MIG, UNU,
UPU, WHO, WIPO, WMO, WToO, WTrO

Diplomatic representation in the US:
chief of mission: Ambassador YI Hong-ku
chancery: 2450 Massachusetts Avenue NW, Washington, DC 20008
telephone: [1] (202) 939-5600
consulate(s) general: Agana (Guam), Anchorage, Atlanta, Boston,
Chicago, Honolulu, Houston, Los Angeles, Miami, New York, San
Francisco, and Seattle

Diplomatic representation from the US:
chief of mission: Ambassador Stephen W. BOSWORTH
embassy: 82 Sejong-Ro, Chongro-ku, Seoul
mailing address: American Embassy, Unit 15550, APO AP 96205-0001
telephone: [82] (2) 397-4114
FAX: [82] (2) 738-8845
consulate(s): Pusan

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

@Korea, South:Economy

Economy-overview: As one of the Four Dragons of East Asia, South Korea
has achieved an incredible record of growth. Three decades ago its GDP
per capita was comparable with levels in the poorer countries of
Africa and Asia. Today its GDP per capita is eight times India's, 15
times North Korea's, and already up with 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 1997/98
exposed certain longstanding weaknesses in South Korea's development
model, including high debt/equity ratios, massive foreign borrowing,
and an undisciplined financial sector. Also, a number of private
sector conglomerates are near bankruptcy. At yearend 1997, an
international effort, spearheaded by the IMF, was underway to shore up
reserves and stabilize the economy. Growth in 1998 will be sharply
cut. Long-term growth will depend on how successfully South Korea
implements planned economic reforms that would bolster the financial
sector, improve corporate management, and open the economy further to
foreign participation.

GDP: purchasing power parity-$631.2 billion (1997 est.)

GDP-real growth rate: 6% (1997 est.)

GDP-per capita: purchasing power parity-$13,700 (1997 est.)

GDP-composition by sector:
agriculture: 8%
industr