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[FOX NEWS LATINO] Latin America looks to S. Korea for lessons in development

March 23, 2015

[FOX NEWS LATINO] – The Inter-American Development Bank believes Latin America has much to learn from South Korea and has convened a forum this week to discuss how in 60 years the Asian nation managed to go from being one of the poorest countries in the world to one of the most prosperous.

“By almost any measure, South Korea is one of the greatest development success stories in recent times…Between 1961 and 1993, its poverty rate went from 48.3 percent to 7.6 percent,” IDB’s Knowledge and Learning Manager Federico Basañes said.

Basañes noted that “in 1980, 15 countries from Latin America and the Caribbean region had per capita GDPs that were superior to South Korea’s,” but now “no country from our region surpasses South Korea.” [READ MORE]