section_path: Economy
section_name: Economy
paragraph_text: Economy
  
  South Korea's mixed economy is the 13th largest GDP at nominal and the 14th largest GDP by purchasing power parity in the world, identifying it as one of the G20 major economies. It is a developed country with a high-income economy and is the most industrialized member country of the OECD. South Korean brands such as LG Electronics and Samsung are internationally famous and garnered South Korea's reputation for its quality electronics and other manufactured goods. South Korea became a member of the OECD in 1996.
  
  Its massive investment in education has taken the country from mass illiteracy to a major international technological powerhouse. The country's national economy benefits from a highly skilled workforce and is among the most educated countries in the world with one of the highest percentages of its citizens holding a tertiary education degree. South Korea's economy was one of the world's fastest-growing from the early 1960s to the late 1990s, and was still one of the fastest-growing developed countries in the 2000s, along with Hong Kong, Singapore and Taiwan, the other three Asian Tigers. It recorded the fastest rise in average GDP per capita in the world between 1980 and 1990. South Koreans refer to this growth as the Miracle on the Han River. The South Korean economy is heavily dependent on international trade, and in 2014, South Korea was the fifth-largest exporter and seventh-largest importer in the world. In addition, the country has one of the world's largest foreign-exchange reserves.
  
  Despite the economy's high growth potential and apparent structural stability, the country suffers damage to its credit rating in the stock market because of the belligerence of North Korea in times of deep military crises, which has an adverse effect on its financial markets. The International Monetary Fund compliments the resilience of the economy against various economic crises, citing low state debt and high fiscal reserves that can quickly be mobilized to address financial emergencies. Although it was severely harmed by the 1997 Asian financial crisis, the country managed a rapid recovery and subsequently tripled its GDP.
  
  Furthermore, South Korea was one of the few developed countries that was able to avoid a recession during the global financial crisis of 2007–08. Its economic growth rate reached 6.2% in 2010 (the fastest growth for eight years after significant growth by 7.2% in 2002), a sharp recovery from economic growth rates of 2.3% in 2008 and 0.2% in 2009 during the Great Recession. The unemployment rate also remained low in 2009 at 3.6%.