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Canada-Korea Economic Relations

Document Cited in Related
Vincent
AuthorSimon Bureau,Renee B. Kim
Published date01 December 2009
Date01 December 2009
DOI10.1177/002070200906400406
Subject MatterCanada and Asia
Renee B. Kim & Simon Bureau
Canada-Korea
economic relations
Challenges and prospects
| International Journal | Autumn 2009 | 941 |
Much has been said about Korea’s phenomenal economic transformation.
In the span of a few decades, it went from being one of the poorest countries
in the world to being the world’s 13th-largest economy, largely due to its
export-driven economic development strategy. In 1960, Korea’s share of
global exports was 0.03 percent. In 2007, it reached 2.7 percent. During the
period from 1990 to 2006, exports increased 8.3 times, while domestic
demand increased only 2.03 times. Korea’s GDP has grown 746-fold and at
an average of 6.8 percent since 1948, mainly as the result of hard work,
careful planning,and cohesive economic goals and policies. The evolution in
Korea’s export s is also evidence of the resolve and ambitious goals of its
leaders and people. By the end of t he Korean War, Korea’s most notab le
export was scrap metal from military tanks to Japan. About one third of the
steel used to build the Tokyo Tower came from this source.
Renee Kim is associate dean of international relations of the school of business at Hanyang
University, Seoul, Korea. Simon Bureau is the chair of the Canadian Chamber of Commerce
in Seoul, Korea.

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