簡介：◎「財閥」的英語怎麼說？ ◎ deal a blow是什麼意思？ ◎ 財經小詞典：zombie company
Dubbed the Miracle on the Han River, South Korea’s ascension to the 11th largest economy on Earth can be largely attributed to centralized planning, the rise of the family-owned chaebols and the hard work of Korean citizens. As an impoverished but population-dense nation lacking natural resources, 1960s Korea was bereft of a substantial domestic market and subsequently progressed toward heavy manufacturing. Korea rapidly industrialized during its shift to an export-driven economy until the mid-80s, specializing in ship and automobile manufacturing, two industries in which the state presently excels. However, the Asian financial crisis of 1997 dealt a severe blow to the nation, stunting its GDP and leading several of its largest and most debt-ridden chaebols, such as Daewoo, to come apart at the seams. Korea swiftly recovered from the crisis, accepting a US$57 billion bailout from the International Monetary Fund (IMF) and loosening corporate loan policies to rejuvenate its GDP to acceptable levels by 1999. In 2015, Korea’s exportation of goods and services accounted for approximately 50 percent of its US$1.849 trillion GDP, with electronics exports, its largest sector, earning US$138.4 billion. Korea has also been the 5th largest automobile manufacturing country in the world for over a decade. However, Korea’s commercial crutch is also its Achilles’ heel, as heavy reliance on non-diverse exports leaves Korea especially susceptible to global market fluctuations. Thus, the Korean economy deteriorated as China, Korea’s largest trading partner, economically stumbled in 2016.