Angeles, New York, San Francisco, and Seattle consulate(s):
Tamuning (Guam) FAX: [1] (202) 387-0205 telephone: [1] (202) 939-5600

Diplomatic representation from the US: chief of mission: Ambassador
Thomas C. HUBBARD embassy: 82 Sejong-ro, Chongro-ku, Seoul 110-710 mailing
address: American Embassy, Unit 15550, APO AP 96205-0001 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: As one of the Four Tigers of East Asia, South
Korea has achieved an incredible record of growth. Three decades ago
GDP per capita was comparable with levels in the poorer countries
of Africa and Asia. Today its GDP per capita is seven times India's,
17 times North Korea's, and comparable to the lesser economies of the
European Union. This success through the late 1980s 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 1997-99
exposed certain longstanding weaknesses in South Korea's development
model, including high debt/equity ratios, massive foreign borrowing,
and an undisciplined financial sector. Growth plunged by 6.6% in 1998,
then strongly recovered to plus 10% in 1999 and 9% in 2000. Growth fell
back to 3.3% in 2001 because of the slowing global economy, falling
exports, and the perception that much-needed corporate and financial
reforms have stalled.

GDP: purchasing power parity - $865 billion (2001 est.)

GDP - real growth rate: 3.3% (2001 est.)

GDP - per capita: purchasing power parity - $18,000 (2001 est.)

GDP - composition by sector: agriculture: 5% industry: 44% services: 51%
(2001 est.)

Population below poverty line: 4% (2001 est.)

Household income or consumption by percentage share: lowest 10%: 2.6%
highest 10%: 24.8% (1998 est.)

Distribution of family income - Gini index: 31.6 (1993)

Inflation rate (consumer prices): 4.3% (2001 est.)

Labor force: 22 million (2001)

Labor force - by occupation: services 69%, industry 21.5%, agriculture
9.5% (2001)

Unemploy