Korea-U.S. Trade Partnership: KORUS FTA: Working Together for Growth and Job Creation
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About Korea


    Key Facts:

    • Capital: Seoul
    • Population: 48 million
    • President: Lee Myung-bak
      (since February 25, 2008)
    • Prime Minister: Kim Hwang-sik (since October 1, 2010)
    • Area: 99,720 square kilometers
    • Currency: Won
    • Independence Day: August 15, 1945

    Source: CIA World Factbook

    The South Korean economy is the fourth largest in Asia and the 15th largest in the world with a 2009 GDP at $832 billion. (World Bank, December 2010)

  • A member of the Organization for Economic Cooperation and Development (OECD), Korea is classified as a high-income economy by the World Bank and an advanced economy by the International Monetary Fund.

  • Korea was the chair of the G-20 major economies last year and was the first country in Asia to host the G-20 summit, as it did in Seoul in November 2010.

  • Korea is a major trading partner of the world's largest economies - it is the third largest trading partner of China and Japan, the seventh largest trading partner of the United States, and the eighth largest trading partner of the EU.

  • Korea's strong emphasis on education is credited as one of the primary factors for its economic success.
    • The United Nations ranks Korea's education system first in Asia and seventh worldwide.
    • Korea is the most innovative country in the world among major economies, according to the Global Innovation Index.
    • Korea is the world's first country to bring high-speed fiber-optic broadband Internet access to every primary and secondary school nation-wide.

To learn more about the Korean economy, click here