Miracle of the Han River
| Miracle on the Han River | |||||
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| Korean name | |||||
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| Hanja | 의 | ||||
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| Revised Romanization | Hangangui Gijeok |
The Miracle on the Han River refers to the period of rapid economic growth in South Korea following the Korean War (1950–1953), during which South Korea transformed from a developing country to a developed country. The rapid reconstruction and development of the South Korean economy during the latter half of the 20th century was accompanied by events such as the country's successful hosting of the 1988 Summer Olympics and its co-hosting of the 2002 FIFA World Cup, as well as the ascension of family-owned conglomerates known as chaebols, such as Samsung, LG, and Hyundai.
The term "Miracle on the Han River" was coined after the phrase "Miracle on the Rhine" was used to refer to the economic rebirth of West Germany after World War II. This analogy was incorporated by Chang Myon, prime minister of the Second Republic of Korea, in his New Year's address of 1961, in which he encouraged South Koreans to bear difficulties in the hope of achieving a similar economic upturn. The resultant growth has been attributed to the hard work of the labour force, in terms of which the phrase's use of "miracle" may be seen as a misnomer. Following the Miracle on the Han River, South Korea has been held as an economic model for other developing countries and acceded to the G20 in November 2010, capping a successful sixty-some years of rebuilding and modernization.
Between 1910–1945, Korea was a colony of the Japanese Empire. As a result of Japanese capital investment, especially during the 1930s–1940s, it experienced a phase of industrialization, modernization, and economic growth. During the period of Japanese colonialism, eight large companies were founded and other firms grew as a result of aid and foreign-exchange profit. However, following the Pacific War, the Korean economy declined as trade relations between Korea and Japan broke down.
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