Economy1 - Economy The fishing waters off Korea are among...

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Unformatted text preview: Economy The fishing waters off Korea are among the best in the world; the long coastline and numerous islands, inlets, and reefs provide excellent fishing grounds, and the presence of both a warm and a cold current attracts a great variety of species. Korean deep-sea fishing ships range into the Atlantic and Arctic oceans, and species are also raised in aquaculture facilities. The Korean economy was shattered by the war of 1950 to 1953. Postwar reconstruction was abetted by enormous amounts of foreign aid (in the North from Communist countries and in the South chiefly from the United States) and intensive government economic development programs. The greatest industrial advances were made during the 1960s; in that decade the South experienced an 85% increase in productivity and a 250% rise in per capita gross national product. Economic development throughout Korea has been uneven, with the South showing significantly greater gains. The per capita gross domestic product of the South is some 20 times significantly greater gains....
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