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South Korea is ruled by Roh Moo-hyun who was elected president in December 2002 after narrowly beating rival candidate Kim Dae-Jung and has a population of around 48.3million. Some people regard the growth South Korea has experienced over the past forty years as a ?miracle' as GNP per capita in 1963 was only $100 compared to $9800 in 2002 (eighteen times larger than North Korea's) and is now the 12th largest economy in the world (www.nationmaster.com/encyclopedia/economy-of-south-korea).
Reasons for South Korea's economic growth
The significant growth of South Korea's economy since it became independent in 1945 began in the late 1960's with state policies providing the basis for successful late industrialisation...
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