Time Magazine is calling the ongoing recovery of the South Korean economy “Asia’s latest miracle.”

The magazine said in its latest issue that although poorer than Malaysia and Mexico 30 years ago, South Korea’s gross domestic product per capita has surged by a factor of ten to 17-thousand dollars, more than double the levels in those countries.

Time also said that over the past decade, South Korea has reinvented itself to once again become an Asian miracle.

The magazine said South Korea has become an innovator, an economy that doesn’t just make stuff, but designs and develops products, infuses them with the latest technology, and then brands and markets them worldwide, with style and smarts.