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Rapid economic growth during former President Kim Young-sam's term Updated: 2015-11-25 12:49:36 KST

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2015-11-25

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Former President Kim Young-sam has been credited for his contributions in lifting Korea's economy to a higher level through bold reforms during his term. Korea's economy grew rapidly‚.. at a pace not seen during any other administration. According to Statistics Korea‚ and the Bank of Korea‚ the nation's economic growth rate stood at 6.8 percent during Kim's first year in office. By 1995‚ it reached almost ten percent‚ with the country's national income per person topping 10-thousand U.S. dollars for the first time. In 1996‚ the growth had somewhat slowed but was still over seven percent. In the same year‚ Korea joined the OECD‚ which many say helped elevate Korea's status in the international community. But in 1997‚ a dark cloud was cast over the economy. A string of debt-ridden conglomerates collapsed‚ triggered by Hanbo Steel -- a subsidiary of the 14th-largest conglomerate at the time‚ Hanbo Group. The total debt of bankrupt companies in that year‚ reached nearly 30 billion U.S. dollars‚ and Kim was forced to accept a massive bailout from the IMF. Kim was later mocked as the "IMF President" and criticized for mismanaging the economy. Despite being criticized for failing to overhaul and reform the conglomerate-controlled system‚ and for not doing enough to rescue the economy‚ he is recognized for making the country's financial system more transparent‚ through the implementation of various policies‚ such as a real-name transaction financial system‚. and making high-level public officials disclose their assets. Kim Min-ji‚ Arirang News. Reporter : kimmj@arirang.com

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