ions

International organization participation:

ADB, AfDB (nonregional members), APEC, APT, ARF, ASEAN (dialogue
partner), Australia Group, BIS, CP, EAS, EBRD, FAO, IADB, IAEA,
IBRD, ICAO, ICC, ICCt, ICRM, IDA, IEA, IFAD, IFC, IFRCS, IHO, ILO,
IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC, LAIA,
MIGA, NEA, NSG, OAS (observer), OECD, OPCW, OSCE (partner), PCA, PIF
(partner), SAARC (observer), UN, UNCTAD, UNESCO, UNHCR, UNIDO,
UNIFIL, UNMIL, UNMIS, UNMOGIP, UNOMIG, UNWTO, UPU, WCL, WCO, WFTU,
WHO, WIPO, WMO, WTO, ZC

Diplomatic representation in the US:

chief of mission: Ambassador LEE Tae-sik
chancery: 2450 Massachusetts Avenue NW, Washington, DC 20008
telephone: [1] (202) 939-5600
FAX: [1] (202) 387-0205
consulate(s) general: Agana (Guam), Atlanta, Boston, Chicago,
Honolulu, Houston, Los Angeles, New York, San Francisco, Seattle

Diplomatic representation from the US:

chief of mission: Ambassador Kathleen STEPHENS
embassy: 32 Sejong-no, Jongno-gu, Seoul 110-710
mailing address: US Embassy Seoul, APO AP 96205-5550
telephone: [82] (2) 397-4114
FAX: [82] (2) 738-8845

Flag description:

white with a red (top) and blue yin-yang symbol in the center; there
is a different black trigram from the ancient I Ching (Book of
Changes) in each corner of the white field

Economy
Korea, South

Economy - overview:

Since the 1960s, South Korea has achieved an incredible record of
growth and integration into the high-tech modern world economy. Four
decades ago, GDP per capita was comparable with levels in the poorer
countries of Africa and Asia. In 2004, South Korea joined the
trillion dollar club of world economies. Today its GDP per capita is
roughly the same as that of Greece and Spain. This success was
achieved by a system of close government/business ties including
directed credit, import restrictions, sponsorship of specific
industries, and a strong labor effort. The government promoted the
import of raw materials and technology at the expense of consumer
goods and encouraged savings and investment over consumption. The
Asian financial crisis of 1997-98 exposed longstanding weaknesses in
South Korea's development model including high debt/equity ratios,
massive foreign borrowing, and an undisciplined financial sector.
GDP plunged by 6.9% in 1998, then recovered by 9.5% in 1999 and 8.5%
in 2000. Growth fell back to 3.3% in 2001 because of the slowing
global economy, falling export