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Korea's paradigm shift for sustainable and inclusive growth : A proposal

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  • Korea's paradigm shift for sustainable and inclusive growth
  • Byeon, Yangkyoon; Choi, Kwanghae; Choi, Heenam; Kim, Jun I.
  • International Monetary Fund


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Title Korea's paradigm shift for sustainable and inclusive growth
Similar Titles
Sub Title

A proposal

Material Type Reports
Author(English)

Byeon, Yangkyoon; Choi, Kwanghae; Choi, Heenam; Kim, Jun I.

Publisher

[Washington D.C, U.S] : International Monetary Fund

Date 2017-11
Series Title; No IMF Working Paper / WP/17/260
ISBN 978-14-84329-931
Pages 41
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Economic System
Government and Law < Governance
Holding International Monetary Fund
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Abstract

Korea is facing mounting economic challenges. Productivity growth has been on a trend decline amid demographic headwinds, while the societal demand for inclusive growth has been on a steep rise. Furthermore, the government-led unbalanced growth model?which served Korea well in the past?has become less effective and politically palatable in recent years. As such, Korea needs a major paradigm shift to embark on a new sustainable and inclusive growth path. But policy response has been modest at best with no major reforms being implemented over the past two decades. We propose a paradigm shift in Korea’s economic framework, involving a simultaneous big push for greater economic freedom and stronger social protection within the parameters set by long-run fiscal sustainability. We also provide a detailed account of structural reforms to boost economic freedom and sustainable funding plans for stronger social protection.