Coat of Arms
President Park Geun-hye
»South Korean, Korean
»Unitary presidential constitutional republi
»100,210 km2 (109th)
»$1.790 trillion (13th)
» Per capita -$35,485 (29th)
»$1.449 trillion (13th)
» Per capita – $28,738(29th)
»South Korean won (₩) (KRW)
»Korea Standard Time UTC+9)
South Korea, officially the Republic of Korea and commonly referred to as Korea, is a sovereign state in East Asia, constituting the southern part of the Korean Peninsula.
Roughly half of the country’s 50 million people reside in the metropolitan area surrounding its capital, the Seoul Capital Area, which is the second largest in the world with over 25 million residents.
The Republic of Korea was inhabited as early as the Lower Paleolithic period and its civilization began with the founding of Gojoseon.
After the unification of the Three Kingdoms of Korea in 668, Republic of Korea enjoyed over a millennium of relative tranquility under dynasties lasting for centuries in which its trade, culture, literature, science and technology flourished.
In 1910 it was annexed by the Japanese Empire, after whose surrender in 1945, Republic of Korea was divided into Soviet and U.S. zones of occupation, with the latter becoming the Republic of Korea in August 1948.
Although the United Nations passed a resolution declaring the Republic to be the only lawful government of Korea, a communist regime was soon set up in the North that invaded the South in 1950, leading to the Korean War that ended de facto in 1953, with peace and prosperity settling-in thereafter.
Republic of Korea market economy ranks 14th in the world by nominal GDP and 13th by purchasing power parity (PPP), identifying it as one of the G-20 major economies. It is a developed country with a high-income economy and is the most industrialised member country of the OECD.
Republic of Korea economy was one of the world’s fastest-growing from the early 1960s to the late 1990s, and the Republic of Korea is still one of the fastest-growing developed countries in the 2000s, along with Hong Kong, Singapore, and Taiwan, the other three Asian Tigers.
South Koreans refer to this growth as the Miracle on the Han River. The Republic of Korea economy is heavily dependent on international trade, and in 2013, the Republic of Korea was the 8th largest exporter and 7th largest importer in the world.
The Republic of Korea hosted the fifth G20 summit in its capital city, Seoul, in November 2010. The two-day summit was expected to boost the Republic of Korea economy by 31 trillion won, or 4% of the Republic of Korea 2010 GDP, in economic effects, and create over 160,000 jobs in the Republic of Korea. It may also help improve the country’s sovereign credit rating.
South Korea is ranked 5 with an Economic Complexity Index (ECI) of 1.73625
Top 5 Products exported by South Korea
- Refined Petroleum (9.2%),
- Integrated Circuits (8.7%),
- Cars (7.6%),
- Passenger and Cargo Ships (5.2%),
- LCDs (4.3%)
Top 5 Export destinations of South Korea
- China (23%),
- United States (11%),
- Japan (6.9%),
- Hong Kong (4.8%),
- Singapore (4.6%)
In 2012, 11.1 million foreign tourists visited the Republic of Korea, making it the 20th most visited country in the world, up from 8.5 million in 2010.
Due to Hallyu, the Republic of Korea welcomed more than 12 million visitors in 2013 with 6 million tourists coming from China alone.
With rising tourist prospects, especially from foreign countries outside of Asia, the Republic of Korea government has set a target of attracting 20 million foreign tourists a year by 2017. Hallyu’s positive effects of the nation’s entertainment industry are not limited to within its culture industry, according to a study by the Hyundai Research Institute.
Hallyu’s positive effects of the nation’s entertainment industry are not limited to within its culture industry, according to a study by the Hyundai Research Institute.
The Hyundai Research Institute reported that the Korean Wave has a direct impact in encouraging direct foreign investment back into the country through demand for products, and the tourism industry. Among Asian countries, China was the most receptive, investing 1.4 billion in the Republic of Korea, with much of the investment
Among Asian countries, China was the most receptive, investing 1.4 billion in the Republic of Korea, with much of the investment within its service sector, a sevenfold increase from 2001. According to economist, Han Sang-Wan, shown an analysis that a 1 percent increase of exports of Korean cultural content pushes consumer goods exports up 0.083 percent while a 1 percent increase in Korean pop content exports to a country produces a 0.019 percent bump in tourism
- Japanese and Chinese tourists have already discovered South Korea as a great and trendy place to go.
- For the western world, it is a relatively new travel destination, but it has gained popularity fast. And for good reason, as South Korea offers a most pleasant combination of ancient Asian features and all the amenities you would expect from a modern, high-tech nation.
- Despite its compact size it boasts a broad range of fine attractions and an excellent infrastructure makes getting around easy.
- Starting off, you’ll likely find yourself in Seoul, the nation’s capital that never sleeps.
- What you’ll find is a fascinating city in constant transition. This ancient place has seen centuries and wars come and go but seems to have come out stronger than ever.
- Popularly called the “Miracle on the Han River”, it’s one of the largest metropolitan economies in the world. It’s the country’s industrial epicentre, the birthplace of K-pop, a hotspot for South-Korean nightlife and fine dining and home to over a 100(!) museums.
- The fabulous history and art collection of the National Museum of Korea reign supreme and a visit there is a day well spent. In recent years, the city is rediscovering its historic treasures and improving city parks, adding to its charm.
- Downtown Seoul, where the old Joseon Dynasty city was, is where you’ll find most of the palace’s. It is surrounded by a Fortress Wall, with the famousNamdaemun, one of the eight gates, being perhaps the main attraction.
- To get away from the buzz, follow the locals to Cheonggyecheon, one of the urban renewal projects and a popular public recreation space, or enjoy an afternoon tea in a traditional teahouse in Insadong.