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Policy implications for inclusive growth in the Republic of Korea

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  • Policy implications for inclusive growth in the Republic of Korea
  • Lee, Young Youn; Lee, Sophia Seung-yoon
  • The Association of Korean Economic Studies


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Title Policy implications for inclusive growth in the Republic of Korea
Similar Titles
Material Type Articles
Author(English)

Lee, Young Youn; Lee, Sophia Seung-yoon

Publisher

[Seoul]:The Association of Korean Economic Studies

Date 2013-12
Journal Title; Vol./Issue Korea and the World Economy:vol. 14(no. 3)
Pages 45
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Financial Policy
Holding AKES

Abstract

Korea has achieved rapid economic growth and social development with relatively less inequality in the last five decades. Since 1997, however, income inequality and polarization in the economy have increased while the potential growth rate has decreased. Therefore, Korea faces two intertwined fundamental challenges of sustaining economic growth and ameliorating bipolarization. This paper analyzes the status of the Korean economy in terms of five inclusive growth indicators — productive employment, income inequality and poverty, human capital, social protection, and financial exclusion. In addition, this paper explains microcredit programs in Korea and suggests policy implications for inclusive growth to respond to those challenges.