Evaluation of POSCO's success and its furure strategies

Abstract

A key factor in the growth of the South Korean economy has been the government's ability to achieve stability and efficiency for the nation. The development of five-year plans has worked to focus attention on all aspects of the economy and society. Rebuilding its country from the ashes of the Korean War in the early 1950s, South Korea has carried out successfully six five-year plans and embarked on its seventh in 1992. It strives for long-term growth while attempting to eliminate factors that detract from the planned course, encouraging more efficient use of its national resources-like people and money. Korea demonstrated that it had come of age and joined the ranks of the international community when it hosted the 1988 Olympics in Seoul. In developing countries, like Korea at its early stage, the government supported industry expansion through financial assistance and trade policies while promoting exports.