Abstract
This paper investigates the evolution of South Korea’s economic development in recent decades. Export performance is analyzed along with the industrial model, by means of statistical data, economic indicators, country reports, and views from the literature. The findings of the research indicate a spectacular transformation of South Korea’s economic structure, due to an intricate system combining macroeconomic policies, outstanding importance awarded to education, investment by private companies, especially chaebols, and a sound outward-looking orientation. Exports are found to be the main determinant of South Korea’s economic rise in the first stages, followed by foreign direct investment outflows in the latter. This pattern of economic progress serves as an excellent model for countries such as Romania, striving to grow and to boost its competitiveness. From the bilateral cooperation until now, there are positive signs that Romania could capitalize on its trade and investment partnership with South Korea in key sectors.
Cuvinte cheie
South Korea
economic development
exports
foreign direct investment
Romania
Istoric articol
Publicat
31.08.2026
Informații autori
Citare recomandată
Nicolae Marinescu, Mara-Teodora Niță (2026). The Economic Development of South Korea: Insights for Romania. Constantin Brâncuși University of Târgu Jiu Economics Series, 2(1), 116–121. https://doi.org/10.65631/jes.4.2026.10
Referințe bibliografice
Eichengreen, B., Perkins, D.H., Shin, K., From Miracle to Maturity: The Growth of the Korean Economy, Harvard University Asia Center, Cambridge: MA, 2012; Kang, D., Heo, P., Lee, D.H., Global trade of South Korea in competitive products and their impact on regional dependence, PLoS ONE, 17, 5, e0267695, 2022; Han, Y., Mirror, Reflection, and Prospect: South Korea's Integration into Economic Globalization - Process, Experiences, and Implications for China, Journal of Current Social Issues Studies, 2, 5, pp. 316-321, 2025; Lee, J.W., Challenges to the Export-Led Growth Strategy in the Digital and Global Era: An Empirical Investigation of South Korea’s Experience, Journal of Asian Finance, Economics and Business, 9, 6, pp. 253-265, 2022; Counterpoint Research, Samsung Takes Semiconductor Crown from Intel in 2021, https://counterpointresearch.com/en/insights/semiconductor-revenue-ranking-2021; Observatory of Economic Completion, https://oec.world/en/profile/country/kor; World Bank Open Data, Korea, https://data.worldbank.org/country/korea-rep; Huang, J., South Korea: Becoming a Developed Nation Through Reforms and Macroeconomic Policies, Advances in Economics, Management and Political Sciences, 141, pp. 37-43, 2024; Kimiya, T., Takahara, A., Economic Development in Korea and China, in “Asia Rising”, R. Sahashi et al. (Eds.), Springer Nature, Singapore, 2024; World Trade Organization, World Trade Statistics: Key insights and trends in 2025, WTO, Geneva, 2026. World Population Review, Semiconductor Manufacturing by Country 2026, https://worldpopulationreview.com/country-rankings/semiconductor-manufacturing-by-country#top-5-countries-that-produce-the-most-semiconductors; UNCTAD, World Investment Report, United Nations, New York and Geneva, 2025; Lloyds Bank Trade Portal, Foreign Direct Investment (FDI) in South Korea, Lloyds Bank, www.lloydsbanktrade.com/en/market-potential/south-korea/investment; Foreign Economic Zones Planning Office, Korean Foreign Economic Zones, Sejong Special Autonomous City, www.fez.go.kr/portal/en/main.do; Rador, Relatiile Romaniei cu Coreea de Sud, Agentia de Presa Radio Romania, 31.07.2025; Trading Economics, https://tradingeconomics.com/romania/exports/south-korea; National Trade Register Office, Societati cu participare straina la capital: Sinteza statistica, ONRC, Bucharest, 2026; Kumar, S., Korean companies would bring promising results to Romania’s energy sector, The Korea Herald, 2.08.2021; Lee, K.K., Korea’s economic growth and the growth model in the changing global economy, The Japanese Political Economy, 50, 2, pp. 161-184, 2024; Jang, C., Kim, S., Factors influencing the export of cultural and artistic copyright in the Korean media industry, Telecommunications Policy, 50, 1, pp. 103078, 2026.