Korea's Economy
From the Issue
Korea's Economy Volume 27About Korea's Economy
Korea’s Economy is KEI’s annual journal publication dedicated to the key issues of the day for the Korean economy. Articles in Korea’s Economy are designed to give the casual, but informed reader insight into issues related to Korea’s markets and financial institutions, economic reform, economic relations with the wider world, and North Korea. It is published jointly each year with the Korea Institute for International Economic Policy.
Domestically, the decision for Korea to take on the presidency of the Group of 20 (G-20) in 2010 was received with both excitement and concern. It was the first presidency by a country not a member of the Group of Seven. There was also skepticism that, as the world economy recovers, the sense of urgency for G-20 actions would weaken, slowing the momentum for close policy coordination among G-20 members. Against this backdrop, Korea embarked on its year of presidency and took on the challenge of alleviating such concerns and reaffirming the G-20 as the premier forum for international economic cooperation.
The Seoul summit, which marked the end of Korea’s presidency, was a success. We were able to draw meaningful conclusions on all issues on the agenda that, for many of us, seemed like a daunting challenge to begin with. Such success is a testament to Korea’s capacity as a global leader as well as to the importance of the G-20 in addressing global challenges.