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Economic growth and equity in the Republic of Korea (English)

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  • Economic growth and equity in the Republic of Korea (English)
  • Rao, D.
  • World Bank (WB)


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Title Economic growth and equity in the Republic of Korea (English)
Similar Titles
Material Type Articles
Author(English)

Rao, D.

Publisher

World Bank (WB)

Date 1978
Language English
File Type Link
Subject Social Development < Education

Abstract

The structural characteristics and specific interventionist policies in Korea and their relationship to employment trends are examined. The relatively good performance of Korea in the distribution of the benefits of growth is principally the result of the growth strategy, which relies heavily on exports and results in the expansion of labor-intensive manufacturing activities. The government also has concentrated on reducing rural-urban disparities in household income with particular attention to grain pricing. Although Korea has excelled in combining rapid growth with a reasonably wide distribution of the benefits of growth, some serious problems remain. Demographic factors tend to be less favorable for achieving a rapid improvement in equity. The rate of growth of export demand will probably slow down significantly. The rapid growth in productivity cannot be maintained. Recommendations are made to mobilize resources, facilitate new technology, and encourage the absorption of labor. If a growth rate of over 9 percent per annum can be sustained and special measures taken, Korea can look forward to full employment and the elimination of absolute poverty before the end of the next decade. Economic data are included.