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The Miracle on the Han River (Korean: 한강의 기적) was the period of rapid economic growth in South Korea, following the Korean War (1950–1953), during which South Korea transformed from one of the least developed countries into a developed country.
The South Korean economy of the 21st century, as a Next Eleven economy, is expected to grow from 3.9% to 4.2% annually between 2011 and 2030, [62] similar to growth rates of developing countries such as Brazil or Russia. [63] South Korean President Park Geun-hye at a breakfast meeting with chaebol business magnates Lee Kun-hee and Chung Mong ...
Park began a series of economic reforms that eventually led to rapid and unprecedented economic growth and industrialization, a phenomenon that is now known as the Miracle on the Han River. This made South Korea one of the fastest growing economies of the 1960s and 1970s, albeit with costs to labor rights.
This investment resulted in the South Korean population being well-educated by the time the Park Chung Hee regime took over, with the infrastructure in place for rapid economic growth. [2] In 1961, General Park Chung Hee seized political power and decided the country should become self-reliant by utilizing five-year plans.
In 2018, the combined economy of the Four Asian Tigers constituted 3.46% of the world's economy with a total Gross domestic product (GDP) of 2,932 billion US dollars. The GDP in Hong Kong, Singapore, South Korea and Taiwan was worth 363.03 billion, 361.1 billion, 1,619.42 billion and 589.39 billion US dollars respectively in 2018, which ...
Contrary to early predictions, this high growth also included many countries that had been devastated by the war, such as Japan (Japanese economic miracle), West Germany and Austria (Wirtschaftswunder), South Korea (Miracle on the Han River), Belgium (Belgian economic miracle), France (Trente Glorieuses), Italy (Italian economic miracle) and ...
Turbulence is knocking a beloved instant-noodle offering off Korean Air's economy menu. Cups of Shin Ramyun instant noodles, a favorite among Korean Air travelers over the years, will no longer be ...
Despite occasional political instability, the Korean economy subsequently saw enormous growth for nearly forty years, in a period known as the Miracle on the Han River. The unparalleled economic miracle brought South Korea from one of the poorest states in the world after the Korean War into a fully developed country within a generation.