A half?century of miracle: Korea's international status grows over the ...

Korea's official population exceeded 50 million on June 23 (Photo: Gonggam Korea).

Becoming a country that renders aid from one that received aid

Since regaining independence in 1945, Korea received aid from other countries until the late 1990s. Not to mention that Korea was one of the poorest countries of the world.

In recent years, however, Korea has been one of the countries that render aid to the international society; on June 23, 2012, Korea's official population exceeded 50 million along with a GDP of USD 23,680 per capita. The only countries that have satisfied the conditions of a population over 50 million and a GDP over USD 20,000 per capita have been Japan, the U.S., France, Italy, Germany, the UK, and now Korea.

"Since World War II, Korea has been the only country that has met the conditions among self-existent states", said President of the Financial Services Commission Yun Chang-hyun. "1995 Nobel Prize laureate Robert Lucas once said that Korea's advancement was a "Miracle" and the miracle finally became true".

According to the National Statistical Office, Korea's population including foreign nationals who reside in Korea longer than three months a year was 49,770,000 as of the end of 2011. With an increase of 0.43 people per minute, the official population of Korea exceeded 50 million on June 23, doubled up from its population of 25 million in 1960.

Korea no longer competes against Asia

A report in the Taiwanese daily newspaper United Daily News (UDN) published in June said that Korea has competed against Japan and European countries for a long time, beyond the competition against other Asian countries.

"While Taiwan wants to consider Korea as its economic competitor, Korea doesn't consider Taiwan as either its rival or competitor", the report said, evaluating Korea's achievements regarding population and GDP. It also emphasized that Korea used to compete against Taiwan when both were called two of the Four Asian Dragons, and now it is time for Taiwan to learn from Korea's advancement.

Korea hosted the G20 Seoul Summit in 2010 (Photo: Cheong Wa Dae).

Korea has also reinforced its international status in many aspects. First, it hosted the 1988 Seoul Olympics, the 2002 FIFA World Cup, and the IAAF World Championships Daegu 2011 along with winning the rights to host the 2018 Winter Olympics in Pyeongchang; it has achieved a grand slam of major sporting events only attained by five other countries: France, the UK, Italy, Germany, and Japan.

On top of the sporting events, Korea has also hosted the G20 Seoul Summit in 2010, the Fourth High Level Forum on Aid Effectiveness in Busan in 2011, and the Nuclear Security Summit in Seoul this year along with various other international forums and conventions.

"Most of the countries that used to receive aid from other countries after World War II are still in need of aid in the circumstances of corrupted political environments and weak economic conditions", economic experts say, "yet Korea is not one of them". "Korea has been the only country that has developed into a country that helps others from a country that used to receive aid from others", said former Minister Yoon Jeung-hyun of Strategy and Finance. "Korean citizens deserve to be proud of that".

A trade volume of USD 1 trillion, and doubled up GDP

After the devastation of the Korean War, Korea saw USD 100 million of exports in 1964. Continued from its rapid trade growth, the nation celebrated exports of USD 1 trillion in trade volume last year, just 50 years after it began the economic development plan in earnest in 1961. Korea is one of nine countries that have seen a trade volume of USD 1 trillion.

Last year, Korea was ranked seventh in exports, solidifying its status as one of the ten trade powers of the world. The rapid growth of its trade has contributed to the overall growth of the economy; its GDP doubled over ten years from USD 575,900 million in 2002 up to USD 1,116,400 in 2011.

Korea has such a unique ability to restore damage and overcome crisis and it has brought such results, experts say. "During the economic crisis in the late 1990s, there was a huge movement of collecting gold in Korea to help the nation pay off debt", said Lee Dong-gyu from the Kim & Chang law firm. "It is one of the unique abilities of Koreans when it comes to overcoming crisis",

Korea hosted the 2012 Seoul Nuclear Security Summit in March, 2012 (Photo: Cheong Wa Dae).

Recently, Hong Kong's economic weekly magazine Yazhou Zhoukan featured a special piece about Korea's economic successes, saying "Korea that was suffering from the financial crisis ten years ago has transformed a crisis into an opportunity dominating the world regarding not only economy but culture".

It also pointed out that Korea's financial stability had also been tremendously reinforced by going through the IMF crisis. "Its muscle that responds to global crisis has also been built up steadily developing the economy while the growth of the world's economy has been stopped", said the article.

There has been an analysis that the worldwide fever of K-pop has greatly contributed to improving the image of the nation, showing the world that Korea has advanced not only economically but also culturally. Accordingly, Korea's national competitiveness has continually risen, ranking 22nd this year, a rise from 23rd in 2010, 27th in 2009, and 31st in 2008, according to the IMD World Competitiveness Index.

By Jessica Seoyoung Choi
Korea.net Staff Writer

Source: http://www.hancinema.net/a-half%EF%BF%BDcentury-of-miracle-korea-s-international-status-grows-over-the-years--45305.html

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