ABSTRACT
It is widely known that the Republic of Korea (South Korea) achieved rapid industrialization and growth from the early sixties until the late seventies. Gross national product (GNP) grew by an average annual rate of approximately 10 percent from 1962 to 1978, while per capita GNP roughly tripled from U.S. $239 to U.S. $776 in constant 1975 prices. This growth in GNP was led by the manufacturing sector, which rose at an average annual rate of 19 percent during 1962-1978. The share of the manufacturing sector in GNP almost doubled, from 14 percent to 27 percent, during the same period, while the share of the agriculture-forestry-fishery sector declined from 37 percent to 22 percent.
