The Favorable Factors and Constraints of the Republic of Korea’s Economic Growth at the Present Stage of Development

Abstract

The Republic of Korea is one of few countries, that have managed to accomplish a catching-up development, create competitive economics and transit into the group of high-income countries. The paper analyses factors of economic growth of the Republic of Korea. The study explores a number of components of South Korea’s economic success, due to which South Korea has managed to transit from the category of poor and underdeveloped countries into the group of developed countries and make its economy proceed to grow by the way of intensive economic growth. The paper also represents a number of economic growth’s constraints and measures taken to overcome them.