Over the past four decades, South Korea has demonstrated incredible levels of growth in order to achieve global integration. It is now a high-tech industrialized economy.
The economy was hit hard by the 2008 global financial crisis, but rebounded quickly in subsequent years, reaching 6.10% growth in 2010. Through 2012 and 2013 growth was more sluggish due to market slowdowns in the US, China and the Eurozone.
Challenges facing the current administration include dealing with a rapidly aging population, and inflexible labour market and the dominance of the large conglomerates.
Composition of GDP: