Economy of South Korea

South Korea is a member of the Organization for Economic Co-operation and Development (OECD) and the G-20 major economies. South Korea has a market economy that ranks 13th in the world by nominal GDP and 13th by purchasing power parity (PPP). It is a developed country, with a developed market and a high-income economy. South Korea is the only developed country included in the group of Next Eleven countries. South Korea had one of the world's fastest growing economies from the early 1960s to the late 1990s, and remains one of the fastest growing developed countries in the 2000s. South Koreans refer to this growth as the Miracle on the Han River of Heavy-Chemical Industry Drive, and the top four chaebol generate 90% of South Korean conglomerate profits.