1 executive summary over the past 35 years korean economy has grown prodigiously since early 1960s per capita income doubled every eight rising from us 80 to 10 000 in 1996 equalling 50 cent of australian gdp and around between 1965 1997 life expectancy rose 47 72 98 adult literacy rate 83 gross educational enrolment ratio match industrial country standards by republic korea was third largest asia eleventh world however image unparalleled success undermined when asian financial crisis exposed serious weaknesses s corporate structures end faced its worst economic war culminating with seeking emergency assistance international monetary fund imf then government implemented far reaching reforms relaxed macroeconomic settings 1999 these policies were stimulating recovery after contracting 5 8 1998 is expected grow 2 4
