The Republic Of South Korea

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Characteristics
The republic of South Korea is located in East Asia, according to the World Bank it is a high-income developed country with a developed market, with a GDP of $1.449 trillion(US) and GDP per capita (ppp) of 25,977(US), averaging an annual growth rate of 2.9%. Over the past four decades the country has shown incredible growth and global integration to become a high-tech industrialized economy. South Korea is the world’s 4th largest car producers being home to Hyundai Motors, the largest ship builder and also has many successful corporations such as Samsung. During the GFC South Korea was one of the Asian economies hardest hit although its protective monetary put into effect by the Bank of Korea (BOK) lessened the impact of the crisis dramatically between the years of 2008-2009. Today it is the 12th largest economy in the world and global leader in digital displays and steel production.
Influence of Globalisation
South Korea was first exposed to globalisation in the late 1960’s when the government accepted recommendations from the WTO (Uruguay Round as formerly known) to open their economy to free trade, the recommendation required the government to subsides Korean rice farmers and in return South Korea received aid and mostly importantly an introduction into the world economy. Today South Korea is known for its fast economic growth, based planned and trade-oriented economic policies. South Korea viewed as a globalised nation due to its shifts towards
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