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Lessons from the economic development experience of South Korea

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  • Lessons from the economic development experience of South Korea
  • Leipziger, Danny
  • The Korea Economic Institute of America


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Title Lessons from the economic development experience of South Korea
Similar Titles
Material Type Articles
Author(English)

Leipziger, Danny

Publisher

[Washington, D.C.]:The Korea Economic Institute of America

Date 2016-03
Journal Title; Vol./Issue Korea's Economy:vol. 30
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Macroeconomics
Holding KEIA

Abstract

The paper reviews some of the key aspects leading to Korea’s remarkably successful economic transformation, including its consistent and aggressive pursuit of export-led growth, its investments in basic services and housing, its enviable record in human capital development and skills acquisition, its regional development policies, its strengths in planning and implementation, and its concerns about societal issues like equitable growth. The second part of the paper looks at some of Korea’s challenges for the future. In this area, some concerns are raised about demographic constraints, the alarming increase in household debt and dearth of household savings, issues of energy policy, trends in the distribution of income and wealth, and a possible need for institutional revitalization. The aim of any reforms is to position Korea well for the future and to maintain its economic position and the well-being of its citizens.