Korea's Economy
From the Issue
Korea's Economy Volume 32About 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.
Author: Christophe André, Jinwoan Beom, Mathilde Pak
Region: Asia
Theme: Economics
Location: Korea, South
Published January 10, 2022
Download PDFDigitalization 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.