South Korea, officially the Republic of Korea and often referred to as Korea is a presidential republic in East Asia, occupying the southern half of the Korean Peninsula. Also known as the "Land of the Morning Calm", it is neighbored by China to the west, Japan to the east and borders North Korea to the north. South Korea's capital and largest city is Seoul, the second largest metropolitan city in the world. Korea is one of the oldest continuing civilizations in the world, founded in 2333 BC by the legendary Dangun according to Samguk Yusa. The Korean Peninsula was first inhabited as early as the Lower Paleolithic. South Korea is a major economic power and one of the wealthiest countries in Asia. It had one of the world's fastest growing economies since the 1960s, now highly developed and the fourth largest in Asia and 13th largest in the world.