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Macroeconomic management policy of Korea during 1960-2000

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Frame of Image te in <Figure 1>, the rate of inflation in <Figure 2> and the current account in percentage of annual GDP in <Figure 3>. First of all, <Figure 1> shows how rapidly the Korean economy has been growing since the 1960s. The growth rate that was fluctuating around 4
percent before the 1960s started to jump up to around 8 percent in the 1970s. Although the Korean economy went through deep recessions due to the Oil Shock in 1980 and the currency crisis in 1998, the average growth rate recorded over 7 percent per year for the last four decades. This rapid growth has pulled
up per capita income from less than 100 dollars in the 1950s to around 10,000 dollars now. Even in real terms, an average Korean is now more than 10 times
as rich as he was 40 years ago. Regarding inflation as well, the Korean economy went through turbulent periods. As an example, <Figure 2> shows that the rate of CPI inflation soared In particular, inflation in Entering the
to over 20 percent in the second half of the 1970s.
this period was accompanied with serious real estate speculation.
1980s, however, the Korean government succeeded in stabilizing the rate of inflation at around 3 percent. Although the inflation rate rose again almost to This process of
10 percent in the late 1980s, it started to subside in the 1990s.
disinflation was drastically disrupted due to the currency crisis in 1998, but the
price stability was soon restored along with the exchange rate stabilization in 1999. As for the balance of pay


Full Text
Title Macroeconomic management policy of Korea during 1960-2000
Similar Titles
Material Type Proceedings
Author(English)

Cho, Dongchul

Publisher

[Seoul]:Korea Development Institute

Date 2000
Event

Joint Seminar on Strategies for Knowledge-based Economy in Korea and China

Pages 29
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Economy < Macroeconomics
Holding KDI; KDI School
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