consulate(s): Hagatna (Guam)
Diplomatic representation from the US: chief of mission: Ambassador (vacant)
embassy: 82 Sejong-ro, Chongro-ku, Seoul 110-710
mailing address: American Embassy, Unit 15550, APO AP 96205-0001
telephone: [82] (2) 397-4114
FAX: [82] (2) 738-8845
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 GDP per capita was comparable with levels in the poorer countries of Africa and Asia. Today its GDP per capita is seven times India's, 16 times North Korea's, and comparable to 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 1997-99 exposed certain longstanding weaknesses in South Korea's development model, including high debt/equity ratios, massive foreign borrowing, and an undisciplined financial sector. By 1999 GDP growth had recovered, reversing the substantial decline of 1998. Seoul has pressed the country's largest business groups to restructure and to strengthen their financial base. Growth in 2001 likely will be a more sustainable rate of 5%.
GDP: purchasing power parity - $764.6 billion (2000 est.)