Legislative branch: unicameral National Assembly or Kukhoe (299 seats; members elected by popular vote to serve four-year terms) elections: last held 11 April 1996 (next to be held NA 2000) election results: percent of vote by party-NA; seats by party-NKP 139, NCNP 79, ULD 50, DP 15, independents 16; note-the distribution of seats as of February 1998 was GNP 165, NCNP 78, ULD 43, NPP 8, independents 4, vacant 1
Judicial branch: Supreme Court, justices are appointed by the president subject to the consent of the National Assembly
Political parties and leaders: Grand National Party (GNP), CHO Sun, president; National Congress for New Politics (NCNP), Kim Dae-jung, president; United Liberal Democrats (ULD), PAK Tae-chun, president; New People's Party (NPP), YI In-che, president note: subsequent to the legislative election of April 1996 the following parties disbanded-New Korea Party (NKP) and Democratic Party (DP)
Political pressure groups and leaders: Korean National Council of
Churches; National Democratic Alliance of Korea; National Federation
of Student Associations; National Federation of Farmers' Associations;
National Council of Labor Unions; Federation of Korean Trade Unions;
Korean Veterans' Association; Federation of Korean Industries; Korean
Traders Association; Korean Confederation of Trade Unions
International organization participation: AfDB, APEC, AsDB, BIS
(pending member), CCC, CP, EBRD, ESCAP, FAO, G-77, IAEA, IBRD, ICAO,
ICC, ICFTU, ICRM, IDA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, Inmarsat,
Intelsat, Interpol, IOC, IOM, ISO, ITU, MINURSO, NSG, OAS (observer),
OECD, OSCE (partner), UN, UNCTAD, UNESCO, UNIDO, UNMOGIP, UNOMIG, UNU,
UPU, WHO, WIPO, WMO, WToO, WTrO
Diplomatic representation in the US: chief of mission: Ambassador YI Hong-ku chancery: 2450 Massachusetts Avenue NW, Washington, DC 20008 telephone: [1] (202) 939-5600 consulate(s) general: Agana (Guam), Anchorage, Atlanta, Boston, Chicago, Honolulu, Houston, Los Angeles, Miami, New York, San Francisco, and Seattle
Diplomatic representation from the US: chief of mission: Ambassador Stephen W. BOSWORTH 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 description: 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
@Korea, South:Economy
Economy-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 eight times India's, 15 times North Korea's, and already up with the lesser economies of the European Union. This success through the late 1980s was achieved by a system of close government business ties, including directed credit, import restrictions, sponsorship of specific industries, and a strong labor effort. The government promoted the import of raw materials and technology at the expense of consumer goods and encouraged savings and investment over consumption. The Asian financial crisis of 1997/98 exposed certain longstanding weaknesses in South Korea's development model, including high debt/equity ratios, massive foreign borrowing, and an undisciplined financial sector. Also, a number of private sector conglomerates are near bankruptcy. At yearend 1997, an international effort, spearheaded by the IMF, was underway to shore up reserves and stabilize the economy. Growth in 1998 will be sharply cut. Long-term growth will depend on how successfully South Korea implements planned economic reforms that would bolster the financial sector, improve corporate management, and open the economy further to foreign participation.