The economy of South Korea is a highly developed mixed economy. By nominal GDP, (US$1.72 trillion), it has the 4th largest economy in Asia and the 12th largest in the world. South Korea is notable for its rapid economic development from an underdeveloped nation to a developed, high-income country in a few generations. This economic growth has been described as the Miracle on the Han River, which has allowed it to join OECD and the G-20. South Korea remains one of the fastest-growing developed countries in the world following the Great Recession and the COVID-19 recession. It is included in the group of Next Eleven countries as having the potential to play a dominant role in the global economy by the middle of the 21st century.
South Korea's education system and the establishment of a motivated and educated populace was largely responsible for spurring the country's high technology boom and economic development. South Korea began to adapt an export-oriented economic strategy to fuel its economy. In 2019, South Korea was the eighth largest exporter and eighth largest importer in the world. The Bank of Korea and the Korea Development Institute periodically release major economic indicators and economic trends of the economy of South Korea.
Renowned financial organizations, such as the International Monetary Fund, notes the resilience of the South Korean economy against various economic crises. They cite the country's economic advantages as reasons for this resilience, including low state debt, and high fiscal reserves that can quickly be mobilized to address any expected financial emergencies. Other financial organizations, like the World Bank, describe Korea as one of the fastest-growing major economies of the next generation, along with BRIC and Indonesia. South Korea was one of the few developed countries that was able to avoid a recession during the Great Recession. Its economic growth rate reached 6.2% in 2010, a recovery from economic growth rates of 2.3% in 2008 and 0.2% in 2009, during the Great Recession.
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A chaebol (ˈtʃeɪbɒl,_ˈdʒɛbəl; ; tɕɛ̝.bʌl) is a large industrial South Korean conglomerate run and controlled by an individual or family. A chaebol often consists of multiple diversified affiliates, controlled by a person or group. Several dozen large South Korean family-controlled corporate groups fall under this definition. The term first appeared in English text in 1972. Chaebols have also played a significant role in South Korean politics.
Korean reunification () is the potential unification of North Korea and South Korea into a single Korean sovereign state. The process towards reunification of the peninsula while still maintaining two opposing regimes was started by the June 15th North–South Joint Declaration in June 2000, was reaffirmed by the October 4th Declaration in October 2007 and the Panmunjom Declaration in April 2018, and the joint statement of U.S. President Donald Trump and North Korean Supreme Leader Kim Jong Un at the Singapore Summit in June 2018.
K-pop (), short for Korean popular music, is a form of popular music originating in South Korea as part of South Korean culture. It includes styles and genres from around the world, such as pop, hip hop, R&B, rock, jazz, gospel, reggae, electronic dance, folk, country, disco, and classical on top of its traditional Korean music roots. The term "K-pop" became popular in the 2000s, especially in the international context. The Korean term for domestic pop music is gayo (), which is still widely used within South Korea.