Location: Eastern Asia, southern half of the Korean peninsula bordering the Sea of Japan and the Yellow Sea.
Land Area: 98,480 sq km (38,023 sq. miles)
Coastline: 2,413 km (1,500 miles)
Highest Point: Halla-san 1,950 m (6,396 ft)
Lowest Point: Sea of Japan 0 m (0 ft)
Notable Landmarks: Take a peek...

Since the early 1960s, South Korea has achieved an incredible record of growth and has become a very high-tech and modern player in the world economy. Four decades ago, the Gross Domestic Product (GDP) per person was comparable to the poorer countries of Africa and Asia. In 2004, South Korea joined the trillion dollar club of world economies. Today its GDP per person is equal to the lesser economies of the EU. This success through the late 1980s was achieved by a system of close government and business cooperation, including directed credit, import restrictions, sponsorship of specific industries, and a strong labor effort. The government promoted the import of raw materials and technology at the expense of consumer goods and encouraged savings and investment over consumption. The Asian financial crisis of 1997 to 1999 exposed long-standing weaknesses in South Korea's economy, including high debt to ownership ratios, massive foreign borrowing, and an undisciplined financial sector. GDP plunged by 6.9 percent in 1998, then recovered 9.5 percent in 1999 and 8.5 percent in 2000. Growth fell back to 3.3 percent in 2001 because of the slowing global economy and falling exports. Led by consumer spending and exports, growth in 2002 was an impressive 7 percent. Between 2003 and 2005, growth moderated to about 4 percent. A downturn in consumer spending was offset by rapid export growth. In 2005, the government proposed labor reform legislation and a corporate pension scheme to help make the labor market more flexible, and new real estate policies to cool property speculation. Moderate inflation, low unemployment, an export surplus, and fairly equal distribution of income characterize this solid economy.

Gross Domestic Product (GDP): $1.101 trillion (2005 est.)
GDP Per Capita: $22,600 (2005 est.)
Number of Workers: 23.53 million (2005 est.)
Unemployment Rate: 3.7% (2005 est.)
Industries: electronics, telecommunications, automobile production, chemicals, shipbuilding, steel.
Currency: South Korean won (KRW) What does it look like?

Type of Government: Republic
Head of State: President Roh Moo-hyun (since 25 February 2003)
Head of Government: Prime Minister Han Myeong-sook (since 19 April 2006)
Capital City: Seoul
Legal Age to Vote: 19 years of age, universal.
Flag Design: White with a red (top) and blue yin-yang symbol in the center; there is a different black trigram from the ancient I Ching (Book of Changes) in each corner of the white field.
Official Language: Korean; English widely taught in junior high and high school.
Religions: No affiliation, 46%; Christian, 26%; Buddhist, 26%; Confucianist, 1%; other, 1%.

Korea was an independent kingdom for much of the past millennium. Following its victory in the Russo-Japanese War in 1905, Japan occupied Korea. Five years later, Japan formally annexed the entire peninsula. After World War II, a Republic of Korea (ROK) was set up in the southern half of the Korean Peninsula while a Communist-style government was installed in the north (the DPRK). During the Korean War (1950-53), U.S. troops and UN forces fought alongside soldiers from the ROK to defend South Korea from DPRK attacks, supported by China and the Soviet Union. An armistice was signed in 1953, splitting the peninsula along a demilitarized zone at about the 38th parallel. Thereafter, South Korea achieved rapid economic growth with per capita income rising to roughly 14 times the level of North Korea. In 1993, KIM Yo'ng-sam became South Korea's first civilian president following 32 years of military rule. South Korea today is a fully functioning modern democracy. In June 2000, a historic first North-South summit took place between the South's President KIM Dae-jung and the leader of North Korea, KIM Jong Il.