Korean economic miracle

The Korean economic miracle refers to South Korea's rapid transformation from a poverty-stricken country in the 1960s to a developed, industrialized nation by the 1990s. This impressive growth was driven by strategic government policies promoting exports, investment in education, and technological innovation. South Korea focused on developing key industries like electronics, automobiles, and steel, fostering a skilled workforce and attracting foreign investment. Strong partnerships between government and private businesses, along with international aid, enabled sustainable development. This extraordinary progress exemplifies how coordinated economic planning and innovation can accelerate development and improve living standards in a relatively short period.