Why is South Korea’s rapid postwar economic growth called the miracle on the Han River?

The term "miracle on the Han River" refers to South Korea’s rapid transformation from an underdeveloped, agrarian society following the Korean War into a major global industrial and technological power.12

This economic surge, which began in the 1960s, was characterized by an average annual growth rate of nearly 9 percent over three decades, during which per capita income increased more than a hundredfold. This development was driven by several key factors:23

• Strategic Planning: The government implemented a series of economic development plans that targeted specific industries for growth, shifting from textiles and light manufacturing to heavy industries like steel and chemicals, and eventually to high-technology sectors.4
• Export-Oriented Industrialization: The state prioritized export-led growth and invested heavily in infrastructure and education to create a highly skilled labor force.14
• Corporate Conglomerates: The government provided significant support to large, family-controlled conglomerates known as chaebols, such as Samsung and Hyundai, which became the primary engines of this industrial expansion.14