in the early 1960s south korea was an extremely poor country. however, in 1963, the country began a remarkable economic ascent. what was a direct cause of this?

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15-12-2022
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in the early 1960s south korea was an extremely poor country. however, in 1963, the country began a remarkable economic ascent. what was a direct cause of this?

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Sadiyasan Sadiyasan · Answer 1 · 2022-12-20T17:49:35+01:00

a change in strategy that put more of an emphasis on exporting than imports is the direct cause for economic ascent.

The notions of import and export are fundamental to how international trade operates. Exports are products or services that a nation produces and sends elsewhere for sale. Exporting can boost a nation's economic growth by bringing earnings or money into that nation.

The exporting nation frequently has a competitive advantage because imports may be things that another nation cannot produce. Exporters could be able to make the goods for less money or at a lower cost. Thus, exports have the potential to generate more revenue for the nation than imports.

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