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local short form: none

note: the South Koreans generally use the term "Han-guk" to refer to their country

abbreviation: ROK
Data code: KS
Government type: republic
Capital: Seoul
Administrative divisions: 9 provinces (do, singular and plural) and 6 special cities* (gwangyoksi, singular and plural); Cheju-do, Cholla-bukto,
Cholla-namdo, Ch'ungch'ong-bukto, Ch'ungch'ong-namdo, Inch'on-gwangyoksi*,
Kangwon-do, Kwangju-gwangyoksi*, Kyonggi-do, Kyongsang-bukto, Kyongsang- namdo, Pusan-gwangyoksi*, Soul-t'ukpyolsi*, Taegu-gwangyoksi*, Taejon- gwangyoksi*
Independence: 15 August 1945, date of liberation from Japanese colonial rule
National holiday: Liberation Day, 15 August (1945)
Constitution: 25 February 1988
Legal system: combines elements of continental European civil law systems,
Anglo-American law, and Chinese classical thought
Suffrage: 20 years of age; universal
Executive branch:

chief of state: President KIM Dae-jung (since 25 February 1998)

head of government: Prime Minister KIM Chong-p'il (since 3 March 1998)

cabinet: State Council appointed by the president on the prime minister's recommendation

elections: president elected by popular vote for a single five-year term; election last held 18 December 1997 (next to be held by 18 December 2002); prime minister appointed by the president; deputy prime ministers appointed by the president on the prime minister's recommendation

election results: KIM Dae-jung elected president; percent of vote—KIM Dae- jung (NCNP) 40.3%, YI Hoe-chang (GNP) 38.7%, YI In-che (NPP) 19.2%
Legislative branch: unicameral National Assembly or Kukhoe (299 seats; members elected by popular vote to serve four-year terms)

elections: last held 11 April 1996 (next to be held NA 2000)

election results: percent of vote by party—NA; seats by party—NKP 139, NCNP
79, ULD 50, DP 15, independents 16; note—the distribution of seats as of
February 1999 was GNP 137, NCNP 105, ULD 53, independents 4
Judicial branch: Supreme Court, justices are appointed by the president subject to the consent of the National Assembly
Political parties and leaders: Grand National Party or GNP [CHO Sun, president]; National Congress for New Politics or NCNP [KIM Dae-jung, president]; United Liberal Democrats or ULD [PAK Tae-chun, president]

note: subsequent to the legislative election of April 1996 the following parties disbanded—New Korea Party or NKP and Democratic Party or DP; New
People's Party or NPP merged with the NCNP in August 1998
Political pressure groups and leaders: Korean National Council of Churches;
National Democratic Alliance of Korea; National Federation of Student
Associations; National Federation of Farmers' Associations; National
Council of Labor Unions; Federation of Korean Trade Unions; Korean
Veterans' Association; Federation of Korean Industries; Korean Traders
Association; Korean Confederation of Trade Unions
International organization participation: AfDB, APEC, AsDB, BIS, CCC, CP,
EBRD, ESCAP, FAO, G-77, IAEA, IBRD, ICAO, ICC, ICFTU, ICRM, IDA, IEA
(observer), IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, Inmarsat, Intelsat,
Interpol, IOC, IOM, ISO, ITU, MINURSO, NEA, NSG, OAS (observer), OECD,
OPCW, OSCE (partner), UN, UNCTAD, UNESCO, UNIDO, UNMOGIP, UNOMIG, UNU, UPU,
WHO, WIPO, WMO, WToO, WTrO
Diplomatic representation in the US:

chief of mission: Ambassador YI Hong-ku

chancery: 2450 Massachusetts Avenue NW, Washington, DC 20008

telephone: [1] (202) 939-5600

FAX: [1] (202) 387-0205

consulate(s) general: Agana (Guam), Anchorage, Atlanta, Boston, Chicago,
Honolulu, Houston, Los Angeles, Miami, New York, San Francisco, and Seattle

Diplomatic representation from the US:

chief of mission: Ambassador Stephen W. BOSWORTH

embassy: 82 Sejong-Ro, Chongro-ku, Seoul

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 |

[Top of Page]
Economy—overview: As one of the Four Dragons of East Asia, South Korea has achieved an incredible record of growth. Three decades ago its 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, 13 times North
Korea's, and already near 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 1997-98 exposed certain longstanding weaknesses in South Korea's development model, including high debt/equity ratios, massive foreign borrowing, and an undisciplined financial sector. By the end of 1998 it had recovered financial stability, rebuilding foreign exchange reserves to record levels by running a current account surplus of $40 billion. As of
December 1998, the first tentative signs of a rebound in the economy emerged, and most forecasters expect GDP growth to turn positive at least in the second half of 1999. Seoul has also made a positive start on a program to get the country's largest business groups to swap subsidiaries to promote specialization, and the administration has directed many of the mid-sized conglomerates into debt-workout programs with creditor banks.
Challenges for the future include cutting redundant staff, which reaches
20%-30% at most firms and maintaining the impetus for structural reform.
GDP: purchasing power parity—$584.7 billion (1998 est.)
GDP—real growth rate: -6.8% (1998 est.)
GDP—per capita: purchasing power parity—$12,600 (1998 est.)
GDP—composition by sector:

agriculture: 6%

industry: 43%

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