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South Korean Economy Bucks Trend In contrast to global markets staggering from Sept. 11 aftershocks, South Korea's economy is proving more resilient to the attacks than any other industrialized nation. According to a recent Los Angeles Times article, the South Korean stock market is rallying and was among the best performing markets worldwide in 2001. Its KOSPI index chalked up a 37.5 percent gain - most of it after the World Trade Center and Pentagon attacks. Unemployment is at its lowest level in four years. Retailers may have complained about a "glum Christmas" worldwide, but sales in Korea were robust over the holidays. They're also expected to increase this year. "Korea has confounded the skeptics. It has been impressive," Charles Adams, deputy director of the International Monetary Fund, said in the Times. A contributing factor has been the restructuring efforts of South Korea's largest companies and banks after the liquidity crisis of 1997. During the financial crisis, the nation's student enrollment in US schools did drop in 1998-99, but has since surpassed its previous high after two years of growth. Currently, South Korea is the world's fourth leading source of foreign students to US colleges and universities. Approximately 45,685 students were enrolled in US programs, according to IIE's 2001 Open Doors Report. This represents nearly an 11 percent increase over last year. Learn more about IEF's Spring 2002 American Education Fair in Seoul.
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