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Servitization of South Korea economy : Causes for sluggishness and policy issues

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  • Servitization of South Korea economy
  • Kim, Bongho; Yoon, Seok
  • Science Publication


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Title Servitization of South Korea economy
Similar Titles
Sub Title

Causes for sluggishness and policy issues

Material Type Articles
Author(English)

Kim, Bongho; Yoon, Seok

Publisher

[Al Ain, United Arab Emirates] : Science Publication

Date 2014
Journal Title; Vol./Issue American Journal of Applied Sciences:vol. 11(issue 9)
Pages 11
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Industry and Technology < Others
Holding Science Publication
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Abstract

Since the 1960 s, the South Korea economy has achieved a rapid economic growth, whereas from the mid 1990’s and beyond, servitization showing the growth of the service section over the nominal GDP has rapidly developed. On the other hand, the service industry productivity declined, even lower than the OECD average. These results continue recently through the deterioration of income inequality. Therefore, the objective of this study is to examine the status and characteristics of the servitization of South Korea economy, analyze the causes for the service industry’s productivity slowdown and income inequality. By presenting the policy issues for securing the service industry’s competition, this study attempts to define the policy implications to build the framework for economic advancement.