Contemporary
1997년경제
IMF Financial Crisis
Depletion of foreign currency reserves forced Korea to seek an IMF bailout, resulting in massive restructuring and unemployment; a national gold-collection campaign was launched in response.
Key developments
- 1997.11Foreign Exchange Crisis
With foreign currency reserves exhausted and national default looming, the government requested an IMF bailout.
- 기업 구조조정Massive Corporate Restructuring
Sweeping restructuring of corporations and financial institutions led to mass layoffs and soaring unemployment.
- 금 모으기Gold Collection Campaign
Citizens voluntarily donated gold jewelry to help repay foreign debt in a nationwide gold collection campaign.
- 2001년Early Exit from IMF Program
Korea repaid the IMF loans ahead of schedule in 2001, successfully overcoming the crisis.