That the Republic of Korea can be seen as a progressive country is reflected in the growth of the economy. The economy has grown very fast starting from the 60s. In 40 years the Republic of Korea became one of the biggest economies worldwide. Its economy is Asia’s 4th largest economy and the world’s 14th largest economy on Gross Domestic Product (GDP), according to the World Bank. Furthermore, the Republic of Korea is listed 8th in the ‘ease of doing business’ ranking and in the ‘trading across borders’ ranking, it is listed 4th out of 183 countries. In the years since Korea’s transition to democracy in 1988, the economy has been dominated to a significant extent by large conglomerates, or chaebols.

In July 2011 the Republic of Korea and Europe agreed on a Free Trade Agreement. Because of the decreasing (or already removed) import tariffs, trading with the Republic of Korea becomes more attractive. Besides that, the protection of intellectual property in the Republic of Korea is improved.

The Republic of Korea is one of the world’s most technologically advanced and digitally-connected countries; it has the third most broadband Internet users among the OECD countries and is a global leader in electronics, digital displays, semiconductor devices, and mobile phones. The country also leads the world in the shipbuilding industry.

As becoming more environmentally conscious is a trend among its population for the last years, the Korean government has been actively pursuing a more environmentally sustainable economy. The renewable energy sector is therefore a growing sector.