Attractiveness of South Korea: Economic Analysis South Korea's economic growth is often seen as a miracle. Korea has risen from the annihilation and fiasco of the Korean War in the 1950s to its current rank of 12th in terms of GDP. Data from Statistics Korea shows that from 1960 to 2013, GDP per capita rose from just $1,417 to $21,562 (Central Intelligence Agency, 2014). This remarkable economic growth has contributed to the substantial reduction of labor income inequality in Korea. The Korean economy has seen improved consumer spending and increased investment in facilities. However, Korea's seemingly robust economy did not improve the financial conditions of ordinary people and SMEs that represented Korea's thriving middle class. Behind the nation's economic success, Korean families are now facing record levels of debt. (Central Intelligence Agency, 2014). Inflation fell from 4.7% in 2008 to 1.3% in 2013, due to subdued domestic demand and falling food prices. Over the period 2008-2013, public finances were well managed, with the net general government budget surplus increasing from 1.6% of total GDP in 2008 to 2.5% in 2013. However, low public debt increased from 30.1% of total GDP in 2008 to 35.9% in 2013. , as the government approved a larger budget to increase spending, in order to make up for public revenue shortfalls resulting from a weaker economic landscape. (Euromonitor International, 2014) During the last decade following the Asian crisis, many Koreans in their thirties, encouraged by government policies and generous credit, have taken out loans to purchase their homes. Many of them have difficulty paying the mortgage, falling into the category of the “home poor” (Kim, 2013). Inco...... middle of paper...... development. Cheese Consumption Trend in South Korean PeopleEuromonitor International, 2014. Business Environment: South Korea, sl: Euromonitor International.Inflation and Household DebtKim, J., 2013. The Dynamics of Income Inequality in Korea, Smithfield: Bryant University.Trend of rising real estate mortgages after the Asian financial crisisPingali, P., 2004. Westernization of Asian diets and the transformation of food systems: implications for research and policy, sl: Food and Agriculture Organization of the United Nations. Westernization of Diet with Increase in Income of Countries Statistics Korea, 2014. Household Income and Expenditure Trends, Seoul: Korean Statistics. Income Distribution (GINI Coefficient) Youngsook, 2012. Annual Update of Dairy and Milk Products - Republic of Korea, sl: USDA Foreign Agriculture Service. Estimated forecast of the performance of the dairy industry