Continuing with our series of reports to mark Korea's 60th birthday.
Today we delve into the country's economic feats over the past six decades.
Our Lee Jeewon has this report.
The ''Miracle on the Han River.''
That's how the media around the world describes Korea's unprecedented economic development over the past 60 years.
Looking at the streets of the capital Seoul it's hard to believe the country's per capita gross domestic product stood at a mere 100 US dollars in the 1960s.
The figure soared to 10-thousand dollars in 1995 and to 24,600 last year.
In terms of GDP Korea's economy is the third-largest in Asia and the 13th-largest in the world.
Its success has made it a model for other developing countries.
For instance Malaysia adopted a 'Look-East' policy in 19-82, which uses Korea and Japan as economic models for the country to emulate especially the people's work ethic.
More recently the Korea Development Institute and the finance ministry jointly launched a program in 2004.
The Knowledge Sharing Program provides consulting services to developing economies on issues like restructuring public enterprises and financial institutions.
And since last year the Fair Trade Commission has been lending its know-how on trade administration to other Asian countries like Mongolia and Vietnam.
A researcher shares his views on what made such economic growth possible.
[INTERVIEW : ] ''The government set up and promoted measures to boost the economy and corporations followed those plans accordingly. Other reasons include a cheap and skilled labor force not to mention the people's diligence and yearning for better livelihood.''
Korea's traditional stronghold is the heavy chemical industry, especially in the steel and shipbuilding sectors.
Its latest forte is the manufacturing of automobiles, D-RAM chips and mobile handsets.
But competition in those sectors has been heating up over the past decades with emerging economies putting out cheaper products.
That leads many to wonder whether Korea will be able secure its leading position in those fields.
[INTERVIEW : ] ''That's an important question because some of this IT sector has already transferred to developing countries, like China. But as far as sophisticated manufacturing and design is concerned, I believe Korea is still maintaining a sustainable leading edge so that is going to drive Korea for years to come.''
Despite all the achievements the economy faces a new set of challenges.
In addition to keeping its leading edge in the chemical and manufacturing industries, Korea has to bolster its service industry as that market becomes increasingly more important.
As for the government it needs to reinvent its role.
Instead of devising an economic blueprint Seoul has to focus its efforts on deregulation and creating a pro-business environment.
Lee Jeewon, Arirang News.
AUG 14, 2008
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Friday, SEP 03, 2010, (KST) 
