The problems of the present Korean economy and solutions

소개

한국경제의 발전과정과 현제 직면하고 있는 문제점들 그리고 이 해결방안을 다룬 영문 Essay입니다.

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본문내용

After the Korean War, most people suffered from serious poverty; in addition, it looked like there was no chance to resuscitate the economy. However, a miracle took place in Korea. After the military authority founded a new government, the people desired to possess better lives, and the government eagerly supported the achievement of national desires. As a result of these endeavors of the whole nation, an unheard-of economic growth rate was recorded, and Korea became one of the great economic powers. People have called this incredible economic growth “the miracle on Han river” (Lee and Han, 2006). However, this prosperous economic condition was not preserved for a long time. In 1997, Korea confronted a currency crisis; consequently, Korea asked the International Monetary Fund (IMF) for a relief loan. Since the IMF period, Korea has experienced a serious economic slump even though Korea has already escaped from the control of IMF over the economy. For this reason, the anxious voices about the future of the Korean economy have become louder and louder. Although the Korean economy has been considered a successful model of economic development by many Asian countries, it has suffered from the low growth and stagnation of the economy (Charles, Lee, and Oh, 2005). The reasons for this economic slump will be obvious when the economic situations of the present government and the former military government are compared.

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