The economy of South Korea is a highly developed mixed economy dominated by family-owned conglomerates called chaebols. It is the 4th largest GDP in Asia and the 12th largest in the world. South Korea is known for its spectacular rise from one of the poorest countries in the world to a developed, high-income country in just a few generations.
Currently, South Korea is one of the highly developed democracies having the highest rank regarding freedom of press in the whole of Asia. South Korea is also a member of the Paris Club and the G20.
In 2018 South Korea imported a total of $509B, making it the number 10th trade destination in the world.
In 2018 South Korea exported a total of $617B, making it the number 5th exporter in the world.