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The political economy of South Korea under the new international order

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  • The political economy of South Korea under the new international order
  • Pyo,Hak-kil
  • Korea Economy Institute of America


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Title The political economy of South Korea under the new international order
Similar Titles
Material Type Reports
Author(English)

Pyo,Hak-kil

Publisher

Washington,D.C : Korea Economy Institute of America

Date 2016-02
Series Title; No Overview and macroeconomic / Issues-7
Pages 6
Language English
File Type Link
Subject Economy < General
Economy < Economic Conditions
Government and Law < Political Systems
Holding Korea Economy Institute of America
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Abstract

The political economy in South Korea changed immensely through a series of internal and external events in 2011 and 2012. At the same time, actual economic performance was disappointing and far less than the 7 percent that president Lee Myung-bak had envisioned. The economic picture also worsened for households and businesses as households saw consumer prices rise by 4percent, while businesses faced increasingly higher prices for oil. At the same time, household debt surpassed 900 trillion won and all of the indicators of income inequality worsened. The National Assembly elections saw both political parties push for increased welfare spending. However, the proposals put forward by both parties may not be feasible due to constraints on the government’s total budget. With the global economic condition, continued fiscal troubles in Europe, and a slowdown of economic growth in China, Korea also faces reduced expectations for economic growth in the year ahead.