"This revolution is turning point in the history of modern Korea. |
"Korea's miraculous economic development is one of the biggest mysteries of the biggest mysteries of the modern world" |
Korea has experienced remarkable success in combining rapid economic growth with significant reductions in poverty. Government of Korea policies resulted in real GDP growth averaging 10 percent annually between 1962 and 1994, with a corresponding rise in per capita income from under $100 to over $10,000. This spectacular performance was fueled by annual export growth of 20 percent in real terms, while saving and investment rose sharply above 30 percent of GDP.
Every development story is unique. That is why a development story is worth. Virtually most of the policy measures adopted by Park Chung-hee government were directed toward assisting business. President Park’s export orientation program, foreign capital inducement, monetary and fiscal reform, and export-led growth strategy all these reforms were successful. Furthermore, strong government support reduced the risks through monetary and fiscal means. All these courageous initiatives of President Park transformed Korea a developed industrial country.
Park’s model of industrialization policy also can be a model for developing countries. Pursuing these policy developing countries can proceed on the way to industrialization.
Park’s model of industrialization policy also can be a model for developing countries. Pursuing these policy developing countries can proceed on the way to industrialization.