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Geography Factsheet: 229. Economic development in Korea - an original Tiger

  • Geography Factsheet: 229. Economic development in Korea - an original Tiger

Geography Factsheet: 229. Economic development in Korea - an original Tiger

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  • Code: GEA-FSPI-229
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    Korea is located in east Asia (Fig. 1) and is one of the original NICs (newly industrialising countries). Korea, once one of the world’s poorest agrarian societies, has undertaken economic development in earnest since 1962. In under fifty years, it achieved the ‘Miracle on the Hangang River’– a process that dramatically transformed the Korean economy. Today, it is one of the most successful economies in eastern Asia. NB: South Korea’s official name is the Republic of Korea. In this Factsheet the name Korea will be used.