I agree with the above statement that macroeconomic stability along with building long-term growth has been critical to the success of these countries. What is Macroeconomic Stability Macroeconomic stability refers to sustainable economic growth, low and stable inflation, low and stable unemployment, and a sustainable balance of payments position (BOP). These are the four objectives that are important for any country to maintain its macroeconomic stability. These are measured by key macroeconomic indicators such as GDP growth rate, inflation rate, unemployment rate and balance of payments. It is a “mixture of external and internal balance, which in turn implied, in the second case, full employment and stable economic growth, accompanied by low inflation”. (Ocampo, 2007) Building long-term growth basically means the long-term economic growth of a particular country. “Economic growth occurs when real GDP increases…Economic growth is a sustained, year-over-year increase in potential GDP (Parkin, 2014: 544). South Korea is one of the leading countries in technology and entertainment with a population of 50.95 million. The government has made constant efforts to strengthen the foundations for long-term growth and improve the real economy. ((KOCIS), 2013)South Korea's economic performance over the past 6 years (2006-2011)GDP growth rateThis country's GDP growth rate increased by 1.1 percent in the third quarter of 2013 compared to the previous quarter. The economy grew at an average rate of 1.1% on a quarterly basis, driven by exports which represent half of its GDP. (Tradingnomics.com, 2013) GDP, or gross domestic product, is the market value of final goods and services produced in a country during a given period...... middle of paper ...... general view of macroeconomic stability. Parkin, M. 2014. Economics. Boston: Pearson.Thejakartapost.com. 2013. Macroeconomic stability? By what definition? [online] Available at: http://www.thejakartapost.com/news/2003/05/12/macronomic-stability-what-definition.html [Accessed: November 30, 2013].Tradingnomics.com. 2013. South Korea's GDP growth rate | Actual data | Forecasts | Calendar. [online] Available at: http://www.tradingnomics.com/south-korea/gdp-growth [Accessed: November 30, 2013].Tradingnomics.com. 2013. Unemployment rate in South Korea | Actual data | Forecasts | Calendar. [online] Available at: http://www.tradingnomics.com/south-korea/unemployment-rate [Accessed: November 30, 2013].Ustr.gov. 2013. Korea | Office of the United States Trade Representative. [online] Available at: http://www.ustr.gov/countries-regions/japan-korea-apec/korea [Accessed: November 30 2013].