The remarkable economic evolution of South Korea (Korea) over the past fifty years cannot be overstated. Korea was one of the poorest countries in the world after the devastation suffered from the Korean War and subsequent armistice agreement (technically North Korea and South Korea are still at war). In the 1960's, Korea's Gross National Product (GNP) was comparable to the poorest African nations. Over the past twenty-five years, the dynamic Korean economy (GDP) has grown 11 fold, from $984 million in 1987 to $11.1 trillion in 2011.
Today, Korea is a highly industrialized, leading global fiscal power whose economy ranks 15th (GDP) in the world.3 It is the number one producer of over 60 global products, including: smart phones, TV's, ocean vessels, memory chips, rolled and plate steel, synthetic rubbers and resins, and sea water desalinization technology. Korea is also a member of the G-20 (group of 20 major global economies that account for 80% of gross world product {GWP}), as well as the Organisation for Economic Co-operation and Development (OECD).
