Economic growth in Asia has altered the way economists see the world. The export performance
of East Asian economies has been a big part of this success. Perhaps the most remarkable story
is that of South Korea (henceforth Korea)—a good example of how a low-income country can
change its economic future through export-led growth. In just 50 years, Korea went from being
one of the poorest in the world (conflict-ridden in 1953, and with a GDP per capita of US$1,110 in
1960) to a high-income, industrialized economy (with a per capita GDP of US$15,444 in 2009).1
When it joined the OECD Development Assistance Committee in 2009, Korea was the first former
recipient of international development aid to become a donor.