Korea rapidly recovered from the economic storm that began in late 1997. This crisis, which roiled markets all across Asia, had threatened Korea's remarkable economic achievements. However, thanks to the faithful implementation of an IMF agreement, the Korean Government's strong resolve for reform, and successful negotiation of foreign debt restructuring with creditor banks, the nation rebounded and is now stronger than ever economically. Since the onset of the crisis, Korea began rapidly integrating itself into the world economy. The goal of the nation is to overcome problems rooted in the past by creating an economic structure suitable for an advanced economy.

Korea, once known to be one of the world's poorest agrarian societies, has undertaken economic development in earnest since 1962. In less than four decades, it achieved what has become known as the "Miracle on the Hangang River"―an incredible process that dramatically transformed the Korean economy while marking a turning point in Korea's history.

An outward-oriented economic development strategy, which used exports as the engine of growth, contributed greatly to the radical economic transformation of Korea. Based on such a strategy, many successful development programs were implemented. As a result, from 1962 to 2007, Korea's Gross Domestic Product (GDP) increased from US$2.3 billion to US$969.9 billion, with its per capita GNI soaring from $87 to about $20,045. These impressive figures clearly indicate the magnitude of success that these economic programs have brought about.

Major import items include industrial raw materials such as crude oil and natural minerals, general consumer products, foodstuffs and goods such as machinery and electronic and transportation equipment.

Korea developed rapidly from the 1960s, fueled by high savings and investment rates, and a strong emphasis on education. The nation became the 29th member country of the Organization for Economic Cooperation and Development (OECD) in 1996.

* GDP Growth       [Unit: US$ billion]                                                        * Per Capita Growth     [Unit: US$]

* Source: The Bank of Korea                                         * Source: The Bank of Korea

With a history as one of the fastest growing economies in the world, Korea is working to become the focal point of a powerful Asian economic bloc during the 21st century. The Northeast Asian region commands a superior pool of essential resources that are the necessary ingredients for economic development. These include a population of 1.5 billion people, abundant natural resources, and large-scale consumer markets.