South Korea Market

South Korea

South Korea, is a sovereign state located in the southern part of the Korean Peninsula. The name "Korea" is derived from Goryeo, a dynasty which ruled in the Middle Ages. Its neighbors are China to the west, Japan to the east, and North Korea to the north. South Korea lies in the north temperate zone with a predominantly mountainous terrain. It covers a total area of 99,392 square kilometers and has a population of 50 million. The capital and largest city is Seoul, with a population of 9,794,304.

Archaeology indicates that the Korean Peninsula was occupied by the Lower Paleolithic period(2.6 Ma-300 Ka). Korean history begins with the founding of Gojoseon in 2333 BC by the legendary Dan-gun. Following the unification of the Three Kingdoms of Korea under Silla668 AD, Korea went through the Goryeo Dynasty and Joseon Dynasty as one nation until the end of the Korean Empire in 1910, when it was annexed by Japan. After liberation and occupation by Soviet and U.S. forces at the end of World War II, the nation was divided into North and South Korea. The latter was established in 1948 as a democracy, though political turmoil and times of military rule and martial law characterized much of the period until the foundation of the Sixth Republic in 1987.

After the invasion of South Korea by forces from the North on June 25, 1950, the resulting war between the two Koreas ended with an Armistice Agreement. The border between the two nations remains the most heavily fortified in the world. In the decades that followed, the South Korean economy grew significantly and the country was transformed into a major economy, a full democracy and a regional power in East Asia.

South Korea is a presidential republic consisting of seventeen administrative divisions and is a developed country with a very high standard of living. It is Asia's fourth largest economy and the world's 15th (nominal) or 12th (purchasing power parity) largest economy. The economy is export-driven, with production focusing on electronics, automobiles, ships, machinery, petrochemicals and robotics. South Korea is a member of the United Nations, WTO, and OECD. It is also a founding member of APEC and the East Asia Summit.

Government

Under its current constitution the state is sometimes referred to as the Sixth Republic of South Korea. Like many democratic states, South Korea has a government divided into three branches: executive, judicial, and legislative. The executive and legislative branches operate primarily at the national level, although various ministries in the executive branch also carry out local functions. Local governments are semi-autonomous, and contain executive and legislative bodies of their own. The judicial branch operates at both the national and local levels. South Korea is a constitutional democracy.

The South Korean government's structure is determined by the Constitution of the Republic of Korea. This document has been revised several times since its first promulgation in 1948 at independence. However, it has retained many broad characteristics and with the exception of the short-lived Second Republic of South Korea, the country has always had a presidential system with an independent chief executive. The first direct election was also held in 1948. Although South Korea experienced a series of military dictatorships from the 1960s up until the 1980s, it has since developed into a successful liberal democracy. Today, the CIA World Factbook describes South Korea's democracy as a "fully functioning modern democracy".

Economy

South Korea has a market economy which ranks 15th in the world by nominal GDP and 12th by purchasing power parity (PPP), identifying it as one of the G-20 major economies. It is a high-income developed country and is a member of OECD. It is the most industrialized member country of the OECD. South Korea is the only developed country so far to have been included in the group of Next Eleven countries. South Korea had one of the world's fastest-growing economies from the early 1960s to the late 1990s, and South Korea is still one of the fastest-growing developed countries in the 2000s, along with Hong Kong, Singapore, and Taiwan, the other three Asian Tigers. South Koreans refer to this growth as the Miracle on the Han River. The South Korean economy is heavily dependent on international trade, and in 2010 South Korea was the sixth largest exporter and tenth largest importer in the world.

Korea hosted the fifth G20 summit in its capital city, Seoul, in November 2010. The two-day summit was expected to boost Korea's economy by 31 trillion won, or 4% of Korea's 2010 GDP, in economic effects, and create over 160,000 jobs in Korea. It may also help improve the country's sovereign credit rating.

Despite the South Korean economy's high growth potential and apparent structural stability, the country suffers damage to its credit rating in the stock market due to the belligerence of North Korea in times of deep military crises, which has an adverse effect on South Korean financial markets. The International Monetary Fund compliments the resilience of the South Korean economy against various economic crises, citing low state debt, and high fiscal reserves that can quickly be mobilized to address financial emergencies. South Korea was one of the few developed countries that were able to avoid a recession during the global financial crisis, and its economic growth rate reached 6.2 percent in 2010 (the fastest growth for eight years after significant growth by 7.2 percent in 2002), a sharp recovery from economic growth rates of 2.3% in 2008 and 0.2% in 2009 when the global financial crisis hit. The unemployment rate in South Korea also remained low in 2009 at 3.6%.

Education

Education in South Korea is regarded as crucial to financial and social success, and competition is consequently fierce, with many participating in intense outside tutoring to supplement classes. In the 2006 results of the OECD Programme for International Student Assessment, South Korea came first in problem solving, third in mathematics and seventh in science. South Korea's education system is technologically advanced and it is the world's first country to bring high-speed fibre-optic broadband internet access to every primary and secondary school nation-wide. Using this infrastructure, the country has developed the first Digital Textbooks in the world, which will be distributed for free to every primary and secondary school nation-wide by 2013.

A centralized administration in South Korea oversees the process for the education of children from kindergarten to the third and final year of high school. South Korea has adopted a new educational program to increase the number of their foreign students through 2010. According to Ministry of Education, Science and Technology estimate, by that time, the number of scholarships for foreign students in South Korea will be doubled, and the number of foreign students will reach 100,000. The school year is divided into two semesters, the first of which begins in the beginning of March and ends in mid-July, the second of which begins in late August and ends in mid-February. The schedules are not uniformly standardized and vary from school to school. Most South Korean middle schools and high schools have school uniforms, modeled on western-style uniforms. Boys' uniforms usually consists of trousers and white shirts, and girls wear skirts and white shirts (this only applies in middle schools and high schools).