Most dynamic economy in the world, industrial sector and boom in service sector is backbone of South Korean economy. Agro sector is least developed as lands are not arable.
Had government not taken initiative to create some important public enterprises, country would not have reached the position it is. The economy of the country was not same dynamic before 1965. Between1965-90, GNP of South Korea was highest in the world. In 1961, Park Chunghee took over the power and emphasized the establishment of heavy enterprises. After Park’s assassination, next government shifted its precedence to light industries. LG electronics, Samsung electronics & heavy industries and Hyundai heavy industries are world class enterprises emerged in South Korea.
In South Korea, privatization started in mid 80’s. Government began to privatize some public sector enterprises, mostly from telecommunication sector. |
