South Korea
might be a small country, but it has a
great history and culture. South Korea is a
homogeneous society and has over five-thousand years of history. In addition, although South Korea
was attacked by surrounding countries during those five-thousand years, it has protected
its country and culture. However, today I will talk in terms of South Korea’s economy.
These days, Korea is considered one of the strongest economies in the world.
South Korea became a member of Organization for Economic Cooperation and Development,
and held many major international events including the G20 Summit, and the 1988 Summer Olympics.
In the past, South Korea was one of the poorest countries in the world fifty years ago. After
going through the Korean War, most facilities were desolated. The country was
left in ruin. No one expected South Korea’s development to prosper. However, South Korean people
didn’t give up their hope. They cooperated with each other and worked hard as
much as they could. Everyone was dreaming of being citizens of a developed
country, and their dream came true. For these efforts and desire, South Korea
has developed into a powerhouse in a very short time. All of the people were
surprised by South Korea’s amazing development. We called it ‘miracle of Han River’
like ‘Rhein River of miracle.’ In addition, a lot of South Korean corporations such as Samsung, LG, and Hyundai have become international household names. At that time,
South Korea was considered one of the four dragons of Eastern Asia along with Taiwan,
Hong Kong, and Singapore. South Korea became, is still a leader of the Asian economy.
South Korea did have a hard time in 1998. The economy was getting worse and many
kinds of figures such as growth rate and GDP dropped into the negative range. Finally, South Korea asked for help from the International Monetary Fund. Many people lost their
jobs and suffered from the recession. However, South Korea showed amazing miracles again, the people united to help their country.
Every South Korean collected their gold and donated it to the country to stimulate the economy.
They showed a kind of miracle again and made the people ‘Miracles of Han River’
again. South Korea showed a great collective pride and power of union. For these efforts,
South Korea was able to recover and bounced back again easily.
Of
course, nowadays, South Korea’s economy doesn’t seem to look nice. By
developing China’s economy, many kinds of industries will deal a serious blow
to South Korea. However, South Korea will endure this situation and find a new breakthrough
wisely, like showing an amazing miracle like those of the past.
Written by: Suk Hyun Jung
WSU International Student
South Korea
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