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Six Markets to Watch: South Korea

The Backwater That Boomed

Author: Marcus Noland
January/February 2014
Foreign Affairs


South Korea's development over the last half century has been nothing short of spectacular. Fifty years ago, the country was poorer than Bolivia and Mozambique; today, it is richer than New Zealand and Spain, with a per capita income of almost $23,000. For 50 years, South Korea's economy has grown by an average of seven percent annually, contracting in only two of those years.

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