• 4th largest in ASIA and 11th largest in the world
South Korea is a largely free market economy. The Korean market economy has taken great paces since the 1950's and is now the 12th largest economy in the world (and the third in Asia after Japan and China) in terms of nominal value of GDP (Gross Domestic Product). ECONOMY • South Korea is a major international economic power. • Its largest trading partner and export market today is China. • In the 1950s, South Korea was one of the poorest countries in Asia. • Much of the country's infrastructure was destroyed during the Korean War. • Emphasis shifted to foreign trade with the normalization of relations with Japan in 1965 and a resulted in a boom in trade and investment. Rapid expansion, first into light and then heavy industries, followed in the 1960s and 1970s. During this period, the South Korean economy grew at an average annual rate of 8.6%. • This phenomenal growth is often called the "Miracle on the Han River", . Growth continued as South Korea transformed itself from an exporter of mostly textiles and shoes into a major global producer of automobiles, electronics, shipbuilding, steel and, later, high-technology products such as digital monitors, mobile phones, and semiconductors. • The South Korean economy is characterized by moderate inflation, low unemployment, an export surplus, and fairly equal distribution of income. South Korea continues to strive to maintain global competitiveness. South Korea has been opened to various employment opportunities in various industries. An example would be the influx of English teachers from native English-speaking countries seeking employment and travel in the country. G0VERNMENT • The South Korean government's structure is determined by the Constitution of the Republic of Korea It is divided into three branches • EXECUTIVE • JUDICIARY • LEGISLATURE The executive and legislative branches operate primarily at the national level, although various ministries in the executive branch also carry out local functions. Local governments are semi- autonomous, and contain executive and legislative bodies of their own. The judicial branch operates at both the national and local levels. EXECUTIVE BRANCH • The executive branch is headed by the president. The president is elected directly by the people, and is the only elected member of the national executive. The president serves for one five-year term and is head of government, head of state, and commander in chief of the South Korean armed forces. • The President can veto bills, subject to a two-thirds majority veto override by the National Assembly. However, the president does not have the power to dissolve the National Assembly. • In the event that they are suspected of serious wrongdoing, the president and cabinet-level officials are subject to impeachment .Once the National Assembly votes in favor of the impeachment the Constitutional Court should either confirm or reject the impeachment resolution, once again reflecting the system of checks and balances between the three branches of the government. JUDICIARY BRANCH • The judicial branch includes the Supreme Court, the Constitutional Court, and local district, branch, municipal, and specialized courts. All courts are under the jurisdiction of the national judiciary; independent local courts are not permitted. All judicial training is provided through the Judicial Research and Training Institute, and is limited to those who have already passed the National Judicial Examination. • The Supreme Court is the head of the judicial branch of government and the final court of appeal for all cases in South Korean law. The Supreme Court, seated in Seoul, consists of fourteen Justices, including one Chief Justice. The Chief Justice of the Supreme Court has the power over all court administration, and can recommend court-related legislation to the National Assembly. LEGISLATIVE BRANCH At the national level, the legislative branch consists of the National Assembly of South Korea. This is a unicameral legislature; it consists of a single large assembly. Most of its 300 members are elected from single-member constituencies; however, 56 are elected through proportional representation. The members of the National Assembly serve for four years. The National Assembly is charged with deliberating and passing legislation, auditing the budget and administrative procedures, ratifying treaties, and approving state appointments. In addition, it has the power to impeach or recommend the removal of high officials.