January 19, 2022
The Republic of Korea (Korean: Republic of Korea, KOR) is a democratic republic located in the southern part of the Korean Peninsula in East Asia. It borders the People's Republic of China and the Yellow Sea to the west, Japan and the East Sea to the east, and the Democratic People's Republic of Korea and the Korean Peninsula to the north across the Military Demarcation Line. The national flag of the Republic of Korea is the Taegeukgi in accordance with the Korean Flag Law, the national anthem is customarily the national anthem, and the national flower is customary the Mugunghwa. The official languages are Korean and Korean Sign Language. The capital is Seoul. The population is about 51,100, and about half of the total population lives in the metropolitan area. According to the Constitution, Korea inherits the laws of the Provisional Government of the Republic of Korea, which was affected by the March 1st Movement in 1919. It was liberated from the Japanese Empire on August 15, 1945, and the Constituent Assembly was formed through the general election on May 10, 1948, and the government of the Republic of Korea was established on August 15, 1948. Since the Korean War, the Republic of Korea has achieved rapid and large-scale economic growth, symbolized by the so-called “Miracle on the Han River.” In the process, there were ups and downs such as the foreign exchange crisis in the late 1990s. Korea's 2019 per capita gross national income (GNI) was nominally $31,430, a high-income country classified by the World Bank, and in the 2016 UN's Human Development Index (HDI) survey, it was ranked 18th in the world and 'very high'. It is a developed economy in the classification of the International Monetary Fund (IMF). However, social problems such as high suicide rate, long working culture, high industrial accident death rate, and low fertility coexist with these achievements. South Korea is one of the countries with the highest level of democracy in Asia as it ranked 23rd in 2019 in the Democracy Index survey published by The Economist and scored 8.0. In addition, Korea is a member of the 20 major countries (G20), the Organization for Economic Cooperation and Development (OECD), the Development Assistance Committee (DAC), and the Paris Club.