Korea, located in East Asia, is officially knows as the Republic of Korea. South Korea is a developed country and one of the richest in Asia. Since the 60s, South Korea has witnessed incredible growth and has also joined the high-tech modern world economy. It entered the trillion dollar group of world economies in 2004. The World Bank indicates that it's a High Income Nation and the UN rates it as a Prosperous Economy. Its significant economic growth was chiefly due to the export of high-tech goods. South Korea is a world leader in information technology. It's also the world's largest shipbuilder, third largest steel producer, fourth largest oil refiner and among the top five automobile producers.