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Reforms for Korea's Sustained Growth

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Title Reforms for Korea's Sustained Growth
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Material Type Report
Author(English)

Hahn, Chinhee et al.

Publisher

Seoul, South Korea : Korea Development Institute

Date 2011
Pages 408
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Economy < Economic Conditions
Holding Korea Development Institute
License

Abstract

Korea has attracted worldwide attention for its rapid economic growth since the 1960s. Although the country’s economic growth is considered relatively healthy by international standards, the Korean economy still faces considerable challenges. Key aspects of the changes in the external economic environment include globalization, fragmentation or disintegration of national production, and the rise of China. In particular, the rapid export-driven growth of China has undoubtedly provided opportunities to Korea by providing a large market for Korea’s exports and a source of low-cost production. The rise of China, however, has also necessitated costly adjustment on the part of Korea through export and import competition and possibly terms of trade channels. Whatever the exact nature of these changing external environments may be, the actual impacts will vary, depending on country-specific development patterns and stages, as well as on domestic efforts to improve flexibility, innovation capacity, and resiliency of the economy. (The rest omitted)