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
Economy Korea, South
Economy - overview: As one of the Four Tigers 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, 17 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. Growth plunged by 6.6% in 1998, then strongly recovered to plus 10% in 1999 and 9% in 2000. Growth fell back to 3.3% in 2001 because of the slowing global economy, falling exports, and the perception that much-needed corporate and financial reforms have stalled.
GDP: purchasing power parity - $865 billion (2001 est.)
GDP - real growth rate: 3.3% (2001 est.)
GDP - per capita: purchasing power parity - $18,000 (2001 est.)
GDP - composition by sector: agriculture: 5% industry: 44% services: 51% (2001 est.)
Population below poverty line: 4% (2001 est.)
Household income or consumption by percentage share: lowest 10%: 2.6% highest 10%: 24.8% (1998 est.)
Distribution of family income - Gini index: 31.6 (1993)