Post Miracle On The Han River
In 1997, the miracle on the Han River ended. South Korea once again encountered an economic disaster called the 1997 Asian Financial Crisis. Korea's reserves were severely limited with a total of only $6 billion remaining. The majority of this money was allocated for spending in the upcoming term. Kim Yongsam, first nonmilitary person to become president in thirty years, failed to protect and raise the economy. Because of the positive turn around of the economical growth after the Korean war, South Korea was on full force in keeping their economy strong. While South Korea had the best intentions for their economy, it was also their downfall. From the overwhelming expansions of companies by the chaebol and the growth of loans from the banks, South Korea was losing its miracle. Most people mark the 1997 crisis as the end of the miracle. President Kim Taejung took office after President Kim Yongsam and had quite a lot of damage to repair. Taejung was openly opposed to the chaebol and the current systems of finance and government. Because of President Kim Taejung's reforms and views on reconstructing the economy, Korea was saved and it slowly recovered. With the efforts of the citizens, a new President, and 58 billion dollars put together by the International Monetary Fund, the country paid its debts and surmounted the problem. During President Kim Taejung's time in office did Korea have the chance to be saved. South Korea amazed the world again because the time South Korea spent to overcome the financial crisis was relatively shorter compared to other countries who experienced similar situations.
With the economic disaster of 1997 Asian Financial Crisis stumbling upon South Korea, it took a great toll on the economy and seemed to bring crisis again. However, in 1999, the G20 was established. G20, The group of twenty finance ministers and central bank governors, is made up of 19 countries. This group was formed to bring together important industrial and emerging-market countries from all regions of the world. Ever since its establishment, the G20 holds annual meetings and discuss to endorse the financial stability of the world and to attain a sustainable economic growth and development. Together, its members account for two-thirds of the world’s population, 80 percent of world trade and 90 percent of the world GDP (Gross domestic product). The G-20 has progressed a range of issues since 1999, including agreement about policies for growth, reducing abuse of the financial system, dealing with financial crises and combating terrorist.
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—Henry David Thoreau (1817–1862)