Political pressure groups and leaders:
Federation of Korean Industries; Federation of Korean Trade Unions;
Korean Confederation of Trade Unions; Korean National Council of
Churches; Korean Traders Association; Korean Veterans' Association;
National Council of Labor Unions; National Democratic Alliance of
Korea; National Federation of Farmers' Associations; National
Federation of Student Associations
International organization participation:
AfDB, APEC, APT, ARF, AsDB, ASEAN (dialogue partner), Australia
Group, BIS, CP, EAS, EBRD, FAO, IADB, IAEA, IBRD, ICAO, ICC, ICCt,
ICRM, IDA, IEA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, Interpol, IOC,
IOM, IPU, ISO, ITU, ITUC, LAIA, MIGA, NEA, NSG, OAS (observer),
OECD, ONUB, OPCW, OSCE (partner), PCA, PIF (partner), SAARC
(observer), UN, UNCTAD, UNESCO, UNHCR, UNIDO, UNMIL, UNMIS, UNMOGIP,
UNOMIG, UNWTO, UPU, WCL, WCO, WHO, WIPO, WMO, 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 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 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 2006, growth moderated to
about 4-5%. A downturn in consumer spending was offset by rapid
export growth. Moderate inflation, low unemployment, an export
surplus, and fairly equal distribution of income characterize this
solid economy.
GDP (purchasing power parity):
$1.18 trillion (2006 est.)
GDP (official exchange rate):
$768.5 billion (2006 est.)
GDP - real growth rate:
5.1% (2006 est.)