The Situation and Main Problems of Labor Relations in Korea

Abstract

It is widely known throughout the world that the Republic of Korea has

had an impressive acceleration of economic growth and social development

over the past two decades.

The Korean economy was able to record a startling annual growth of GNP

of about 10% in real terms due to attractive investment opportunities and

cheap supply of labor from 1962 to 1981. During this same period the per

capita GNP at current prices rose from US $ 82 to US $ 1, 636 and the commodity

export increased at a tremendous annual average rate of 42% , from

US $ 54. 8 million to US $ 21, 278 million in 1981.