International organization participation:
AfDB, APEC, APT, ARF, AsDB, ASEAN (dialogue partner), Australia
Group, BIS, CP, EAS, EBRD, FAO, IADB, IAEA, IBRD, ICAO, ICC, ICCt,
ICFTU, ICRM, IDA, IEA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO,
Interpol, IOC, IOM, IPU, ISO, ITU, LAIA, MIGA, NEA, NSG, OAS
(observer), OECD, ONUB, OPCW, OSCE (partner), PCA, PIF (partner),
UN, UNCTAD, UNESCO, UNHCR, UNIDO, UNMIL, UNMIS, UNMOGIP, UNOMIG,
UPU, WCL, WCO, WHO, WIPO, WMO, WToO, WTO, ZC
Diplomatic representation in the US: chief of mission: Ambassador LEE Tae-sik chancery: 2450 Massachusetts Avenue NW, Washington, DC 20008 telephone: [1] (202) 939-5600 FAX: [1] (202) 387-0205 consulate(s) general: Agana (Guam), Atlanta, Boston, Chicago, Honolulu, Houston, Los Angeles, New York, San Francisco, Seattle
Diplomatic representation from the US: chief of mission: Ambassador Alexander VERSHBOW embassy: 32 Sejong-no, Jongno-gu, Seoul 110-710 mailing address: US Embassy Seoul, 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, South Korea
joined the trillion dollar club of world economies. Today its GDP
per capita is equal to the lesser economies of the EU. 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. GDP plunged by 6.9% in 1998,
then recovered 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%, despite anemic global growth. Between 2003 and
2005, growth moderated to about 4%. A downturn in consumer spending
was offset by rapid export growth. In 2005, the government proposed
labor reform legislation and a corporate pension scheme to help make
the labor market more flexible, and new real estate policies to cool
property speculation. Moderate inflation, low unemployment, an
export surplus, and fairly equal distribution of income characterize
this solid economy.
GDP (purchasing power parity):
$1.101 trillion (2005 est.)
GDP (official exchange rate):
$801.2 billion (2005 est.)
GDP - real growth rate:
4% (2005 est.)
GDP - per capita (PPP):
$22,600 (2005 est.)