Economy of South Korea

South Korea has a highly developed mixed economy. By nominal GDP, the economy was worth ₩2.56 quadrillion. It has the 4th largest economy in Asia and the 13th largest in the world as of 2025. South Korea is notable for its rapid economic development from an underdeveloped nation to a developed, high-income country in a few decades. This economic growth has been described as the Miracle on the Han River, which has allowed it to join the OECD and the G20. It is included in the group of Next Eleven countries as having the potential to play a dominant role in the global economy by the middle of the 21st century. Compared to other OECD members, South Korea has a smaller welfare state and spends less on its social security system; social expenditure stood at roughly 15.5% of GDP. South Korea spends around 4.93% of GDP on advanced research and development across various sectors of the economy.