Asia best travel destinations on Between the early 1960s and 1990s, South Korea’s economy grew at an average rate of 9 percent, its gross national product more than doubled, and its per-capita income increased more than one hundredfold. South Korea, along with Singapore, Hong Kong, and Taiwan, is now considered one of East Asia’s Four Tigers. However, it was not always this way. Korea, South 465 Prior to the early 1960s, South Korea’s economy was predominantly agrarian and undeveloped. In the early 1960s, however, the military junta committed the government to economic development. This economic expansion was driven in large part by the development of export-oriented industries, initially through the development of textile and light manufacturing, then through the development of heavy industries such as chemicals and steel, and still later, via the development of, among others, shipbuilding, bioengineering, aerospace, automobile, and electronic industries. In order to maintain control over industrial development, the government gave most of its support to giant-size conglomerates, or chaebols, that were emerging. Asia best travel destinations 2016.
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