FANDOM


대한민국
大韓民國
Daehanminguk

Republic of Korea

Flag of South Korea Emblem of South Korea
Anthem
애국가
The Patriotic Song
Map of South Korea
CapitalSeoul
Government Presidential republic
President
- From 2008Lee Myung-bak
Prime Minister
- From ErrorKim Hwang-sik
Legislature National Assembly
History
August 15, 1948Established
Area100,210 km²
Population
- 201048,875,000
 Density487.7/km²
GDP2010 (PPP)
- TotalUS$ 1,456 billion
- Per capitaUS$ 29,791
CurrencySouth Korean won
Flag of None Fifth Republic of South Korea
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The Republic of Korea (South Korea) is a presidential republic on the Korean peninsula, in East Asia.


Background

An independent Korean state or collection of states has existed almost continuously for several millennia. Between its initial unification in the 7th century - from three predecessor Korean states - until the 20th century, Korea existed as a single independent country. In 1905, following the Russo-Japanese War, Korea became a protectorate of imperial Japan, and in 1910 it was annexed as a colony. Korea regained its independence following Japan's surrender to the United States in 1945. After World War II, a Republic of Korea (ROK) was set up in the southern half of the Korean Peninsula while a Communist-style government was installed in the north (the DPRK). During the Korean War (1950-53), US troops and UN forces fought alongside soldiers from the ROK to defend South Korea from DPRK attacks supported by China and the Soviet Union. An armistice was signed in 1953, splitting the peninsula along a demilitarized zone at about the 38th parallel. Thereafter, South Korea achieved rapid economic growth with per capita income rising to roughly 17 times the level of North Korea. In 1993, KIM Young-sam became South Korea's first civilian president following 32 years of military rule. South Korea today is a fully functioning modern democracy. President LEE Myung-bak has pursued a policy of global engagement since taking office in February 2008, highlighted by Seoul's hosting of the G-20 summit in November 2010. Serious tensions with North Korea have punctuated inter-Korean relations in recent years, including the North's sinking of the South Korean warship Cheonan in March 2010 and its artillery attack on South Korean soldiers and citizens in November 2010.[1]

Economy

Since the 1960s, South Korea has achieved an incredible record of growth and global integration to become a high-tech industrialized 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, and currently is among the world's 20 largest economies. Initially, a system of close government and business ties, including directed credit and import restrictions, made this success possible. 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 1997-98 exposed longstanding weaknesses in South Korea's development model including high debt/equity ratios and massive short-term foreign borrowing. GDP plunged by 6.9% in 1998, and then recovered by 9% in 1999-2000. Korea adopted numerous economic reforms following the crisis, including greater openness to foreign investment and imports. Growth moderated to about 4-5% annually between 2003 and 2007. With the global economic downturn in late 2008, South Korean GDP growth slowed to 0.2% in 2009. In the third quarter of 2009, the economy began to recover, in large part due to export growth, low interest rates, and an expansionary fiscal policy, and growth exceeded 6% in 2010. The South Korean economy's long term challenges include a rapidly aging population, inflexible labor market, and overdependence on manufacturing exports to drive economic growth.[2]

President

  • Lee Myung-bak () (February 25, 2008 - )


Prime Minister

  • Kim Hwang-sik () (Octpber 1, 2010 - )

Nation

South Korea

References

  1. The CIA World Factbook: Introduction - Background
  2. The CIA World Factbook: Economy - Overview

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