Development of Information Communication Technology Industry and Public Policy in South Korea
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South Korea (hereafter Korea) has enjoyed spectacular growth rates since the 1960s. Since this time, Korea’s economy has grown by an average of 7% each year and its gross domestic product (GDP) per capita has increased from 158 USD in 1960 to 29,742 USD in 2017. Nowadays, Korea is the fourth largest economy in Asia and the twelfth largest in the world in terms of GDP. In addition, many Korean companies have become global leaders in areas such as: consumer electronics, automobiles, ship building, and steel to name but a few. To these ends, the well-known “economic miracle of the Han River” has transformed Korea from that of a recipient-based economy to a donor-economy and has resulted in Korea gaining elite G-20 status.
In the context of the above, several factors have contributed to Korea’s impressive growth rates namely: a favorable international market, high ratio of skilled workers, centralized financial system, and highly educated workforce. Nevertheless, academics and...
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