1. The Republic of Korea By Daniel Gomez and Frank Reilly

2. History Three periods: 1. Malthusian stagnation prior to Japan’s annexation of Korea in 1910 2. Colonial period from 1910-1945 3. Post colonial period with massive growth and increase in living standards https://eh.net/encyclopedia/the-economic-history-of-korea/

3. The Korean War & Politics Korea was split following WWII between the U.S and the Soviet Union On June 25 th, 1950, 75,000 troops from the Democratic People’s Republic of Korea (Soviet supported North) cross the 38 th parallel and attacked the Republic of Korea in the South Armistice reached on July 27 th, 1953 About 5 million casualties http://www.history.com/topics/kore an-war

4. Geopolitical Map of Korea (GDP & Population) Source URL: https://bambooinnovator.files.wordpress.com/2013/10/20131026_srm980.png

5. South Korea pre-crisis After the war, South Koreans adopted an outward-looking strategy, seeking to do much of their business with the United States and the West Between the 1960’s-1980’s the GDP of the country expanded by roughly 8% per year Promoted rapid industrialization and high number of exports In the 1980’s, the country implemented tight inflation controls policies on their currency to prevent it from hyper inflating. They still implement these policies today

6. During Crisis One of the main countries hit during the crisis of 1997, needed an IMF bail out of US$60bn GDP plummeted by 7% Was caused mainly due to control on inflation and to lots of borrowing leading to high debt and inequality in the country Recovered nicely in 1999, causing GDP to increase by 9%

7. Today The economy was damaged during the crisis of 2008 but South Korea was able to recover in 2010 and has grown since Mainly an export trade economy Has a number of bilateral trade agreements with the United States and exports most of their goods to China

8. Currency 1USD = 117.30KRW The rate of inflation on the KWR is about 1.3%, has been constant for years They keep it this way to prevent severe hyperinflatio

9. Development Is called by the economist “A tiger in winter” Has only a GDP growth rate of 3.3%, and is continuously declining Industrial output is starting to slow down, the nation is receiving less revenue from exports Their debt accounts for about 80% of their GDP and are believed to have surpassed the United States in regard to how much debt is owed

10. GDP Per Capita Source: http://i.imgur.com/oCs7Vkb.png