60 years of economic development in S Korea "a miracle": scholar

09:10, November 11, 2010      

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The development of the South Korean economy over the past 60 years was really remarkable and the achievements tangible, said Hyun Oh-Seok, president of the Korea Development Institute, in Seoul on Wednesday.

At a news briefing at the international media center at the Coex building in Samsung-dong, southern Seoul, before the G20 summit, Hyun told reporters that South Korea has turned a poor and barren country into a well-developed nation over the past six decades. "In early 1960s, (South) Korea was one of the world's poorest countries, but now Korea is a leading exporter of semiconductors, mobile phones, automobile and large vessels," he said.

Talking about the experience of South Korea in all these years' development, Hyun said the South Korean government had done its best to push for export by combining foreign capital-funded production capacity with skilled domestic labor. "Skilled labor produced goods to be exported, which in turn paid for the expansion of production and the further education of labor, " he said, adding that the exports have increased by 9,000 times and the list of goods being exported has changed greatly.

Hyun also emphasized the importance of narrowing the gap between urban and rural areas to achieve political stability as well as industrial development.

Meanwhile, the South Korean government realized the gap between big companies and the small businesses and provide strong support to ensure the economic balance between big and small and medium- sized enterprises.

The South Korean government also learned a big lesson from the financial crisis in 1997 which dealt a heavy blow to the country. "after the first Asian financial crisis in late 1990s, the financial institutions and economic structure were reformed to resist future financial crisis and maintain the competitiveness," which was also a success, he added.

Source: Xinhua


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