Diplomatic representation from the US: chief of mission: Ambassador Christopher R. HILL embassy: 82 Sejong-no, Jongno-gu, Seoul 110-710 mailing address: American Embassy, Unit 15550, APO AP 96205-5550 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
Economy Korea, South
Economy - overview:
Since the early 1960s, South Korea has achieved an incredible
record of growth and integration into the high-tech modern world
economy. Four decades ago GDP per capita was comparable with levels
in the poorer countries of Africa and Asia. In 2004, it joined the
trillion dollar club of world economies. Today its GDP per capita is
14 times North Korea's and equal 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 longstanding weaknesses in South
Korea's development model, including high debt/equity ratios,
massive foreign borrowing, and an undisciplined financial sector.
Growth plunged to a negative 6.9% in 1998, then strongly recovered
to 9.5% in 1999 and 8.5% 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 had
stalled. Led by consumer spending and exports, growth in 2002 was an
impressive 7.0%, despite anemic global growth. Economic growth fell
to 3.1% in 2003 because of a downturn in consumer spending and
recovered to an estimated 4.6% in 2004 on the strength of rapid
export growth. The government plans to boost infrastructure spending
in 2005. Moderate inflation, low unemployment, an export surplus,
and fairly equal distribution of income characterize this solid
economy.
GDP (purchasing power parity):
$925.1 billion (2004 est.)
GDP - real growth rate:
4.6% (2004 est.)
GDP - per capita:
purchasing power parity - $19,200 (2004 est.)
GDP - composition by sector: agriculture: 3.2% industry: 40.4% services: 56.3% (2004 est.)
Labor force:
22.9 million (2004 est.)
Labor force - by occupation:
agriculture 8%, industry 19%, services 73% (2004 est.)