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.
Just as the world economy was about to be thrown into another Great Depression in late 2008, leaders of the Group of 20 (G-20) and emerging economies gathered for the first time to save the global economy from the worst recession since the Great Depression. After that they met four times before they met again in Seoul in November 2010. The G-20 during that time took the lead successfully in the global community’s effort to avert another Great Depression. It proved to be a functioning crisis management committee. Nonetheless, there were many skeptics of the G-20 who predicted that, after the global economy recovered, the sense of urgency shared by the G-20 leaders would dissipate, and, consequently, the G-20 would stumble. Therefore, the Seoul summit scheduled for 11–12 November 2010 was a litmus test, so to speak, for the G-20’s ability to position itself as a global steering committee by showing the world that it could still deliver even after the crisis. In view of this, the Korean presidency worked diligently in close collaboration with the rest of the G-20 member countries.