The economy of South Korea is the fourth largest economy in Asia and the 11th largest in the world. It is a mixed economy dominated by family-owned conglomerates called chaebols. South Korea is known for its rapid development from one of the poorest countries to a high-income country in just one generation. The country excels in the ICT industry, consumer electronics, and mobile broadband. It is a global leader in various sectors and has signed numerous free trade agreements. The economy is heavily dependent on energy imports and has a significant presence in shipbuilding. Major corporations like Samsung play a crucial role in the country's economy and have a significant impact on its development.