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An Overview Of The Economic Development Of South Korea


Some literatures indicate that in the 1960s South Korea and Ethiopia were almost in the same stage of economic development. But currently, we are observing the huge difference between the stages of economic development of these two countries. For example, in 2004 the Korean GDP was 85 times and Korean GNI per capita was 127 times greater than that of Ethiopia (World Bank 2006). South Korea, a country that had been in abject poverty in the 1960s, has become one of the rich countries in the world by registering recognized economic success story. The economic growth that took Japan almost a century has been accomplished by South Korea in less than half of that time. The question is how was this done?
What were the factors that have contributed to this fast economic growth and success? What has Korea done to achieve fast economic development? What could we learn from the Korean development experience?

This paper tries to shed some light on the history of economic performances of South Korea in order to seek answers for the above raised and similar questions. The objective of the study is to draw some lessons for Ethiopia by analyzing the dynamics of South Korean economic development. The methodology of the study
is reviewing secondary sources of information and analyzing these information/data to reach upon conclusion and recommendations.

Corporate Author: 
Getnet Alemu and Getachew Yoseph (Editor) & Ethiopian Economic Association/Ethiopian Economic Policy Research Institute
Ethiopian Economic Association (EEA)
Primary Descriptors: 

<p>Economic Development</p>

Secondary Descriptor: 

Geographic Descriptors: 
South Korea
Cataloge Date: 
Broad Subject heading: 
Call Number: 
330.963 PRO 2007
Serial Key Title: 
Proceedings of the Fourth International Conference on the Ethiopian Economy
Publication catagory: 
Content type: 
Publication date: 
2013-05-27 00:00:00
Forum or Discussion date: 
2013-02-27 00:00:00
Place of publication: 
Addis Ababa, Ethiopia
Type of material: 
Current frequency: