South Korea s Economic Crisis - 1534 Words

Between 1990 and 1996, South Korea experienced strong economic growth ever since South Korea was separated from North Korea. As the data of South Korea economy from World Bank web provides, Average growth rate was around 8 percent and inflation rate averaged 5 percent. Moreover, unemployment rate was stable below 3 percent (citation use footnote or endnote). Until 1997, Korea was one of miracle East Asian countries that grew up incredibly faster than that of other Asian countries. Others believed that it is impossible for South Korea to experience financial crisis due to its outstanding economic growth ever since they declared independence from Japan. After South Korea began its industrialization in 1970, there were two major economic crisis in Korea economic history. Many countries including South Korea were heavily effected by largest oil crisis in 1979. 18 years hence, the most undesirable economic crisis occurred again in 1997, widely known as South Korea IMF Crisis. IMF(Internat ional Monetary Fund) is international organization for promoting international monetary cooperation; it encourages stable exchange rate, facilitates the expansion and balanced growth of international trade, and assists with poverty reduction among the member. In short, IMF makes action only when the worst economic scenario occurs. 9/11 terror is considered as one of the tragic event in 21st century. South Korea’s IMF crisis is considered similar to that of 9/11 to South Koreans. It isShow MoreRelatedThe Legacy Of South Korea1133 Words   |  5 Pagesgrew through the years, into what has become known as the society of today. South Korea is no stranger to this and they continue to preserve its historic landmarks with pride. Although most of South Korea s history is clouded by conflict, the struggles the people have endured have only united them as one, and has helped shape the country into a great nation which the citizens are proud of. 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Globalisation is not a singularRead MoreWhat Does Economist Say About Export Oriented Economy? Essay901 Words   |  4 Pagesmarket but also searching for opportunities in the international market. The similar can be magnified for a country, where some economies as whole are credit to International demand till a great extent. In case of few countries, namely Japan and South Korea, such export driven attitude is important to improve their growth since being endogenous can’t work well in small populated countries. The model has not been constant, but has instead evolved to fit changing global circumstances and to fit individual