ɪn nˈaɪntiːnhˈʌndɹɪd sˈɛvənti nˈaɪn, ðə sˈɛkənd ˈɔɪl ʃˈɑːk pˈʊʃt ðə kɚɹˈiːən ɪkˈɑːnəmi tə hˈɑːɹʃɚ stˈændɚdz ænd ɪn nˈaɪntiːnhˈʌndɹɪd ˈeɪɾi, ðə ɡwˈæŋdʒuː dᵻmˌɑːkɹɐɾᵻzˈeɪʃən mˈuːvmənt, pəlˈɪɾɪkəl tˈɜːmɔɪl, pˌɛsɪmˈɪstɪk fˈɔːɹsaɪt, ænd ʌnmˈɛt ɡˈoʊlz ˈɔːl kəntɹˈɪbjuːɾᵻd təwˈɔːɹdz ɐ fˈɜːst mˈaɪnəs ɪnðə kɚɹˈiːən ɪkˈɑːnəmi ɪn jˈɪɹz.
In 1979, the second oil shock pushed the Korean economy to harsher standards and in 1980, the Gwangju Democratization Movement, political turmoil, pessimistic foresight, and unmet goals all contributed towards a first minus in the Korean economy in years.