In reality, Korea is a poor country in terms of natural resources. No crude oil, no iron ore, and neither diamond stone. Mountainous territory does not provide soil to produce self-sufficient food for people. Japanese Colonial domination during 1910-1945, and three years of Korean War between 1950-53 deprived the capacity for the nation to accumulate capital stock for economic development. Chronic poverty was a national symptom during 1950s.
Korea’s economy was behind African countries until 1970s. For example, in 1962 Korea’s GNP per capita was US$87, compared to Kenya’s GNP per capita of US$ 90 in the same year. In 1970 the GNP per capita was US$270 for Korea while US$330 for Zimbabwe. In 1996 Korea’s GNP per capita was US$10,600: the equivalent figure was US$ 30 for Kenya and US$ 610 for Zimbabwe.
Since the end of the Korean War in 1953, the Republic of Korea has achieved astounding economic growth, a phenomenon sometimes referred to as the "Miracle of the Han-gang River." The areas of strongest development are still shipbuilding, semiconductors and consumer electronics, although the Korean automobile industry is rapidly gaining a foothold in overseas markets. Korea is aiming to enter the twenty-first century with a restructured industrial model that will allow her to compete successfully in the free world markets. Korea has been invited to join the Organization for Economic Cooperation and Development (OECD) as the 29th member in 1996.