logue partner), Australia
Group, BIS, CP, EAS, EBRD, FAO, IADB, IAEA, IBRD, ICAO, ICC, ICCt,
ICRM, IDA, IEA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, Interpol, IOC,
IOM, IPU, ISO, ITU, ITUC, LAIA, MIGA, NEA, NSG, OAS (observer),
OECD, ONUB, OPCW, OSCE (partner), PCA, PIF (partner), SAARC
(observer), UN, UNCTAD, UNESCO, UNHCR, UNIDO, UNMIL, UNMIS, UNMOGIP,
UNOMIG, UNWTO, UPU, WCL, WCO, WHO, WIPO, WMO, WTO, ZC

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

Diplomatic representation from the US:
chief of mission: Ambassador Alexander VERSHBOW
embassy: 32 Sejong-no, Jongno-gu, Seoul 110-710
mailing address: US Embassy Seoul, 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 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, South Korea joined the
trillion dollar club of world economies. Today its GDP per capita is
equal to the lesser economies of the EU. This success 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.
GDP plunged by 6.9% in 1998, then recovered 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
corporate and financial reforms