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Performance of the services sector in Korea : An empirical investigation

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  • Performance of the services sector in Korea
  • Park, Donghyun; Shin, Kwanho
  • Peterson Institute for International Economics


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Title Performance of the services sector in Korea
Similar Titles
Sub Title

An empirical investigation

Material Type Reports
Author(English)

Park, Donghyun; Shin, Kwanho

Publisher

Washington, DC:Peterson Institute for International Economics

Date 2012-10
Series Title; No Working Paper / 12-20
Pages 34
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Original Format pdf
Subject Industry and Technology < General
Holding IIE

Abstract

There is a widespread perception that Korea’s services sector lags behind its dynamic world-class manufacturing sector. We empirically analyze the past performance of Korea’s services sector in order to assess its prospects as an engine of growth. Our analysis resoundingly confirms the conventional wisdom of an underperforming service sector. In light of Korea’s high income and development level, the poor performance of modern services is of particular concern. We identify a number of factors underlying the poor performance, and set forth policy recommendations for addressing them. Overall, Korea faces a challenging but navigable road ahead in developing a high value-added services sector.