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Korea : policy issues for long-term development (English)

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  • Korea : policy issues for long-term development (English)
  • Hazan, Parvez; Rao, D.C.
  • World Bank (WB)


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Title Korea : policy issues for long-term development (English)
Similar Titles
Material Type Reports
Author(English)

Hazan, Parvez; Rao, D.C.

Publisher

World Bank (WB)

Date 1979
ISBN 0-8018-2229-7
Language English
File Type Link
Subject Economy < Macroeconomics

Abstract

The growth of Korea's economy consistently satisfied and often surpassed the ambitious targets set by development planners in the 1960s and early 1970s, although the country is not well endowed with natural resources. A firm commitment to development, social homogeneity, strong political leadership, sound policies, and a favorable international environment combined to create a striking success story in economic development. Korea's present rate of economic growth and its level of infrastructure development are among the highest in the developing world, its social services have substantially raised the standard of living in both rural and urban areas. By 1990, long term development could secure Korea's place as a fairly high-income, heavily industrialized, export-dependent economy with a rapidly dwindling reliance on agriculture. For rapid growth to continue, however, Korea must resolve numerous policy issues of social and economic consequence - issues associated with requirements for greater attention to equity, for structural changes to maintain the comparative advantage of Korean exports, and, for the roles government is to undertake in response to the changing domestic and external conditions expected in the 1980s. Health, education, energy, transport, and resource mobilization and allocation will all raise important questions. These issues are focal points in this in-depth report.