ECONOMY

• 4th largest in ASIA and 11th largest in the world

South Korea is a largely free market economy.
The Korean market economy has taken great
paces since the 1950's and is now the 12th
largest economy in the world (and the third in
Asia after Japan and China) in terms of
nominal value of GDP (Gross Domestic
Product).
 ECONOMY
• South Korea is a major international economic power.
• Its largest trading partner and export market today is China.
• In the 1950s, South Korea was one of the poorest countries in Asia.
• Much of the country's infrastructure was destroyed during the Korean
War.
• Emphasis shifted to foreign trade with the normalization of relations with
Japan in 1965 and a resulted in a boom in trade and investment. Rapid
expansion, first into light and then heavy industries, followed in the 1960s
and 1970s. During this period, the South Korean economy grew at an
average annual rate of 8.6%.
• This phenomenal growth is often called the "Miracle on the Han River", .
Growth continued as South Korea transformed itself from an exporter of
mostly textiles and shoes into a major global producer of automobiles,
electronics, shipbuilding, steel and, later, high-technology products such
as digital monitors, mobile phones, and semiconductors.
• The South Korean economy is characterized by
moderate inflation, low unemployment, an
export surplus, and fairly equal distribution of
income. South Korea continues to strive to
maintain global competitiveness. South Korea has
been opened to various employment
opportunities in various industries. An example
would be the influx of English teachers from
native English-speaking countries seeking
employment and travel in the country.
 G0VERNMENT
• The South Korean government's structure is determined by the
Constitution of the Republic of Korea
It is divided into three branches
• EXECUTIVE
• JUDICIARY
• LEGISLATURE
The executive and legislative branches operate primarily at the
national level, although various ministries in the executive branch
also carry out local functions. Local governments are semi-
autonomous, and contain executive and legislative bodies of their
own. The judicial branch operates at both the national and local
levels.
 EXECUTIVE BRANCH
• The executive branch is headed by the president. The president
is elected directly by the people, and is the only elected member of
the national executive. The president serves for one five-year term
and is head of government, head of state, and commander in
chief of the South Korean armed forces.
• The President can veto bills, subject to a two-thirds majority veto
override by the National Assembly. However, the president does
not have the power to dissolve the National Assembly.
• In the event that they are suspected of serious wrongdoing, the
president and cabinet-level officials are subject to impeachment
.Once the National Assembly votes in favor of the impeachment the
Constitutional Court should either confirm or reject
the impeachment resolution, once again reflecting the system of
checks and balances between the three branches of the
government.
 JUDICIARY BRANCH
• The judicial branch includes the Supreme Court, the Constitutional
Court, and local district, branch, municipal, and specialized courts.
All courts are under the jurisdiction of the national judiciary;
independent local courts are not permitted. All judicial training is
provided through the Judicial Research and Training Institute, and is
limited to those who have already passed the National Judicial
Examination.
• The Supreme Court is the head of the judicial branch of government
and the final court of appeal for all cases in South Korean law. The
Supreme Court, seated in Seoul, consists of fourteen Justices,
including one Chief Justice. The Chief Justice of the Supreme Court
has the power over all court administration, and can recommend
court-related legislation to the National Assembly.
 LEGISLATIVE BRANCH
At the national level, the legislative branch consists of
the National Assembly of South Korea. This is
a unicameral legislature; it consists of a single large
assembly. Most of its 300 members are elected from
single-member constituencies; however, 56 are elected
through proportional representation. The members of
the National Assembly serve for four years. The
National Assembly is charged with deliberating and
passing legislation, auditing the budget and
administrative procedures, ratifying treaties, and
approving state appointments. In addition, it has the
power to impeach or recommend the removal of high
officials.