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Joint discovery and upgrading of comparative advantage : Lessons from Korea's development experience

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Frame of Image the social and economic conditions of their people in the course of a single generation.”1 One of the poorest countries in the world at the beginning of the 1960s, Korea became a member of the Organisation for Economic Co-operation and Development (OECD) in 1996. Even among successful countries characterized by sustained high growth,2 Korea stands out with its impressive industrial upgrading and ability to recover quickly from shocks. In fact, unlike some countries caught in “a middle-income trap,” Korea managed to achieve export-led growth, not just export growth, by transforming its economic structure and systematically increasing the domestic value added or local content of its exports. As figure 5.2 shows, the share of manufacturing in Korea’s GDP more than doubled as Korea was able to improve agricultural productivity and reallocate workers
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Postcrisis Growth and Development
Figure 5.1. Korea’s Journey from Poverty to Prosperity
20,000 per capita GDP (current $) US$ 20,240 (2007) 1,000 OECD member 15,000 US$ 728 bn (2007) 800 trade volume (billions of current $)
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10,000
seven 5-year economic development plans
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5,000 1,000(1977) 87 0 1945 1962 1970 year per capita GDP trade volume 1980 economic crisis 1990 1995 1998
400
200 2006
Source: Author. Note: Korea’s trade volume (right axis) and per capita GDP (left axis) are both given in current U.S. dollars.
Figure 5.2. Sectoral Composition of Korea’s GDP


Full Text
Title Joint discovery and upgrading of comparative advantage
Similar Titles
Sub Title

Lessons from Korea's development experience

Material Type Reports
Author(English)

Lim, Wonhyuk

Publisher

[Washington, D.C.]:World Bank

Date 2010-11
Series Title; No Post crisis growth and development: a development agenda for the G-20
Pages 66
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Economy < Trade
Economy < Economic Administration
Holding World Bank