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Korea's export promotion policy : Discovery and upgrading of comparative advantage through public-private consultation

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Frame of Image Over the same period, Korea‟s export-to-GDP ratio has increased as well. In 1960, the export-to-GDP ratio was only 0.83 percent, but increased to 3.55 percent in 1964, 10.96 percent in 1971, and 27.10 percent in 1977. Although the export-to-GDP ratio came down slightly to 24.18 percent in 1995, it once again increased in the aftermath of Korea‟s 1997 economic crisis and reached approximately 40 percent in 2008. This increase in exports, both in absolute terms and relative to GDP, was critical to Korea‟s rapid and sustained growth. In fact, unlike some countries caught in “a middle-income trap,” Korea managed to achieve export-led growth, not just export growth, by systematically increasing the domestic value-added content of its exports. As Figure 1 shows, the share of manufacturing in Korea‟s GDP more than doubled as Korea was able to reallocate underemployed workers from the primary sector. Moreover, as Figure 2 shows, Korea‟s exports and imports rose in step with investment, suggesting that incentives for these activities were strengthened in a similar manner. Figure 1. Sectoral Composition of Korea’s GDP
Source: Bank of Korea
Figure 2. Korea’s Exports, Imports, and Investment Relative to GDP
Source: Bank of Korea For Korea, the discovery and upgrading of its comparative advantage through public-private consultation has been critical to its development. In fact, export-oriented industrialization (EOI) and human resource development (HRD), as encapsulated in the slogans “ex


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Title Korea's export promotion policy
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Sub Title

Discovery and upgrading of comparative advantage through public-private consultation

Material Type Reports
Author(English)

Lim, Wonhyuk

Publisher

[Seoul]:KDI

Date 2008
Pages 52
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Economy < Trade
Holding KDI; KDI School of Public Policy and Management