3.Production and Consumer Space
Geography of Korea: III. Production and Consumer Space
Korea is perhaps unrivaled in the rapidity of its economic development. One of the world’s poorest countries at the end of the Korean War in 1953, by 2011 its economy had grown to US$1.5 trillion GDP, the twelfth largest in the world. Short on natural resources, for which it is largely dependent on external suppliers, Korea’s economic growth can be attributed to a state-led policy of creating an export-driven manufacturing industry. This, along with domestic-oriented industries like agriculture, forestry, fisheries, and service industries providing basic daily necessities, constitute the entire Korean economy. Korea’s production and consumer spaces may be distinguished in that the former involves the utilization of various resources to produce consumer products, while that latter is geared towards providing the various services necessary in daily life.
