Pak is generally credited as playing a pivotal role in the development of South Korea's economy by shifting its focus to export-oriented industrialization. When he came to power in 1961, South Korean per capita income was only USD 72, and North Korea was regarded as the greater economic and military power on the peninsula because North Korea was industrialized under the Japanese régime due to its geographical proximity to Manchuria and merit in terms of natural resources, and managed to rebuild after heavy bombing by the Americans during the Korean War. During Pak's tenure, per capita income increased twentyfold, and South Korea's rural, undeveloped economy was transformed into an industrial powerhouse. Even Kim Tae Jung, one of Pak's most prominent opponents during his rule, has retrospectively praised him for his role in creating the modern-day South Korea.