In the early 1960s South Korea was an extremely poor country. However, in 1963, the country began a remarkable economic ascent. What was a direct cause of this?

Question

Quizplus · Accepted Answer

South Korea experienced a remarkable economic ascent in the early 1960s due to a shift in strategy that emphasized exports rather than imports. This shift was led by the government, which implemented policies such as export subsidies and reduced tariffs. As a result, South Korea became a key player in the global market for products such as steel, textiles, and electronics. This export-led growth led to increased investment, industrialization, and modernization, and paved the way for the country's continued economic success.

In the Early 1960s South Korea Was an Extremely Poor