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.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. With employment below the pre-crisis level, the government has pushed for job creation with fiscal projects and its own employment assistance programs, and by launching a service sector development plan, in order to generate long-term as well as short-term jobs. The government has also stepped up efforts to support lower income classes with policies designed to stabilize prices, provide affordable housing, vitalize microcredit loans, and secure the livelihood.

 

Korean economy posted a growth rate of 6.2 percent in 2010, its highest mark in eight years, and per capita income returned to the US$20,000 level. Domestic demand has led the growth while private consumption and facility investment have posted excellent figures. Exports have increased in line with a rise in overseas demand amid the global economic recovery and backed by increased competitiveness of Korean products. Korea has leapt ahead to become world's No. 7 exporting nation, and achieved a trade surplus of over US$40 billion for the second year in a row.

 

SOUTH KOREA UNEMPLOYMENT RATE

 

In South Korea Unemployment Rate decreased to 2.80 percent in October of 2012 from 2.90 percent in September of 2012. Unemployment Rate is reported by the Korea National Statistical Office. Historically, from 1999 until 2012, South Korea Unemployment Rate averaged 3.7 Percent reaching an all time high of 7.1 Percent in June of 1999 and a record low of 2.8 Percent in October of 2012. The unemployment rate measures the number of people actively looking for a job as a percentage of the labor force In South Korea4.

 

GDP Growth / Per Capita GNI

 

Foreign Direct Investment (FDI)

 

Foreign direct investment (FDI) is an integral part of the Korean economy. The number of foreign-invested companies in Korea has increased exponentially over the last decade or so. In 1997 the number was less than 2,000, but it reached 14,000 as of 2010. They now account for 13 percent of sales, 12 percent of all exports and 6 percent of employment in the manufacturing.

 

Korea made substantial efforts to integrate its economy with more globalized economies during the 1990s. For its future competitiveness, every sphere of the Korean national economy has witnessed major policy changes to integrate the domestic economy with the cross-bordering economy. The outward foreign investment policy, among all of the domestic economic policy changes, has undergone a key transformation to enable Korean firms to go abroad5.

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