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Déjà Vu : Is Korea the next Japan?

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  • Déjà Vu
  • Park, Yoon-shik
  • Korea Economic Institute of America


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Title Déjà Vu
Similar Titles
Sub Title

Is Korea the next Japan?

Material Type Reports
Author(English)

Park, Yoon-shik

Publisher

Washington, DC:Korea Economic Institute of America

Date 2014-10
Series Title; No Academic Paper Series
Pages 9
Subject Country Japan(Asia and Pacific)
South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < General
Holding KEI

Abstract

The Asian economic resurgence was first initiated by Japan after the end of World War II. Japan’s economy grew rapidly during the three decades from 1950 at the rate of almost 10 percent per year, with its GDP growing to be twice as big as that of Britain and almost half of the U.S. economy by 1980, becoming the second largest economy of the world after the United States. Similarly, Korea was able to replicate comparable economic successes as in Japan, even though the Korean economic drive started more than a decade later than in Japan. In recent years, however, the Korean economy has notably slowed down, with huge youth unemployment and even more serious underemployment. The recent drastic slowdown of the Korean economy has raised the possibility that it might face similar “lost decades” as in Japan during the past two decades. (The rest omitted)