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This is the full publication PDF for Vol. 30 of Korea's Economy Dear Readers, We are honored to present to you the 30th edition of Korea’s Economy. Over the past 30 years, this landmark journal has documented the remarkable transformation of the Korean economy and its rapid industrialization as one…
The paper reviews some of the key aspects leading to Korea’s remarkably successful economic transformation, including its consistent and aggressive pursuit of export-led growth, its investments in basic services and housing, its enviable record in human capital development and skills acquisition, its regional development policies, its strengths in planning and…
Korea’s economic development is often cited as a model for other developing nations. One of about 60 countries whose per capita income was less than $300 in the 1960s, only Korea was able to attain a per capita income of more than $10,000 by 1995. Some scholars have pointed to…
Korea has shaken off some of the impacts brought by the Sewol ferry disaster, but its overall pace of growth is still very weak. The Korean economy is forecast to grow by 3.5 percent in 2015, slightly higher than 3.4 percent in 2014. But there are growing downside risks in…
The Korean economy has faced several crises, such as the ending of the rapid economic growth era in the 21st century, continued stagnation of per capita GDP growth since 2007 where its value exceeded $20,000 for the first time, an expected decrease in economic growth rate from 3.5 percent in…
After decades of rapid growth led by large, industrialized chaebol firms, Korea has reached the technology frontier in many of its largest industries and run out of room for future robust growth through this model alone. Instead of focusing just on increasing technology development in export sectors, Korea should seek…