Global Economics Update: Korea: TPP Beckons
July 19, 2012
South Korea is one of the world’s greatest development success stories. A tireless work ethic, tremendous sacrifice, and the relentless pursuit of an export-oriented industrialization strategy transformed the country from economic basket case in the 1950s to manufacturing powerhouse and OECD member by 1996. This year, Korea joined an even more elite group, becoming only the seventh member of the “20-50” club—those economies with GDP per capita and populations in excess of $20,000 and 50 million people. Successful as it has been in achieving prosperity, Korea now faces the challenge of securing it.