The Collapse Of Asia 's Economy

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In the years following the collapse of Asia’s economy in 1998, South Korea turned to alternative exports to assist in both the restructuring of the nation’s financial strength and it’s reputation in international markets. As a result, pop-cultural exports such as films, television dramas, pop music and celebrities associated with these forms of media discourses have found growing popularity in China, Hong Kong, Taiwan; as well as many other East and Southeast Asian countries. This growing popularity of pop-cultural exports has proved to be a tool in constructing a contemporary national image and encouraged the emergence of the ‘Korean Wave’. According to Huang (2009) ‘Hallyu’ or the ‘Korean Wave’ refers to the “...popularity of South Korean culture in other Asian countries” however, with the increased availability of digital media and the increase of social networking, the definition of Hallyu has grown to include Western Societies. The emergence of Hallyu came out South Korea 's economy collapsing during the 1998 financial crisis in Asia, when GDP plunged and caused a turbulent period of financial insecurity within the public discourse. As a nation, from the early 1960’s South Korea enjoyed a sustained level of economic growth which would average at approximately 10% per year according to Koo (2007). However, during the later months of 1997, South Korea experience a fierce economic downturn; with the nation experiencing a shortage of foreign currency reserves and as an
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