page_title: Miracle on the Han River
hierarchical_section_title: Miracle on the Han River
caption_attribution_description: English: GDP history 1950~2016
context_page_description: The Miracle on the Han River refers to the period of rapid economic growth in South Korea following the Korean War, during which South Korea transformed from a developing country to a developed country. The rapid reconstruction and development of the South Korean economy during the latter half of the 20th century was accompanied by events such as the country's successful hosting of the 1988 Summer Olympics and its co-hosting of the 2002 FIFA World Cup, as well as the ascension of family-owned conglomerates known as chaebols, such as Samsung, LG, and Hyundai.
  The term "Miracle on the Han River" was coined after the phrase "Miracle on the Rhine" was used to refer to the economic rebirth of West Germany after World War II. This analogy was incorporated by Chang Myon, prime minister of the Second Republic of South Korea, in his New Year's address of 1961, in which he encouraged South Koreans to bear difficulties in the hope of achieving a similar economic upturn. The resultant growth has been attributed to the hard work of the labor force.
context_section_description: The Miracle on the Han River refers to the period of rapid economic growth in South Korea following the Korean War (1950–1953), during which South Korea transformed from a developing country to a developed country. The rapid reconstruction and development of the South Korean economy during the latter half of the 20th century was accompanied by events such as the country's successful hosting of the 1988 Summer Olympics and its co-hosting of the 2002 FIFA World Cup, as well as the ascension of family-owned conglomerates known as chaebols, such as Samsung, LG, and Hyundai.
  The term "Miracle on the Han River" was coined after the phrase "Miracle on the Rhine" was used to refer to the economic rebirth of West Germany after World War II. This analogy was incorporated by Chang Myon, prime minister of the Second Republic of South Korea, in his New Year's address of 1961, in which he encouraged South Koreans to bear difficulties in the hope of achieving a similar economic upturn. The resultant growth has been attributed to the hard work of the labor force.  External factors include the enormous economic and technical assistance provided by the Western countries, particularly Japan (see Treaty on Basic Relations between Japan and the Republic of Korea) and the United States, access to Western and Japanese markets, and the acquisition of foreign currency by Korean migrant workers in the early stages of economic growth.
  Following the Miracle on the Han River, South Korea has been held as an economic model for other developing countriesand acceded to the G20 in November 2010, capping a successful sixty-some years of rebuilding and modernization.
caption: GNI per capita history 1950~2016
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