THE 60th ANNIVERSARY OF THE KOREAN WAR COMMEMORATION COMMITTEE

The Republic of Korea is now the 11th largest economy in the world. However, 60 years ago, it was just a poor country in the East.

In the early 1960s, the export items of Korea were mostly natural resources and marine products, but the Korean government's policy to encourage exports, which began in earnest in 1965, brought about a dramatic change in the export items.

In 1970s, wigs emerged as a main export item and in 1980s, automobiles, shipbuilding and semiconductors became key export items. These items have been leading Korea's export industry until now and the world has acknowledged the quality of the products.

With the change in the export items, the export volume of Korea has also shown a staggering growth over the past 60 years. Korea's export amounted to 22 million dollars in 1948 and it showed a sharp increase by 19201 times to 422.43 billion dollars in 2008.

On the contrary, the import amounted to 208 million dollars in 1948 and it only rose by 2093 times to 435.41 billion dollars in 2008.

As the volume of the export and import expanded, the trade volume increased by 3730 times. The trade amounted to 230 million dollars in 1948 and it skyrocketed to 857.84 billion dollars in 2008.

The GDP of Korea was 1.3 billion dollars in 1953. It constantly increased and last year, it amounted to 1,239 billion dollars, which is an increase by 788 times compared to the year 1953.

As the economic scale became larger, per capita income surpassed 20 thousand dollars. In 1953, per capita income was 67 dollars. It rose to 1000 dollars in 1977 and 5000 dollars in 1989. In 1995, it surpassed 10000 dollars and in 2007, it finally reached 20 thousand dollars.

The average monthly income of city workers also dramatically increased. It increased by 650 times from 5990 won in 1963 to 3.895 million won in 2008.

Over the past 60 years, the government and people of Korea have made concerted efforts for the economic development. The world has acknowledged the Miracle on the Han River and Korea has successfully transformed from the poorest country in the East to the 11th largest economy in the world.