Situated in Eastern Asia, South Korea occupies the southern portion of the Korean peninsula. South Korea has an economic freedom score of 74, which make its economy the 24th freest economy in the world. South Korea started its economic climb by concentrating on straightforward industries with little value added, such as textile and plastics. A well trained educated labor force and high capacity for innovation have helped companies to capitalize the country’s participation in the global trading system. As per World Bank’s Ease of Doing Business rankings for 2021, South Korea ranked fifth out of 190 countries.
Though, South Korea is geographically a small country but it maintained its pace in the top 1