South Korea’s mixed economy ranks 11th nominal and 13th purchasing power parity GDP in the world, identifying it as one of the G-20 major economies. It is a developed country with a high-income economy and is the most industrialized member country of the OECD. South Korean brands such as LG Electronics and Samsung are internationally famous and garnered South Korea’s reputation for its quality electronics and other manufactured goods.
massive investment in education has taken the country from mass illiteracy to a major international technological powerhouse. The country’s national economy benefits from a highly skilled workforce and is among the most educated countries in the world with one of the highest percentages of its citizens holding a tertiary education degree. South Korea’s economy was one of the world’s fastest-growing from the early 1960s to the late 1990s, and was still one of the fastest-growing developed countries in the 2000s, along with Hong Kong, Singapore and Taiwan, the other three Asian Tigers. South Koreans refer to this growth as the Miracle on the Han River. The South Korean economy is heavily dependent on international trade, and in 2014, South Korea was the fifth-largest exporter and seventh-largest importer in the world.
Despite the South Korean economy’s high growth potential and apparent structural stability, the country suffers damage to its credit rating in the stock market because of the belligerence of North Korea in times of deep military crises, which has an adverse effect on South Korean financial markets. The International Monetary Fund compliments the resilience of the South Korean economy against various economic crises, citing low state debt and high fiscal reserves that can quickly be mobilized to address financial emergencies. Although it was severely harmed by the Asian economic crisis of the late 1990s, the South Korean economy managed a rapid recovery and subsequently tripled its GDP.
Furthermore, South Korea was one of the few developed countries that were able to avoid a recession during the global financial crisis. Its economic growth rate reached 6.2 percent in 2010 (the fastest growth for eight years after significant growth by 7.2 percent in 2002), a sharp recovery from economic growth rates of 2.3% in 2008 and 0.2% in 2009, when the global financial crisis hit. The unemployment rate in South Korea also remained low in 2009, at 3.6%.
South Korea became a member of the Organisation for Economic Co-operation and Development (OECD) in 1996.
The following list includes the largest South Korean companies by revenue in 2017 who are all listed as part of the Fortune Global 500: