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Korea’s Economy Volume 32

5 Publications

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…

Korea's Economic Growth Prospects Under the Income-led Strategy

Korea is pursuing a bold strategy in an effort to achieve a paradigm shift that results in a fair economy. Some of its major initiatives – notably sharp increases in public employment and social spending and a hike in the corporate income tax rate – run counter to trends in…