Sunday, November 27, 2011

South Korea,an Introduction

 Before sharing my own experiences in this wonderful country called as Republic of Korea,I want to preent a little introduction of this country.
The Republic of Korea (ROK, Hangul: 대한민국, Hanja: 大韓民國commonly known as South Korea , is a sovereign state in East Asia, located on the southern portion of the Korean Peninsula. It is neighbored by the People's Republic of China (Mainland China) to the west, Japan to the east, North Korea to the north, and the East China Sea and Republic of China (Taiwan) to the south. South Korea lies in a humid continental and humid subtropical climate region with a predominantly mountainous terrain. Its territory covers a total area of 99,392 square kilometers and has a population of almost 50 million. The capital and largest city is Seoul, with a population of 10,421,782.
Archaeological findings show that the Korean Peninsula was occupied by the Lower Paleolithic period. 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 Silla 668 AD, Korea went through the Goryeo Dynasty and Joseon Dynasty as one nation until the end of the Korean Empire in 1910, when Korea 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 periods of military rule and martial law, were to characterize 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 25 June 1950, the resulting war between the two Koreas ended with an Armistice Agreement, but the border between the two nations is the most heavily fortified in the world. After the war, the South Korean economy grew significantly and the country had transformed into a major economy, a full democracy, and a regional power in East Asia.
South Korea is a presidential republic consisting of sixteen 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, OECD and G-20 major economies. It is also a founding member of APEC and the East Asia Summit.

Before the division


Jikji, the first known book printed with movable metal type in 1377. Bibliothèque Nationale de Paris.
Korean history begins with the founding of Jo-seon (often known as "Gojoseon" to prevent confusion with another dynasty founded in the 14th century; the prefix Go- means 'old' or 'earlier') in 2333 BC by Dangun, according to Korean foundation mythology.Gojoseon expanded until it controlled northern Korean Peninsula and some parts of Manchuria. After many conflicts with the Chinese Han Dynasty, Gojoseon disintegrated, leading to the Proto–Three Kingdoms of Korea period.
In the early centuries of the Common Era, Buyeo, Okjeo, Dongye, and the Samhan confederacy occupied the peninsula and southern Manchuria. Of the various states, Goguryeo, Baekje, and Silla grew to control the peninsula as Three Kingdoms of Korea. The unification of the Three Kingdoms by Silla in 676 led to the North South States Period, in which much of the Korean Peninsula was controlled by Unified Silla, while Balhae succeeded the northern parts of Goguryeo.
In Unified Silla, poetry and art was encouraged, and Buddhist culture thrived. Relationships between Korea and China remained relatively peaceful during this time. However, Unified Silla weakened under internal strife, and surrendered to Goryeo in 935. Balhae, Silla's neighbor to the north, was formed as a successor state to Goguryeo. During its height, Balhae controlled most of Manchuria and parts of Russian Far East. It fell to the Khitan in 926.
The peninsula was united by Emperor Taejo of Goryeo in 936. Like Silla, Goryeo was a highly cultural state and created the Jikji in 1377, using the world's oldest movable metal type printing press. The Mongol invasions in the 13th century greatly weakened Goryeo. After nearly 30 years of war, Goryeo continued to rule Korea, though as a tributary ally to the Mongols. After the Mongolian Empire collapsed, severe political strife followed and the Goryeo Dynasty was replaced by the Joseon Dynasty in 1388 following a rebellion by General Yi Seong-gye.

Gyeongbok Palace is the largest of the Five Grand Palaces built during the Joseon Dynasty.
King Taejo declared the new name of Korea as "Joseon" in reference to Gojoseon, and moved the capital to Seoul. The first 200 years of the Joseon Dynasty were marked by relative peace and saw the creation of Hangul by King Sejong the Great in the 14th century and the rise in influence of Confucianism in the country.
Between 1592 and 1598, the Japanese invaded Korea. Toyotomi Hideyoshi led the forces and tried to invade the Asian continent through Korea, but was eventually repelled by the Righteous army and assistance from Ming Dynasty China. This war also saw the rise of Admiral Yi Sun-sin and his renowned "turtle ship". In the 1620s and 1630s, Joseon suffered from invasions by the Manchu who eventually conquered all of China.
After another series of wars against Manchuria, Joseon experienced a nearly 200-year period of peace. King Yeongjo and King Jeongjo particularly led a new renaissance of the Joseon Dynasty.
However, the latter years of the Joseon Dynasty were marked by a dependence on China for external affairs and isolation from the outside world. During the 19th century, Korea's isolationist policy earned it the name the "Hermit Kingdom". The Joseon Dynasty tried to protect itself against Western imperialism, but was eventually forced to open trade. After the First Sino-Japanese War and the Russo-Japanese War, Korea was occupied by Japan (1910–1945). At the end of World War II, the Japanese surrendered to Soviet and U.S. forces who occupied the northern and southern halves of Korea, respectively.

After the division

Despite the initial plan of a unified Korea in the 1943 Cairo Declaration, escalating Cold War antagonism between the Soviet Union and the United States eventually led to the establishment of separate governments, each with its own ideology, leading to Korea's division into two political entities in 1948: North Korea and South Korea. In the North, a former anti-Japanese guerrilla and communist activist, Kim Il-sung gained power through Soviet support, and in the South, an exiled and right-wing Korean political leader, Syngman Rhee, was installed as president.

United Nations troops fighting in the streets of Seoul, September 1950
On 25 June 1950, North Korea invaded South Korea, sparking the Korean War, the Cold War's first major conflict. At the time, the Soviet Union had boycotted the United Nations (UN), thus forfeiting their veto rights. This allowed the UN to intervene in a civil war when it became apparent that the superior North Korean forces would unify the entire country. The Soviet Union and China backed North Korea, with the later participation of millions of Chinese troops. After huge advances on both sides, and massive losses among Korean civilians in both the north and the south, the war eventually reached a stalemate. The 1953 armistice, never signed by South Korea, split the peninsula along the demilitarized zone near the original demarcation line. No peace treaty was ever signed, resulting in the two countries remaining technically at war. At least 2.5 million people died during the Korean War.

View of Seoul's Gangnam district in 2009

Namdaemun is a historic pagoda-style gateway.
In 1960, a student uprising (the "4.19 Revolution") led to the resignation of the autocratic President Syngman Rhee. A period of political instability followed, broken by General Park Chung-hee's military coup (the "5.16 coup d'état") against the weak and ineffectual government the next year. Park took over as president until his assassination in 1979, overseeing rapid export-led economic growth as well as severe political repression. Park was heavily criticised as a ruthless military dictator, although the Korean economy developed significantly during his tenure.
The years after Park's assassination were marked again by political turmoil, as the previously repressed opposition leaders all campaigned to run for president in the sudden political void. In 1979 there was Coup d'état of December Twelfth by General Chun Doo-hwan. After the Coup d'état, Chun Doo-hwan planned to rise to power with several measures. On May 17, Chun Doo-hwan forced the Cabinet to expand martial law to the whole nation, which had previously not applied to Jeju-do. The expanded martial law closed universities, banned political activities and further curtailed the press. Chun assumed the presidency by the event of May 17, triggering nationwide protests demanding democracy, in particular in the city of Gwangju, where Chun sent special forces to violently suppress the Gwangju Democratization Movement.
Chun subsequently created the National Defense Emergency Policy Committee and took the presidency according to his political plan. Chun and his government held Korea under a despotic rule until 1987, when a Seoul National University student, Park Jong-chul, was tortured to death. On 10 June, the Catholic Priests Association for Justice revealed the incident, igniting huge demonstrations around the country. Eventually, Chun's party, the Democratic Justice Party, and its leader, Roh Tae-woo announced the 6.29 Declaration, which included the direct election of the president. Roh went on to win the election by a narrow margin against the two main opposition leaders, Kim Dae-Jung and Kim Young-Sam.
In 1988, Seoul hosted the 1988 Summer Olympics. It became a member of the Organization for Economic Co-operation and Development (OECD) in 1996. It was adversely affected by the 1997 Asian Financial Crisis. However, the country was able to recover and continue its economic growth, albeit at a slower pace.
In June 2000, as part of president Kim Dae-Jung's "Sunshine Policy" of engagement, a North–South summit took place in Pyongyang, the capital of North Korea. Later that year, Kim received the Nobel Peace Prize "for his work for democracy and human rights in South Korea and in East Asia in general, and for peace and reconciliation with North Korea in particular."
In 2002, South Korea and Japan jointly co-hosted the 2002 FIFA World Cup, however South Korean and Japanese relations later soured due to conflicting claims of sovereignty over the Liancourt Rocks ("Dokdo" in Korea), in what became known as the Liancourt Rocks dispute.

Government


The National Assembly of South Korea
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 since 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".

Administrative divisions

The major administrative divisions in South Korea are provinces, metropolitan cities (self-governing cities that are not part of any province), and one special city.
Map
Namea Hangul Hanja Population
Gangwon
Seoul
Incheon
Gyeonggi
Chungcheongnam
Chungcheongbuk
Daejeon
Gyeongsangbuk
Jeollabuk
Daegu
Ulsan
Busan
Gyeongsangnam
Gwangju
Jeollanam
Jeju
Special city (Teukbyeolsi)a
1 Seoul-teukbyeolsi 서울특별시 서울特別市b 10,421,782
Metropolitan cities (Gwangyeoksi)a
2 Busan-gwangyeoksi 부산광역시 釜山廣域市 3,635,389
3 Daegu-gwangyeoksi 대구광역시 大邱廣域市 2,512,604
4 Incheon-gwangyeoksi 인천광역시 仁川廣域市 2,628,000
6 Daejeon-gwangyeoksi 대전광역시 大田廣域市 1,442,857
5 Gwangju-gwangyeoksi 광주광역시 光州廣域市 1,456,308
7 Ulsan-gwangyeoksi 울산광역시 蔚山廣域市 1,087,958
Provinces (Do)a
8 Gyeonggi-do 경기도 京畿道 10,415,399
9 Gangwon-do 강원도 江原道 1,592,000
10 Chungcheongbuk-do (Northern Chungcheong) 충청북도 忠淸北道 1,462,621
11 Chungcheongnam-do (Southern Chungcheong) 충청남도 忠淸南道 1,840,410
12 Jeollabuk-do (Northern Jeolla) 전라북도 全羅北道 1,890,669
13 Jeollanam-do (Southern Jeolla) 전라남도 全羅南道 1,994,287
14 Gyeongsangbuk-do (Northern Gyeongsang) 경상북도 慶尙北道 2,775,890
15 Gyeongsangnam-do (Southern Gyeongsang) 경상남도 慶尙南道 2,970,929
Special self-governing province (Teukbyeoljachi-do)a
16 Jeju-teukbyeoljachi-do (Jeju-do) 제주특별자치도 濟州特別自治道 560,000
a Revised Romanisation; b Names of Seoul.

Principal divisions of South Korea. Numbers denote the divisions shown in the table above.

Foreign relations

South Korea maintains diplomatic relations with more than 188 countries. The country has also been a member of the United Nations since 1991, when it became a member state at the same time as North Korea. On January 1, 2007, South Korean Foreign Minister Ban Ki-moon assumed the post of UN Secretary-General. It has also developed links with the Association of Southeast Asian Nations as both a member of ASEAN Plus three, a body of observers, and the East Asia Summit (EAS).
In 2010, South Korea and the European Union concluded a free trade agreement (FTA) to reduce trade barriers. South Korea is also negotiating a Free Trade Agreement with Canada, and another with New Zealand. In November 2009 South Korea joined the OECD Development Assistance Committee, marking the first time a former aid recipient country joined the group as a donor member. South Korea hosted the G-20 Summit in Seoul in November 2010.

North Korea

Both North and South Korea continue to officially claim sovereignty over the entire peninsula and any outlying islands. With longstanding animosity following the Korean War from 1950 to 1953, North Korea and South Korea signed an agreement to pursue peace. On October 4, 2007, Roh Moo-Hyun and North Korean leader Kim Jong-il signed an eight-point agreement on issues of permanent peace, high-level talks, economic cooperation, renewal of train services, highway and air travel, and a joint Olympic cheering squad.
Despite the Sunshine Policy and efforts at reconciliation, the progress was complicated by North Korean missile tests in 1993, 1998, 2006 and 2009. As of early 2009, relationships between North and South Korea were very tense; North Korea had been reported to have deployed missiles, ended its former agreements with South Korea, and threatened South Korea and the United States not to interfere with a satellite launch it had planned. North and South Korea are still technically at war (having never signed a peace treaty after the Korean War) and share the world's most heavily fortified border. On May 27, 2009, North Korean media declared that the Armistice is no longer valid due to the South Korean government's pledge to "definitely join" the Proliferation Security Initiative.To further complicate and intensify strains between the two nations, the sinking of the South Korean warship Cheonan in March 2010, is affirmed by the South Korean government to have been caused by a North Korean torpedo, which the North denies. President Lee Myung-bak declared in May 2010 that Seoul would cut all trade with North Korea as part of measures primarily aimed at striking back at North Korea diplomatically and financially, except for the joint Kaesong Industrial Project, and humanitarian aid. North Korea initially threatened to sever all ties, to completely abrogate the previous pact of non-aggression, and to expel all South Koreans from a joint industrial zone in Kaesong, but backtracked on its threats and decided to continue its ties with South Korea. But despite the continuing ties, Kaesong industrial zone has seen a large decrease in investment and manpower as a result of this military conflict.
Timeline for 2010
  • 26 March: South Korean warship Cheonan sinks, killing 46 sailors
  • 20 May: Panel says a North Korean torpedo sank the ship; Pyongyang denies involvement
  • July–September: South Korea and US hold military exercises; US places more sanctions on Pyongyang
  • 29 September: North holds rare party congress seen as part of father-to-son succession move
  • 29 October: Troops from North and South Korea exchange fire across the land border
  • 12 November: North Korea shows US scientist new – undeclared – uranium enrichment facility
  • 23 November: North shells island of Yeonpyeong, killing four South Koreans

Military

A long history of invasions by neighbors and the unresolved tension with North Korea have prompted South Korea to allocate 2.6% of its GDP and 15% of all government spending to its military (Government share of GDP: 14.967%), while maintaining compulsory conscription for men. Consequently, South Korea has the world's sixth largest number of active troops, the world's second-largest number of reserve troops and the eleventh largest defense budget. The Republic of Korea, with a regular military force numbering 3.7 million regular personnel among a total national population of 50 million people, has the second highest number of soldiers per capita in the world, after the Democratic People's Republic of Korea.

ROKN Sejong the Great (DDG 991), a King Sejong the Great -class guided-missile destroyer
The South Korean military consists of the Army (ROKA), the Navy (ROKN), the Air Force (ROKAF), and the Marine Corps (ROKMC), and reserve forces. Many of these forces are concentrated near the Korean Demilitarized Zone. All South Korean males are constitutionally required to serve in the military, typically for a period of two years. Previously, Koreans of mixed race were exempt from military duty if they "look distinctively biracial", but such policy is potentially up for abolition pending further review by the Ministry of Defence.
In addition to male conscription in South Korea's sovereign military, 1000 Korean males are selected every year to serve two years in the KATUSA Program to further augment the USFK. In 2010, South Korea was spending ₩1.68 trillion in a cost-sharing agreement with the US to provide budgetary support to the US forces in Korea, on top the ₩29.6 trillion budget for its own military.
The South Korean army has 2,500 tanks in operation, including the K1A1 and K2 Black Panther, which form the backbone of the South Korean army's mechanized armor and infantry forces. A sizable arsenal of many artillery systems, including 1,700 self-propelled K55 and K9 Thunder howitzers, and 680 helicopters and UAVs of numerous types, are assembled to provide additional fire, reconnaissance, and logistics support. South Korea's smaller but more advanced artillery force and wide range of airborne reconnaissance platforms are pivotal in the counter-battery suppression of North Korea's over-sized artillery force, which operates more than 13,000 artillery systems deployed in various state of fortification and mobility.
The South Korean navy has made its first major transformation into a blue-water navy through the formation of the Strategic Mobile Fleet, which includes a battle group of Chungmugong Yi Sun-sin class destroyers, Dokdo class amphibious assault ship, AIP-driven Type 214 submarines, and King Sejong the Great class destroyers, which is equipped with the latest baseline of Aegis fleet-defense system that allows the ships to track and destroy multiple cruise missiles and ballistic missiles simultaneously, forming an integral part of South Korea's indigenous missile defense umbrella against the North Korean military's missile threat.
The South Korean air force operates 840 aircrafts, making it world's ninth largest air force, including several types of advanced fighters like F-15K, heavily modified KF-16C/D, and the indigenous F/A-50, supported by well-maintained fleets of older fighters such as F-4E and KF-5E/F that still effectively serve the air force alongside the more modern aircraft. In an attempt to gain strength in terms of not just numbers but also modernity, the commissioning of four Boeing 737 AEW&C aircraft, under Project Peace Eye for centralized intelligence gathering and analysis on a modern battlefield, will enhance the fighters' and other support aircraft's ability to perform their missions with awareness and precision.
On May 2011, Korea Aerospace Industries Ltd., South Korea's largest plane maker, signed a $400 million deal to sell 16 T-50 Golden Eagle trainer jets to Indonesia, marking South Korea as the first time for the country in Asia to export supersonic jets.

ROKAF F-15K strike fighters
From time to time, South Korea has sent its troops overseas to assist American forces. It has participated in most major conflicts that the United States has been involved in the past 50 years. South Korea dispatched 325,517 troops to fight alongside American, Australian, Filipino, New Zealand and South Vietnamese soldiers in the Vietnam War, with a peak strength of 50,000. In 2004, South Korea sent 3,300 troops of the Zaytun Division to help re-building in northern Iraq, and was the third largest contributor in the coalition forces after only the US and Britain. Beginning in 2001, South Korea had so far deployed 24,000 troops in the Middle East region to support the War on Terrorism. A further 1,800 were deployed since 2007 to reinforce UN peacekeeping forces in Lebanon.
The United States have stationed a substantial contingent of troops in South Korea since the Korean War to defend South Korea in case of East Asian military crises. There are approximately 28,500 U.S. Military personnel stationed in Korea, most of them serving one year of unaccompanied tours. The American troops, which primarily are assigned to the Eighth United States Army are stationed in installations at Osan, Yongsan, Dongducheon, Sungbuk, Camp Humphreys, and Daegu. A still functioning UN Command is technically the top of the chain of command of all forces in South Korea, including the US forces and the entire South Korean military – if a sudden escalation of war between North and South Korea were to occur the United States would assume control of the South Korean armed forces in all military and paramilitary moves. However, in September 2006, the Presidents of the United States and the Republic of Korea agreed that South Korea should assume the lead for its own defense. In early 2007, the U.S. Secretary of Defense and ROK Minister of National Defense determined that South Korea will assume wartime operational control of its forces on April 17, 2012. U.S. Forces Korea will transform into a new joint-warfighting command, provisionally described as Korea Command (KORCO

Geography, climate and environment

Geography


Topography of South Korea
South Korea occupies the southern portion of the Korean Peninsula, which extends some 1,100 km (680 mi) from the Asian mainland. This mountainous peninsula is flanked by the Yellow Sea to the west, and Sea of Japan (East Sea) to the east. Its southern tip lies on the Korea Strait and the East China Sea.
The country, including all its islands, lies between latitudes 33° and 39°N, and longitudes 124° and 130°E. Its total area is 100,032 square kilometres (38,622.57 sq mi).
South Korea can be divided into four general regions: an eastern region of high mountain ranges and narrow coastal plains; a western region of broad coastal plains, river basins, and rolling hills; a southwestern region of mountains and valleys; and a southeastern region dominated by the broad basin of the Nakdong River.
South Korea's terrain is mostly mountainous, most of which is not arable. Lowlands, located primarily in the west and southeast, make up only 30% of the total land area.
About three thousand islands, mostly small and uninhabited, lie off the western and southern coasts of South Korea. Jeju-do is located about 100 kilometres (about 60 mi) off the southern coast of South Korea. It is the country's largest island, with an area of 1,845 square kilometres (712 sq mi). Jeju is also the site of South Korea's highest point: Hallasan, an extinct volcano, reaches 1,950 meters (6,398 ft) above sea level. The most eastern islands of South Korea include Ulleungdo and Liancourt Rocks (Dokdo), while Marado and Socotra Rock are the southernmost islands of South Korea.
South Korea has 20 national parks and popular nature places like the Boseong Tea Fields, Suncheon Bay Ecological Park, and the first national park of Jirisan.

Climate

Seoul
Climate chart (explanation)
J F M A M J J A S O N D
22
2
−6
24
4
−4
46
10
1
77
18
7
102
23
13
133
27
18
328
29
22
348
30
22
138
26
17
49
20
10
53
12
3
25
4
−3
Average max. and min. temperatures in °C
Precipitation totals in mm
Source: 
South Korea tends to have a humid continental climate and a humid subtropical climate, and is affected by the East Asian monsoon, with precipitation heavier in summer during a short rainy season called jangma (장마), which begins end of June through the end of July. Winters can be extremely cold with the minimum temperature dropping below −20 °C in the inland region of the country: in Seoul, the average January temperature range is −7 °C to 1 °C (19 °F to 33 °F), and the average August temperature range is 22 °C to 30 °C (71 °F to 86 °F). Winter temperatures are higher along the southern coast and considerably lower in the mountainous interior. Summer can be uncomfortably hot and humid, with temperatures exceeding 30 °C (86 °F) in most parts of the country. South Korea has four distinct seasons; spring, summer, autumn and winter. Spring usually lasts from late-March to early- May, summer from mid-May to early-September, autumn from mid-September to early-November, and winter from mid-November to mid-March.
Rainfall is concentrated in the summer months of June through September. The southern coast is subject to late summer typhoons that bring strong winds and heavy rains. The average annual precipitation varies from 1,370 millimeters (54 inches) in Seoul to 1,470 millimeters (58 inches) in Busan. There are occasional typhoons that bring high winds and floods.

Environment


Cheonggye Stream in downtown Seoul

Boseong tea field
During the first 20 years of South Korea's growth surge, little effort was made to preserve the environment. Unchecked industrialization and urban development have resulted in deforestation and the ongoing destruction of wetlands such as the Songdo Tidal Flat. However, there have been recent efforts to balance these problems, including a government run $84 billion five-year green growth project that aims to boost energy efficiency and green technology.
The green-based economic strategy is a comprehensive overhaul of South Korea's economy, utilizing nearly two percent of the national GDP. The greening initiative includes such efforts as a nationwide bike network, solar and wind energy, lowering oil dependent vehicles, backing daylight savings and extensive usage of environmentally friendly technologies such as LEDs in electronics and lighting. The country – already the world's most wired – plans to build a nationwide next-generation network which will be 10 times faster than broadband facilities in order to reduce energy usage.
Seoul's tap water recently became safe to drink, with city officials branding it "Arisu" in a bid to convince the public. Efforts have also been made with afforestation projects. Another multi-billion dollar project was the restoration of Cheonggyecheon, a stream running through downtown Seoul that had earlier been paved over by a motorway. One major challenge is air quality, with acid rain, sulfur oxides, and annual yellow dust storms being particular problems. It is acknowledged that many of these difficulties are a result of South Korea's proximity to China, which is a major air polluter.
South Korea is a member of the Antarctic-Environmental Protocol, Antarctic Treaty, Biodiversity Treaty, Kyoto Protocol (forming the Environmental Integrity Group (EIG), regarding UNFCCC, with Mexico and Switzerland), Desertification, Endangered Species, Environmental Modification, Hazardous Wastes, Law of the Sea, Marine Dumping, Comprehensive Nuclear-Test-Ban Treaty (not into force), Ozone Layer Protection, Ship Pollution, Tropical Timber 83, Tropical Timber 94, Wetlands, and Whaling.

Economy


Teheranno in Seoul.
South Korea has a market economy which ranks 14th 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. South Korea is one of the Asian Tigers, and 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 members of 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.
South Korea hosted the fifth G20 summit in its capital city Seoul, from November 11, 2010 to November 12, 2010. The two-day summit is 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, South Korea suffers perpetual 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 the financial markets of the South Korean economy. However, renowned financial organizations, such as the International Monetary Fund, also compliment 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 any expected 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%.