Digitalization could open a new era of growth for Korea. Previous expansion waves, based on traditional industries, have fostered export-led growth and placed Korea among the world’s top ten economies. However, divides between industry and services, large and small firms, and regular and non-regular workers have widened. The economy was losing steam even before the COVID-19 crisis, as the working-age population started to decline, and productivity growth slowed. Digitalization offers huge opportunities to raise productivity economy-wide and to tackle inequality, but optimizing it for all requires appropriate policies, notably to enhance skills, adapt regulations, and create networks for technology diffusion and innovation.

Please join KEI for a discussion with Christophe André and Jinwoan Beom of the Organization for Economic Cooperation and Development on their new paper in KEI’s Korea’s Economy series on how digitalization can benefit the South Korean economy.