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Korea’s Economy Volume 32

7 Publications

Challenges for Korea in Planning for Net Zero Emissions by 2050

In recent years, South Korea has been addressing climate change, including through investments in hydrogen, the Green New Deal, and international pledges to cut emissions by 40 percent from 2018 by 2030. Former President Moon Jae-in announced in 2020 that South Korea would commit to becoming carbon neutral by 2050.…

The Impacts of Economic Sanctions and COVID-19 on the North Korean Economy: 2017-2020

In recent years, North Korea has faced economic shocks from UN sanctions and the pandemic. As Dr. Jongkyu Lee (Senior Fellow at the Korea Development Institute) writes in his new article for Korea’s Economy,  the impact on non-sanctioned items from border closures to prevent the entry of COVID-19 has proven…

Korea's Recent Trade Performance in Response to External Development

In this new article of KEI’s Korea’s Economy,  Dr. Bark Taeho (President of the Global Commerce Institute of Lee & Ko and Former Minister for Trade) notes that Korea has faced several challenges in the past few years. These include China’s response to the deployment of the U.S. anti-missile defense system…

Digitalization in South Korea: A Path to a Better Shared Prosperity?

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…

The Korean Economy in the Swirl of Pandemic

After an initial surge in cases, Korea was less seriously affected by the COVID-19 virus than other countries, but the subsequent recovery was relatively mild. The negative effect was concentrated among low-income earners such as temporary, low-skilled, and small company workers, worsening income distribution. Expansionary monetary and fiscal policies contributed…

Measuring the Impact of Hallyu on Korea's Economy: Setting Off on the Wrong Foot

This paper argues that the impact of Hallyu (the Korean Wave) on the Korean economy has only been effective in boosting related sectors, such as cosmetics, fashion, and tourism. Interestingly, the Korean government has tried to take credit for the emergence of the Korean Wave and has exaggerated its economic…