South Korea, officially the Republic of Korea (ROK), and often simply referred to as Korea, is a country in East Asia, located on the southern half of the Korean Peninsula. It is neighbored by China to the west, Japan to the east, and North Korea to the north. Its capital is Seoul, the second largest metropolitan city in the world and a major global city.South Korea is now a full democracy and a presidential republic consisting of 16 administrative divisions. It is a developed country with a high standard of living. It has the fourth largest economy in Asia and the 15th largest in the world. The economy is export-driven, with production focussing on electronics, automobiles, ships, machinery, petrochemicals and robotics. South Korea is a member of the United Nations, WTO, OECD and G-20 major economies. It is also a founding member of APEC and the East Asia Summit, and a major non-NATO ally of the United States. More recently, South Korea has earned an increased cultural popularity around the world known as the Korean Wave.
President: Lee Myung-bak
South Korean President Lee Myung-bak took up office in February 2008, after having scored a record victory margin in December's presidential election with his "Economy, First!" pledge.
President Lee has promised to push through economic reforms
Previously the CEO of Hyundai Construction and a former mayor of Seoul, Mr Lee is nicknamed "The Bulldozer" for his forcefulness. He has promised to boost growth, cut high youth unemployment and raise competitiveness in the face of challenges from China and Japan.
His Grand National Party won control of parliament in elections in April 2008, which observers predicted would allow him to push through his economic reforms. However, his approval ratings plummeted after he agreed to resume US beef imports in order to secure a free trade deal.
He was forced to apologise for failing to heed public concerns, and the domestic crisis sparked by the row over US beef imports is thought to have reduced his chances of implementing other promised reforms.
In the autumn of 2008, Mr Lee warned that the South Korean economy could be even more badly affected by the global credit crisis than it was by the Asian financial crisis of the late 1990s.
Lee Myung-bak is the country's first president with a business background. He entered politics in 1992 and became mayor of Seoul in 2002.
Mr Lee has expressed willingness to meet North Korean leader Kim Jong-Il whenever necessary and has described his attitude to inter-Korean relations as "pragmatic, not ideological". He has pledged to take a tougher line with Pyongyang than his predecessor, Roh Moo-hyun.
South Korea maintains diplomatic relations with approximately 170 countries. The country has also been a member of the United Nations since 1991, when it became a member state at the same time as North Korea. On January 1, 2007, South Korean Foreign Minister Ban Ki-moon assumed the post of UN Secretary-General. It has also developed links with the Association of Southeast Asian Nations as both a member of ASEAN Plus three, a body of observers, and the East Asia Summit (EAS).
Beginning in May 2007, South Korea and the European Union are negotiating a free trade agreement to reduce trade barriers. South Korea is also negotiating a Free Trade Agreement with Canada,[21] and another with New Zealand.
Tuesday, October 13, 2009
South Korea's won has been Asia's best-performed currency in the past three months ...
South Korean economy will be better next year, says FM, SEOUL -- South Korea's economy will be stronger next year, helped by a recovery in global demand, Finance Minister Yoon Jeung Hyun said.
“I think next year the economy will be much better than this year,” Yoon said in an interview with Bloomberg from his office in Gwacheon Monday. South Korea still faces “many uncertainties” in the global markets as the economy remains dependent on exports, he said.
South Korea's economy expanded 2.6 percent in the second quarter, the fastest pace in almost six years, and the benchmark Kospi stock index has risen more than 45 percent this year on expectations for an economic recovery.
“Global economies are likely to perform better into next year, and this will be critical for a country like South Korea that depends so much on exports,” said Kwon Young Sun, senior economist at Nomura International Ltd. in Hong Kong. “The Korean economy has been performing relatively well and is on track for a stronger pickup next year.”
The nation's central bank cut the benchmark interest rate by 3.25 percentage points between last October and February, the most aggressive easing since it began setting a policy rate a decade ago, to cushion the economy from the global recession. The government also increased spending this year to support demand.
Yoon said such policies helped to prevent the country from facing an economic slowdown.
The recent movement of the dollar is a “globally universal situation,” Yoon said, adding that he expects the U.S. currency will “recover” when global economies pick up.
South Korea's won has been Asia's best-performed currency in the past three months, rising 9.40 percent against the dollar. The Kospi stock index fell 0.80 percent to 1,633.29 at 12:12 p.m. in Seoul while the won dropped from a one-year high, trading at 1,169.60 against the dollar.
http://www.chinapost.com.tw/business/asia/korea/2009/10/13/228465/South-Korean.htm
