"Overcoming IMF, Samsung Semiconductors, National Health Insurance"… Korea's Greatest Achievements Since the 6·25 War

Economy, Overcoming IMF (52.1%) > 1988 Seoul Olympics (42.9%) > Saemaeul Undong (39.6%)
Industry, Samsung Semiconductor Entry (64.2%) > Pohang Steel Establishment, TV & Display Powerhouse (35.9%)
Society, National Health Insurance System (80.0%) > Free Primary and Secondary Education (40.3%) > Real-Name Financial System (39.5%)
Challenges for Korean Economy: Addressing Low Birthrate & Aging Population (28.3%) > Job Creation (23.0%) etc.

[Asia Economy Reporter Kim Hyewon] 'Overcoming the International Monetary Fund (IMF) foreign exchange crisis, Samsung's entry into semiconductors, implementation of the National Health Insurance system...'

Our citizens identified the greatest achievements of the Republic of Korea over the past 70 years since the outbreak of the Korean War on June 25 as overcoming the IMF crisis (52.1%) in the economic sector, Samsung's entry into semiconductors (64.2%) in the industrial sector, and the implementation of the National Health Insurance system (80.0%) in the social sector.

On the 21st, the Federation of Korean Industries conducted a survey titled '70 Years Since the Korean War, Public Perception of Issues That Made Korea' targeting 1,000 men and women aged 18 and over nationwide to mark the 70th anniversary of the Korean War, revealing these results.

The Federation of Korean Industries examined the issues that shaped today's Korea across economic achievements that created the Miracle on the Han River, industrial development with global competitiveness, and improvement in citizens' quality of life in the economic, industrial, and social sectors in this survey.

In the economic sector, regarding Korea's growth from the world's poorest country with a per capita income of $76 in 1953 to an economic powerhouse ranked 12th globally in GDP with a per capita income exceeding $30,000 in 2019, citizens responded that overcoming the IMF foreign exchange crisis (52.1%) was the most memorable achievement. This was followed by hosting the 1988 Seoul Olympics (42.9%), the Saemaul Undong (New Village Movement) (39.6%), and the Five-Year Economic Development Plans (39.1%). There were generational differences in rankings: those in their 20s to 50s most remembered overcoming the IMF crisis, while those aged 60 and above most frequently selected the Five-Year Economic Development Plans.

Regarding Korea's industrial development, citizens identified Samsung's entry into semiconductors (64.2%) as the most memorable issue. This was followed by the establishment of Pohang Steelworks (35.9%), dominance in the global TV market and becoming a display powerhouse (35.9%), and the IT venture success stories of Naver and Kakao (33.9%). By age group, those in their 20s and 30s ranked Samsung's semiconductor entry first, followed by IT venture successes like Naver and Kakao, TV and display industries, and 5G. In contrast, those in their 60s ranked Samsung's semiconductor entry first, followed by the establishment of Pohang Steelworks and Hyundai Heavy Industries shipyard, showing generational differences in the second and third places.

In the social sector, citizens selected the National Health Insurance system (80.0%) as the most memorable issue, followed by free elementary and secondary education (40.3%), implementation of the real-name financial transaction system (39.5%), and introduction of the National Pension system (39.4%). The proportion choosing the National Health Insurance system increased with age, reaching 93.4% among those aged 60 and above. Unlike the economic and industrial sectors, the overwhelming choice of the National Health Insurance system (80.0%) is attributed by the Federation of Korean Industries to heightened public interest in disease and healthcare due to the unexpected COVID-19 pandemic shock earlier this year.

In this survey, 83.9% of citizens responded that they consider Korea a developed country. The biggest reason for this perception was Korea's COVID-19 K-quarantine efforts (36.1%). This was followed by joining the '3050 Club'?meaning a per capita income of $30,000 and a population of 50 million (15.2%)?and membership in the Organization for Economic Cooperation and Development (OECD) (13.5%). Other responses included safe public security and high education levels. Meanwhile, 16.1% of respondents did not consider Korea a developed country.

Participants identified addressing low birth rates and population aging (28.3%) as the most urgent improvement task for Korea's continued economic growth, including achieving a per capita income of $40,000. This was followed by job creation (23.0%) and discovering future growth industries such as next-generation semiconductors (16.8%). Additionally, 16.4% expressed the need for social integration through resolving social conflicts to strengthen national competitiveness. By age and region, those in their 30s to 50s and most regions prioritized addressing low birth rates and aging, while those in their 20s and residents of Busan, Ulsan, and Gyeongnam prioritized job creation as the most urgent issue.

Respondents most frequently selected renewable energy (20.0%) as the industry to nurture as Korea's future growth engine, followed by artificial intelligence (16.2%), bio-health (13.4%), and intelligent semiconductors (13.3%). By respondent characteristics, men most frequently chose artificial intelligence, and those in their 20s most frequently chose 5G next-generation communications as industries to foster.

Kim Bongman, Director of International Cooperation at the Federation of Korean Industries, stated, "This perception survey was conducted to review Korea's historical achievement of growing from the ruins of war to the world's 12th largest economy by GDP and to forecast Korea's present and future." He added, "It is notable that more than half of the citizens selected addressing low birth rates and aging and job creation as the top priorities, along with renewable energy and artificial intelligence being chosen as future growth engines in the era of the Fourth Industrial Revolution. To achieve this, the government should enhance corporate vitality through deregulation and tax support to encourage the private sector to create jobs and actively develop related industries."

This content was produced with the assistance of AI translation services.