A country with a current account deficit for 50 years...

A country that has suffered from a chronic current account deficit for 50 years...
is none other than our Republic of Korea...
Until before the year 2000, it was in deficit every single year..
Consequently, foreign exchange reserves were also nearly depleted...
When Japan went through the Plaza Accord, it was in surplus for just a very brief moment due to the high yen..
During that time, there were four foreign exchange crises..
The 1997 foreign exchange crisis, which you are all well aware of, is one of them...
During the second oil shock, due to the assassination of Park Chung-hee, the Gwangju Democratization Movement, and Chun Doo-hwan's coup, the current account deficit was $4.15 billion and foreign exchange reserves were $4.7 billion...
At that time, our country's economic growth rate was -1.6% and the inflation rate was 28%..
Foreign exchange was lacking. We went to Japan to ask for $10 billion... but were rejected..
The U.S., our "big brother," was told by Japan that they wouldn't help, and the dollars ran to report this...
During the Cold War era, from a security standpoint, President Reagan pressured Japan to urge them to lend the money..
We overcame the foreign exchange crisis by borrowing $3 billion from Japan...
Before that, during the Park Chung-hee coup era... we overcame the foreign exchange crisis with a total of $900 million from the claims against Japan ($300 million in grants and $600 million in loans)...
In the late 1960s, foreign exchange reserves were $300–$500 million...
But with an average annual current account deficit of $400–$500 million, we fell into a foreign exchange shortage...
Fortunately, we overcame the foreign exchange crisis thanks to the outbreak of the Vietnam War..
During the first oil shock in 1972, crude oil prices soared from $3 to $12 per barrel...
The current account deficit grew from $300 million to $2 billion annually..
We were on the verge of national bankruptcy due to the lack of foreign exchange..
Even then, the U.S. government pressured Wall Street to lend us dollars...
In this way, our country has been a current account deficit nation for half a century...