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Korea What distinguishing factors help explain the rapid economic growth experienced by the South Korean economy over the past four decades As the South Korean economy has reached a more mature stage of its economic growth what are the evolving challenges it has had to face What are its prospects of continued economic success in the increasingly globalised world economy The rapid growth and development in the newly industrialising economies NIEs in recent decades has been nothing short of spectacular Now among the worlds most dynamic industrialised economies the NIEs of Singapore Taiwan Hong Kong and South Korea which will be the focus stand as perhaps the best examples of successful economic development The economic development of South Korea which has been among the most rapid in the world is typical of the miracle that is the NIEs Korea has come far since the days it was a nation of hungry rice farmers by pursuing an industrialisation-led development commitment since 1961 which has since produced annual GDP growth of 84 per annum second only to China The success of South Korea has been identified by a number of factors including the shift away from import substitution strategies towards export orientated industrialisation and the effective managing of the economy and authoritarian rule adopted by the government in order to accelerate the pace of capital accumulation technical progress and structural change to produce economic growth beyond what could possibly occur in a free market economy NIEs South Korea are now recognised as export machines boasting some of the highest tradeGDP ratios in the world International economic relations began in 1964 with the recognition of these limitation of the domestic market and the ineffectiveness of pursuing substitution industrialisation strategies As part of its new strategy for export expansion the South Korean government introduced new measures which included the devaluation of the won which improved the competitiveness of its exports and introduced incentives
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