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South Korea Economy

South Korea Economy

Business In the early 1960s, the damage from the Korean War had largely been eliminated. With foreign aid and an export-oriented development strategy, South Korea developed as a Ā»Little TigerĀ« into a leading western industrial state (member of the OECD from 1996). Around 70% of the gross domestic product is now generated in the service sector. The economic system is oriented towards the market economy, but with strong indirect state guidance and control. Economic growth with steady growth rates continued…

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