Korea, Republic of : Overview

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South Korea, officially the Republic of Korea, is a country in East Asia, constituting the southern part of  the Korean Peninsula. South Korea shares land borders with North Korea to the north, and oversea borders with China to the west and Japan to the east. It has estimated 50 million residents distributed over 38,375 sq mi. The capital and largest city is Seoul, with a population of 10 million.

Since the 1960, after the Korean War, South Korea has achieved an incredible record of growth and global integration to become a high-tech industrial economy. In 2004, South Korea joined the trillion dollar club of world economies and currently is among the G-20 major economies. It is a developed country with a high-income economy and is the most industrialized member country of the OECD, where it became a member since 1996.

South Korea is recognizable as one of the few developed countries that were able to avoid a recession during the global financial crisis (2007-2008). It adopted numerous economic reforms following the global financial crisis, including greater openness to foreign investment and imports. Growth was recorded 2.8%, 2.8%, and 3.1% for 2015, 2016, and 2017, respectively.

 

 

 

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