South Korea is famous for transforming itself from one of the world's poorest countries to a developed, high-income economy in just a few generations.
The Republic of Korea has done an outstanding job of combining rapid economic expansion with significant poverty reduction. Between 1988 and 2019, the Korean government's actions resulted in real gross domestic product (GDP) growth of 5.45 percent per year. Annual export growth of 9.27 percent powered this great performance over the same time period.
Reason for Growth
To support growth, South Korea has paid special emphasis to technology development and innovation. South Korean export competitiveness has been bolstered by innovation and technology, which has powered the country's amazing economic progress in recent decades.
South Korean pop music, known as 'K-Pop,' has become a worldwide sensation that has improved the country's economy significantly. The music, as well as the live stage performances and music videos, are meticulously constructed. BTS is one of several South Korean bands who have earned prominence in Western media over the years as a result of their meticulous attention to detail and flawless performance.
The Korean Wave, or hallyu, is a significant flood of South Korean music, films, and television series into the Western world. Hallyu has contributed a tremendous amount to the South Korean economy, particularly in terms of its rapid expansion, and this has significantly reduced the stress placed on the South Korean economy as a result of the Asian financial crisis of 1997. 'Parasite' earned $258 million globally in 2019, making it the highest-grossing South Korean picture of the year. After that, 'Parasite' took home four Academy Awards, including Best Picture, Best Director, and Best Original Screenplay.
Conclusion South Korea's economic structure transitioned from agriculture to semi-industrial and developed significantly during Japanese colonialism. South Korea had gone through numerous stages of economic development, which eventually led to the country's economy expanding and becoming one of the most globalised.
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