Key Figures

Chief of State:
President Moon Jae-in
Head of Government:
President Moon Jae-in

Overview

Government Name:
Republic of Korea
Constitution:
Adopted: 1987; Protects individual rights in additional to economic provisions, such as stable and balanced growth rates, proper distribution of income, and preventing abuse of economic power.
Government Type:
Presidential Republic
Republic of Korea Flag
Coat of Arms of Republic of Korea

Index of Economic Freedom

Grades each country on a scale of 0 to 100, based on ten freedoms, with 100 representing the greatest amount of economic autonomy from government intervention. Source: Heritage Foundation (2019)

Country Risk Rating

A3
Changes in generally good but somewhat volatile political and economic environment can affect corporate payment behavior. A basically secure business environment can nonetheless give rise to occasional difficulties for companies. Corporate default probability is quite acceptable on average. Source: Coface (2020)

Government Branches

Main Powers Election Process Election Cycle 1
Executive

Commander-in-chief of the armed forces, appoints prime minister and supreme court judges, and is in charge of executory tasks of the government.

Plurality vote.

5 years

Judicial

The supreme court is independent of the government and is highest court in the land. The constitutional court interprets the constitution.

Supreme court chief justice appointed by the president with the consent of the National Assembly; other justices appointed by the president upon the recommendation of the chief justice and consent of the National Assembly. Constitutional court justices appointed - 3 by the president, 3 by the National Assembly, and 3 by the supreme court chief justice.

6 years

Legislative

Approves nominations by the president, can impeach the president, in charge of creating legislature.

246 seats elected by plurality vote in single-member constituencies and 54 seats through closed-list proportional representation.

4 years

Regional Trade Blocs

International Organization Participation [2]

Environmental Agreements [3]

Tax Information [2]

Tax Authority:
National Tax Service
Tax Name:
VAT

Sources:

  1. ElectionGuide http://www.electionguide.org/
  2. EY, http://www.ey.com
  3. CIA World Factbook, https://www.cia.gov/the-world-factbook/
  4. U.S. Bilateral Relations Fact Sheets http://www.state.gov/r/pa/ei/bgn/