Korea has experienced remarkable success in combining rapid economic growth with significant reductions in poverty, despite the country's history of civil war and its dearth of available resources. The country has quickly become a "newly industrialized economy," and is poised to transfer its lessons learned from its experience of developing into a knowledge-based economy to other countries.
During Korea's rapid growth, income inequality increased. At the same time, however, rates of poverty fell. In the case of Korea income, inequality has been tolerable, since the impoverished have benefited from economic growth as well. The country has worked toward poverty reduction by: - Adopting a high-growth development agenda that required continuous increases in productivity to compete in global markets.
- Expanding employment, enhancing the labor force, and increasing social capital through increased education.
- Addressing agricultural development and rural equity.
The following reports and evaluations outline the Korean development experience:
 Ports Development and Environment Improvement Project
Implementation Completion Report
April 28, 2004
The outcome of the project is satisfactory, sustainability likely, though institutional development impacts are only modest. Lessons learned stipulate the following. By seeking funding of Gwangyang, rather than canceling funds not used for Dadaepo, Korea Container Terminal Authority (KCTA) and the Government were able to provide confidence to the markets for other bond placements. More
 Financial Sector Assessment Economic Report
Economic Report
June 10, 2003
Since the 1997 Asian financial crisis, Korea has made major progress in financial, and corporate sector reform -- the financial sector has been substantially strengthened, and recent reforms helped the country get in sync with international standards and codes. Moreover, significant consolidation in the banking system has taken place, with banks becoming more profit oriented, and their operations streamlined. The country's impressive macroeconomic performance led to strong growth, low inflation, and growing foreign reserves. More
 Pusan Urban Transport Management Project
Implementation Completion Report
February 7, 2003
The outcome of the Pusan Urban Transport Management Project for Korea was satisfactory, the sustainability was likely, the institutional development impact was substantial, the Bank and borrower performance were both satisfactory. The project has helped enhance the metro capacity and demonstrated the importance of integrated public transport services. More
Financial and Corporate Restructuring Assistance Project
Implementation Completion Report
January 6, 2003 The outcome of the Financial and Corporate Restructuring Assistance Project for Korea was satisfactory, the sustainability was highly likely, the institutional development impact was high, and the Bank and Borrower performance were both satisfactory. More  Â
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