South Korea was torn apart by civil war and a population living in poverty. Now, South Korea became one of the Asian Tigers in its economy.
South Korea’s booming economy has amazed the world. Without having natural resources such as oil or forests and its harsh geography, Korea can’t do anything.
After the civil war with North Korea that lasted from 1950 to 1953, South Korea continued to rise to build its economy to become the developed country it is today.
In addition, Professor Seong-Kon Kim, Ph.D. gave an explanation of the key to the success of the Korean economy to the participants of The 2nd ASEAN-ROK (Republic of Korea), Next Generation Opinion Leaders Program. Then, the program from the Korea Foundation on November 15-21 2015, and representatives of journalists from 10 countries attended.
Professor Seong-Kon mentions three keys to South Korea’s success as a developed economy.
Leaders with vision
After the Korean War, South Korea decided to become an industrial country and not focus too much on the military economy as neighboring North Korea did. Professor Seong-Kon says that since 1960, Korea has become more focused on electronics, automotive, and the trade of their products.
A diligent nation
The lack of natural resources makes the Korean people not spoiled by nature. On the other hand, facing the extreme climate, Koreans must be able to survive. The Korean people’s perseverance has resulted in a work culture that never gives up and the importance of perseverance to be successful.
Financial assistance from America (Marshall Plan)
America’s financial aid did not keep Korea stuck in a debt cycle as many developing countries have. The assistance provided by America is not only financial but also transfers technology and knowledge.
As evidenced by these 3 keys, the Korean economy has now become very advanced. Korean technology products are recognized worldwide such as KIA, Samsung, LG, shipping industry, steel industry, high-speed train (KTX Bullet Train), and many more.