Déjà Vu: Is Korea the Next Japan?

Background

For the last two decades, Japan's economy has struggled with stagnation. Recently, many have begun to ask whether Korea's economy is going down the same path as Japan. To prevent this from occurring, the Park Geun-hye administration is working to transform Korea’s economy so that it avoids the pitfalls that befell Japan. In order to do so, President Park has called for the development of a creative economy, put forward a new three-year economic plan, and introduced a new short-term stimulus package. But is it enough?