The 'Miracle on the Han River' refers to South Korea's rapid economic development and transformation from a poor agrarian society to an industrial powerhouse in a short period of time.
Related terms
Chaebol: Large conglomerates or family-owned business groups that played a significant role in South Korea's economic growth.
Export-Oriented Industrialization (EOI): A strategy adopted by South Korea where they focused on producing goods for export markets rather than just domestic consumption.
Rapid Urbanization: The process of large numbers of people moving from rural areas to cities in search of better opportunities and jobs. This was one of the consequences of the 'Miracle on the Han River'.