Korea has very remarkable achievement in both economic and political development for the past 60 years. GDP per capital has increased from 80 dollars in 1960 to 22500 in 2012 and political system changed from an autocratic state to a more democratic society. There are not many countries which showed such an impressive achievement in last century..
This paper attempts to review the past 60 years of economic history and to show the main elements to bring such an excellent performance of Korean economy. And we focus that Korea’s experience can be very useful when other developing countries try to take off economic development. Especially, we try to emphasize these experiences may be useful to the Asian developing countries because still many Asian countries struggle to take off and because Korea share many cultural and historical things together.
For this purpose, we show first the past experience of Korea’s economic performance. We look at the several macroeconomic performance indicators such as GDP per capita or Inflation rate. And later we examine its development strategies and evaluate them. And finally we show the meaning lesson from these performance and strategies.
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