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 PRIVATE GUIDES OF Korea South
 See all guides of Korea South
PRIVATE TOURS IN Korea South
See all Korea South private tours
GENERAL DETAILS - Korea South
CAPITAL CITY OF Korea South: Seoul
LANGUAGE OF Korea South: Korean
CURRENCY OF Korea South: South Korean won (KRW)
CLIMATE OF Korea South: temperate, with rainfall heavier in summer than winter
ECONOMY OVERVIEW OF Korea South: Since the early 1960s, South Korea has achieved an incredible record of growth and integration into the high-tech modern world economy. Four decades ago GDP per capita was comparable with levels in the poorer countries of Africa and Asia. Today its GDP per capita is 18 times North Korea's and equal to the lesser economies of the European Union. This success through the late 1980s was achieved by a system of close government/business ties, including directed credit, import restrictions, sponsorship of specific industries, and a strong labor effort. 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 1997-99 exposed longstanding weaknesses in South Korea's development model, including high debt/equity ratios, massive foreign borrowing, and an undisciplined financial sector. Growth plunged to a negative 6.6% in 1998, then strongly recovered to 10.8% in 1999 and 9.2% in 2000. Growth fell back to 3.3% in 2001 because of the slowing global economy, falling exports, and the perception that much-needed corporate and financial reforms had stalled. Led by consumer spending and exports, growth in 2002 was an impressive 6.2%, despite anemic global growth, followed by moderate 2.8% growth in 2003. In 2003 the National Assembly approved legislation reducing the six-day work week to five days.
POPULATION OF Korea South: 46416800>
RELIGION OF Korea South: no affiliation 46%, Christian 26%, Buddhist 26%, Confucianist 1%, other 1%
COMMENTS ABOUT Korea South:
South Korea is a country in East Asia.
Cities : Seoul, Busan, Daegu, Daejeon, Jeju, Jeonju, Suwon, Gwangju, Gyeongju
Best Places : Guinsa, Seoraksan National Park, Panmunjeom
Electricity : 220V
Calling Code : 82
Time Zone UTC +9
Korea was an independent kingdom under Chinese suzerainty for most of the past millennium. Following its victory in the Russo-Japanese War in 1905, Japan occupied Korea; five years later it formally annexed the entire peninsula. After World War II, a republic was set up in the southern half of the Korean Peninsula while a Communist-style government was installed in the north. During the Korean War (1950-1953), US and other UN forces intervened to defend South Korea from North Korean attacks supported by the Chinese. 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 18 times the level of North Korea. In 1987, South Korean voters elected ROH Tae-woo to the presidency, ending 26 years of military dictatorships. South Korea today is a fully functioning modern democracy. In June 2000, a historic first North-South summit took place between the South's President KIM Tae-chung and the North's leader KIM Jong Il.
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