Given below are two statements:

Statement (I): South Korea emerged as a centre of power in Asia between the 1960s and the 1980s it rapidly developed into an economic power which is termed as 'Miracle on the Han River'

Statement (II): South Korea became a member of the OECD in 1996.

In the light of the above statements, choose the most appropriate answer from the options given below:

Both Statement I and Statement II are correct

The correct answer is option (1) - Both Statement I and Statement II are correct

The Korean peninsula was divided into South Korea (Republic of Korea) and North Korea (Democratic People’s Republic of Korea) at the end of the Second World War along the 38th Parallel. The Korean War during 1950-53 and dynamics of the Cold War era further intensified the rivalries between the two sides. Both the Koreas finally became Members of the UN on 17 September 1991. Meanwhile, South Korea emerged as a centre of power in Asia. Between the 1960s and the 1980s, it rapidly developed into an economic power, which is termed as “Miracle on the Han River” (Statement I). Signalling its all-round development, South Korea became a Member of the OECD in 1996 (Statement II). In 2017, its economy was the eleventh largest in the world and its military expenditure was the tenth largest.