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A productive partnership: the World Bank and the Republic of Korea, 1962-1994 (English)

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  • A productive partnership: the World Bank and the Republic of Korea, 1962-1994 (English)
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Title A productive partnership: the World Bank and the Republic of Korea, 1962-1994 (English)
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Material Type Reports
Publisher

World Bank (WB)

Date 1999
Language English
File Type Link
Subject Social Development < Health

Abstract

Bank assistance to Korea was significant in the Financial, Transportation, Energy, Education, and other Social Sectors. However, changing market conditions and shifting development priorities over three decades demanded a high degree of innovation, planning... See More +, and flexibility. Investment in agriculture increased substantially in the 1970s, then declined in the 1980s as the economy shifted to a greater emphasis on industrial development. Priorities in educational investment changed as the economy demanded support for research and development (R&D) and as more skilled labor was needed for science and technology development. Finally, the development of social infrastructure (e.g. urban, water supply, sanitation, sewerage, environment) became a higher priority as the country's Industrial Sector and Energy and Transportation Infrastructures became more developed. Emphasis was placed on achieving greater social equity through better distribution of income and wealth. Such flexibility enabled the GOK to meet the demands of the changing and often times volatile economic environment.