamic growth has been the planned development of an export-oriented economy in a vigorously entrepreneurial society. GNP increased almost 13% in both 1986 and 1987 and 12% in 1988 before slowing to 6.5% in 1989. Such a rapid rate of growth was achieved with an inflation rate of only 3% in the period 1986-87, rising to 7% in 1988 and 5% in 1989. Unemployment is also low, and some labor bottlenecks have appeared in several processing industries. While the South Korean economy is expected to grow at more than 5% annually during the 1990s, labor unrest—which led to substantial wage hikes in 1987-89—threatens to undermine noninflationary growth.
GNP: $200 billion, per capita $4,600; real growth rate 6.5% (1989)
Inflation rate (consumer prices): 5% (1989)
Unemployment rate: 3% (1989)
Budget: revenues $33.6 billion; expenditures $33.6 billion, including capital expenditures of NA (1990)
Exports: $62.3 billion (f.o.b., 1989); commodities—textiles, clothing, electronic and electrical equipment, footwear, machinery, steel, automobiles, ships, fish; partners—US 33%, Japan 21%
Imports: $61.3 billion (c.i.f., 1989); commodities—machinery, electronics and electronic equipment, oil, steel, transport equipment, textiles, organic chemicals, grains; partners—Japan 28%, US 25% (1990)
External debt: $30.5 billion (September 1989)