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Korea - Growth and prospects of the economy (Vol. 6) : Annex E (英语)

The sustained high rate of expansion in incomes over 15 years has transformed Korea from one of the poorest developing countries, with heavy dependence on agriculture and a weak balance of payments financed almost entirely by foreign grants, to a semi-industrialized, middle income nation with an increasingly strong external payments position and the prospect of eliminating the current account deficit in the next 5-10 years. Korea's outstanding gains are attributable to the interaction of several factors: (i) political stability, strong leadership, and a firm commitment to development; (ii) a largely homogenous and unstructured society; (iii) a well-educated, disciplined, and industrious labour force; and (iv) early recognition of the potential contribution of trade in manufactured goods in compensating for Korea's paucity of natural resources. The main document discusses the Fourth Plan and prospects for the longer term. Separate volumes contain Annexes A-J, which cover agriculture, industry, human resources, a macro model for the long term, energy, transport, public finance, the financial sector, foreign trade, and external capital, respectively.