Economy

Since the end of the Korean War in 1953, the Republic of Korea has achieved astounding economic growth, a phenomenon sometimes referred to as the "Miracle on the Hangang River." The areas of strongest development are still shipbuilding, semiconductors and consumer electronics, although the Korean automobile industry is rapidly gaining a foothold in overseas markets. Korea is aiming to enter the twenty-first century with a restructured industrial model that will allow her to compete successfully in the free world markets. Great strides are being made in opening her traditionally protected markets to outside competition in response to the Uruguay round of trade talks. Korea has been invited to join the Organization for Economic Cooperation and Development (OECD) as the 29th member in 1996.