After overcoming the economic crisis, the South Korean economy continued to record solid growth. Nominal GDP doubled from US$504.6 billion in 2001 to US$1,049.3 billion by 2007, recording a high growth rate of 4~5% a year, except during the period of global economic crisis. In fact, during the period 2008-10, when most of the world was experiencing a devastating financial crisis, the country recorded an amazing 6.3% economic growth rate. The world’s major mass media organs referred to the country’s accomplishment as a “textbook recovery.”
By 2010, South Korea had emerged as the world’s 7th largest exporting country. From 2011 to 2013, the total volume of the country’s exports and imports stood at US$1 trillion. Thus, the country became the world’s 9th country to attain the target of US$1 trillion in annual foreign trade. The country’s foreign currency reserves stood at US$363.6 billion as of the end of December 2014, and the country is in a sufficiently stable position to cope with a foreign exchange crisis, with the percentage of its short-term foreign debts being 31.7% in 2014.
The country’s sovereign credit rating has risen in recognition of the dazzling economic results recorded by the country.