Question

• What do you think were the reasons why Korea’s economy did not develop in the past?
• What challenges did Korea face?
• How could South Korea overcome these challenges?
• What were some of South Korea’s first exports?

Answer 1

Initially,Korea had a very poor economy and was under-developed.There are many reasons which stopped Korea from developing.One of the reasoning which stopped Korea from being developed is war.The war destroyed the country's economy as many people lost their lives and land,agricultural,political and other problems arised which did not allow the economy to grow.Other countries almost invaded lands of koreans and it tried to use resources of Korea.These factors did not allow korea's economy to develop.

Korea faced many challenges while developing its economy.There was no proper political system and ruling was weak and this caused other countries to invade Korea.Education system was not effective and most of the Koreans were uneducated as no one encouraged them to study.They din't knew the significance of education and illiteracy rate was high.Due to lack of education,Korea had large families and there was no population control.Other countries had forcefully occupied the korean lands as it is rich in minerals.Farming and manufacturing sectors were taken over by foreign countries.Korea had faced many more challenges during its development stage.

South Korea had faced many challenges and it has been successful in overcoming those challenges.It improved its goevrnment ruling and developed political structure.By this South Korea was able to fight and it stopped other countries from invading their lands.People fought for their country's  freedom,rights and lands and was successful in gaining back their lands,then Koreans started using their lands for farming and production.Another challenge was high illiteracy rate which left the country under-developed.Korea modified its education system and encouraged people to get educated and this decreased the illiteracy rate.From then people turned skillful and used their skills,talent in various fields of manufacturing,extracting mines,etc.As people got educated ,they knew the importance of having small family.Products and outputs were produced and sold by Koreans itself.By this koreans gained profits and the country started developing.Economic growth got enhanced.In this way, South Korea faced and overcame these challenges successfully.

South Korea's first and basic exports were gold,silver,coal,chemical substances,rice,intermediary goods,appliances,etc.South Korea was rich in mineral ores so its major exports were chemicals and minerals like gold,etc.Korea also had maximum rice production as it has plenty of resources and land.Hence these were some of the first exports of South Korea.