RD, ICAO, ICC, ICCt, ICFTU, ICRM,
IDA, IEA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, Interpol, IOC, IOM,
ISO, ITU, LAIA, MIGA, MINURSO, NAM (guest), NEA, NSG, OAS
(observer), OECD, ONUB, OPCW, OSCE (partner), PCA, UN, UNCTAD,
UNESCO, UNIDO, UNMIL, UNMOGIP, UNOMIG, UPU, WCL, WCO, WHO, WIPO,
WMO, WToO, WTO, ZC

Diplomatic representation in the US:
chief of mission: Ambassador Lee Tae-sik (designated)
chancery: 2450 Massachusetts Avenue NW, Washington, DC 20008
telephone: [1] (202) 939-5600
FAX: [1] (202) 387-0205
consulate(s) general: Atlanta, Boston, Chicago, Honolulu, Houston,
Los Angeles, New York, San Francisco, and Seattle
consulate(s): Agana (Guam) and New York

Diplomatic representation from the US:
chief of mission: Ambassador Christopher R. HILL
embassy: 82 Sejong-no, Jongno-gu, Seoul 110-710
mailing address: American Embassy, Unit 15550, APO AP 96205-5550
telephone: [82] (2) 397-4114
FAX: [82] (2) 738-8845

Flag description:
white with a red (top) and blue yin-yang symbol in the center;
there is a different black trigram from the ancient I Ching (Book of
Changes) in each corner of the white field

Economy Korea, South

Economy - overview:
Since the early 1960s, South Korea has achieved an incredible
record of growth and integration into the high-tech modern world
economy. Four decades ago GDP per capita was comparable with levels
in the poorer countries of Africa and Asia. In 2004, it joined the
trillion dollar club of world economies. Today its GDP per capita is
14 times North Korea's and equal to the lesser economies of the
European Union. This success through the late 1980s was achieved by
a system of close government/business ties, including directed
credit, import restrictions, sponsorship of specific industries, and
a strong labor effort. The government promoted the import of raw
materials and technology at the expense of consumer goods and
encouraged savings and investment over consumption. The Asian
financial crisis of 1997-99 exposed longstanding weaknesses in South
Korea's development model, including high debt/equity ratios,
massive foreign borrowing, and an undisciplined financial sector.
Growth plunged to a negative 6.9% in 1998, then strongly recovered
to 9.5% in 1999 and 8.5% in 2000. Growth fell back to 3.3% in 2001
because of the slowing global economy, falling exports, and the
perception that much-needed co