Korea’s Economic Miracle, 1962–89

This chapter examines the major factors behind the remarkable transformation of the Korean economy described in Chapter 1. Section 2 provides a brief overview of developments in key macroeconomic variables over the period 1962–89, paying particular attention to economic growth and the growth of exports. Section 3 focuses on Korea’s growth patterns, sources of growth, business cycles and related issues. The contribution of trade to structural transformation is also discussed in this section. Section 4 considers Korea’s industrial structure and policy during this period, while Section 5 analyses economic planning and policy formulation. Finally, Section 6 presents a summary of the major conclusions to be derived from this chapter.