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The Creative Economy of the Park Geun-hye Administration
Author: Cha Doo-won
Region: Asia
Location: Korea, South
Published March 4, 2016
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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 2010 to 2.1 percent in 2020, the employment rate staying around 59 percent since 2007, and a decrease in the coefficient of employment in all industries from 10.1 in 2005 to 7.9 in 2011. In addition, a rapidly aging population, the world’s lowest birth rate, and the absence of next-generation growth engine technology is darkening the economic outlook. The Park Geun-hye administration, since its inauguration in 2013, suggested the “job-centered creative economy” as a core philosophy of its state affairs to solve the problems stated above. Even if it is difficult to analyze the concrete results of the creative economy, this paper intends to examine the evolution of the creative economy policy from its advent to the present to review its problems and to propose its future direction.

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