International organization participation: AfDB, APEC, AsDB, CCC,
CP, EBRD, ESCAP, FAO, G-77, IAEA, IBRD, ICAO, ICC, ICFTU, ICRM, IDA,
IFAD, IFC, IFRCS, ILO, IMF, IMO, Intelsat, Interpol, IOC, IOM, ISO,
ITU, MINURSO, OAS (observer), OSCE (partner), UN, UNCTAD, UNESCO,
UNIDO, UNMOGIP, UNOMIG, UNU, UPU, WHO, WIPO, WMO, WToO, WTrO
Diplomatic representation in US:
chief of mission: Ambassador PAK Kun-u
chancery: 2450 Massachusetts Avenue NW, Washington, DC 20008
telephone: [1] (202) 939-5600, 524-9273
consulate(s) general: Agana (Guam), Anchorage, Atlanta, Boston,
Chicago, Honolulu, Houston, Los Angeles, Miami, New York, San
Francisco, and Seattle
US diplomatic representation:
chief of mission: Ambassador James T. LANEY
embassy: 82 Sejong-Ro, Chongro-ku, Seoul
mailing address: American Embassy, Unit 15550, APO AP 96205-0001
telephone: [82] (2) 397-4114
FAX: [82] (2) 738-8845
consulate(s): 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 ———-
Economic overview: As one of the Four Dragons of East Asia, South Korea has achieved an incredible record of growth. Three decades ago its GDP per capita was comparable with levels in the poorer countries of Africa and Asia. Today its GDP per capita is nine times India's, 14 times North Korea's, and already up with the lesser economies of the European Union. This success has been achieved by a unique combination of authoritarian government guidance of what is at bottom an essentially entrepreneurial process. The government has sponsored large-scale adoption of technology and management from Japan and other modern nations; has successfully pushed the development of export industries while encouraging the import of machinery and materials at the expense of consumer goods; and has pushed its labor force to a work effort seldom matched anywhere even in wartime. Real GDP grew by an average 10% in 1986-91, then paused to a "mere" 5% in 1992-93, only to move back up to 8% in 1994 and 9% in 1995. With a much higher standard of living and with a considerable easing of authoritarian controls, the work pace has softened. Growth rates will probably slow down over the medium term because of the exhaustion of former growth opportunities and the need to deal with pollution and the other problems of success.
GDP: purchasing power parity - $590.7 billion (1995 est.)
GDP real growth rate: 9% (1995)
GDP per capita: $13,000 (1995 est.)
GDP composition by sector: agriculture: 8% industry: 45% services: 47% (1991 est.)