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ly 17, 1948 and it was last revised in1987. Government Budget (2010 EST): Expenditures -$267.3 billion. Government was spending 2.5 % of GDP on defense in 2008.

 

South Korea joined the United Nations in August 1991 along with North Korea and is active in most UN specialized agencies and many international forums. South Korea has hosted major international events such as the 1988 Summer Olympics, the 2002 World Cup Soccer Tournament (co-hosted with Japan), and the 2002 Second Ministerial Conference of the Community of Democracies. In 2010, the country hosted the R.O.K.-Japan-China Trilateral Summit as well as the G-20 Seoul Summit. It will host the 2018 Winter Olympics.

 

Over the past several decades, the Republic of Korea has achieved a remarkably high level of economic growth, which has allowed the country to rise from the rubble of the Korean War into the ranks of the Organization for Cooperation and Development (OECD). Today, South Korea is the United States' seventh-largest trading partner and is the 15th-largest economy in the world.

 

In recent years, Korea's economy moved away from the centrally planned, government-directed investment model toward a more market-oriented one. South Korea bounced back from the 1997-98 Asian financial crises with assistance from the International Monetary Fund (IMF), but its recovery was based largely on extensive financial reforms that restored stability to markets.  GDP in 2010 was $1.459 trillion and Real GDP growth rate was 5.1% (2007), 2.3% (2008), 0.2 %( 2009) and 6.1 %( 2010), Unemployment rate was 3.3% in 2010 and inflation rate was 2.9%. Natural resources are Coal, tungsten, graphite, molybdenum, lead, and hydropower potential.

 

Agriculture Products are rice, root crops, barley, vegetables, fruit, cattle, pigs, chickens, milk, eggs, and fish. Arable land--16.58% of land area and major Industries are Electronics, telecommunications, automobile production, chemicals, shipbuilding, and steel. Trade (2009) includes Exports ($363.5 billion): semiconductors, wireless telecommunications equipment, motor vehicles, computers, steel, ships, and petrochemicals. Imports--$323.1 billion: crude oil, food, electronics and electronic equipment, machinery, transportation equipment, steel, organic chemicals, plastics, base metals and articles.

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