Miracle On The Han River

Miracle on the Han River (Hangul: 한강의 기적; Hanja: 漢江의 奇蹟; RR: Hangangui Gijeok) refers to South Korea's highly accelerated export-fueled economic growth, including rapid industrialization, technological achievement, education boom, exponential rise in living standards, rapid urbanization, skyscraper boom, modernization, successful hosting of the 1988 Summer Olympics and co-hosting of the 2002 FIFA World Cup, fast democratization and globalization that miraculously transformed the country from the ashes of the Korean War to a wealthy and highly developed country today with a globally influential trillion dollar economy and well-known multinational conglomerates such as Samsung, LG and Hyundai-Kia.

More specifically, this phrase refers to the economic growth of Seoul, through which the Han River flows. Also, the miracle generally refers to the period between 1953 and 1996. The phrase comes from the "Miracle on the Rhine", which is used to describe the economic rebirth of West Germany after World War II, resulting partially from the Marshall Plan. The word "miracle" is used to describe the growth of postwar South Korea into the world's 15th largest economy and a role model for many developing countries, something considered to be impossible by many at the time. Seoul's infrastructure was destroyed by the Korean War and millions lived in poverty at the time, with thousands of unemployed people struggling to fulfill basic needs. When General Park Chung-hee seized power in 1961, South Korea had per capita income of less than $100 per year. During that time, South Korea was mostly dependent on foreign aid, mostly the United States of America in exchange for South Korea's involvement in the Vietnam War. President Park Chung-hee's Saemaeul movement focused on developing rural Korea. The strong leadership of the Park government and the effective use of cheap labor started a spark in the South Korean economy. In less than four decades, this "hopeless" city was completely transformed into a world leading global city, a centre of business and commerce in Asia and a highly developed world city and economic hub, having among the most advanced technological infrastructure in the world. It is considered by many Koreans as a symbol of national pride and "can-do" spirit. Besides the Saemaeul movement, the Korean government carried out another effective economic development plan called the Five-Year Plan. There were more than 5 plans created, and they were designed to revive the economy. Each of the plans contributed tremendously in industrialization and enlarging the marketplaces of South Korea.