South Korea Economic Calendar

Economy of South Korea

South Korea has gone through one of the most significant economic revolutions in the last 60 years. Given its small geographical area, scarcity of natural resources, and population number, it is a highly developed mixed economy. During the global financial crisis, it was one of the few developed nations that avoided a recession.

Today it is the tenth-largest economy in the world and the fourth largest in Asia.

The service sector is the largest and fastest growing economic sector, followed by industry, which includes textile, steel, automobile manufacture, shipbuilding, and electronics.

Moreover, during the last several years, the country has seen both a surge in high technology and economic expansion as a result of the significant investment made in the educational system.

South Korea is well known for its plutocracy (chaebol) structure, a business conglomerate system that builds global multinational corporations with massive international operations that are owned and/or administered by the same family dynasty.

Bank of South Korea

The Korean Republic Won is South Korea's official currency and is issued by the central bank, the Bank of Korea (BOK), which is also responsible for pursuing price stability and implementing it through adjustments to its reference interest rate, the Base Rate.

Interest Rate of South Korea

The Bank of Korea Base Rate is the official Interest Rate in Korea which is determined by the Monetary Policy Committee of the Bank of Korea (BOK).

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