QI) "South Korea in the 60's was undeveloped country. Then a brilliant person became a leader and thought considerably about the poverty in his country and came up with the idea that the country should be a technical and industrial country. He changed the structure of the education system towards technology and now South Korea became one of the highly developed country". Compare the position of South Korea in 60's with the present in respect of factors such as: GDP, GNP, published articles, global ranking, poverty index, education level, standard of living ete. Answer: South Korea stands as one of the largest economies in the world, producing some of the biggest ships and inventing some of the most advanced consumer electronics. With its roots in a traditional agrarian economy, South Korea has experienced one of the largest economic transformations of the past 60 years. General Park played a pivotal role in the development of South Korea's economy by transforming it into an export-oriented industrial economy; When he came to power in 1961, the per capita income in South Korea was only $72. It started as an agriculture-based economy in the 1960s, and it became the 1th largest economy in the world in terms of gross domestic product (GDP) in 2016. In less than 50 years, South Korea’s gross domestic product increased from $2.7 billion in 1962 to over a trillion dollars in 2007. In fact, such growth has not been without challenges. In 1997-98, the South Korean economy faced its greatest difficulty during the financial crisis that swept through Asia, Through tough restructuring and a renewed focus on high technology, it overcame the crisis and has developed into a much more complex economy. Today, South Korea exports not only goods, but also its popular culture in the form of movi cultural products. , songs, dramas, and other South Korea is now one of the top 10 exporters in the world, and its exports as a percentage of GDP increased from 25,9 percent in 1995 to 56,3 percent in 2012. In fact, South Korea is now spending the largest share of its GDP on research and development (R&D), even larger than the U.S. and Japan, two of the global leaders in innovation based on R&D intensity. Between 1996 and 2015, South Korea’s R&D intensity grew 88,5 percent (ftom 2,24 percent in 1996 to 4,23 percent in 2015), while the U.S.’s only grew 14,4 percent (from 2,44 percent in 1996 to 2,79 percent in 2015). [1] South Korea's education system and the establishment of a motivated and educated populace are largely responsible for spurring the country's high technology boom and economic development. [2] Rapid growth from 1960s to 1980s South Korea's real GDP expanded by an average of more than 8 percent per year,[3] from US$2.7 billion in 1962 [4] to US$230 billion in 1989,[5] breaking the trillion dollar mark in the early 2000s. Nominal GDP per capita grew from $103.88 in 1962[6] to $5,438.24 in 1989,[7] reaching the $20,000 milestone in 2006. The ‘manufacturing sector grew from 14.3 percent of the GNP in 1962 to 30.3 percent in 1987. Commodity trade volume rose from USS$480 million in 1962 to a projected US$127.9 billion in 1990, The ratio of domestic savings to GNP grew from 3.3 percent in 1962 to 35.8 percent in 1989.[39] In the early 1960s, South Korea's, rate of growth exceeded North Korea's rate of growth in most industrial areas. [8]GOP Growth (36) i 1970 1980 1980 2000 2010 2020 Fig 1. Historical GDP growth of South Korea [9] SI PES LPS EE IL ESS SELES ILE SL — Keres. South Fig 2. South Korea's GDP (PPP) growth [10]