North Korean Economy : An Extreme Contrast From Post Civil War Economy

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The present South Korean economy is an extreme contrast from its post-civil war economy. It was then a backward and desolate economy relying primarily on agriculture as economic driver. It has limited natural resources with only about 30% arable land, considered by experts as the smallest in the world, which made sustaining the economy very difficult. Gross Domestic Product (GDP) in the early 1960s was reportedly below those of some Latin American and sub-Saharan African countries, India and even Haiti. Because of such poor economic performance, unemployment and underemployment were high that resulted in widespread poverty across its overpopulated territory. South Korea had to rely on aids from the United States and the West in order to provide food, jobs, shelter and other basic necessities for survival. Very few experts during that time were optimistic that South Korea will be able to resuscitate its slumped economy.

Fifty years later, South Korea is, however, considered one of the world 's wealthiest nations and a developed country. It transformed itself into a market economy that ranks 15th in the world by nominal GDP and 12th by purchasing power parity (PPP). It was considered one of the world 's fastest growing economies from the early 1960s to the late 1990s, and still one of the fastest growing developed countries in the current century.
This amazing economic transformation of South Korea has made present-day developing and under developed nations in the
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