Korea’s Paradigm Shift for Sustainable and Inclusive Growth: A Proposal

Korea’s Paradigm Shift for Sustainable and Inclusive Growth: A Proposal
Author :
Publisher : International Monetary Fund
Total Pages : 41
Release :
ISBN-10 : 9781484330395
ISBN-13 : 1484330390
Rating : 4/5 (390 Downloads)

Book Synopsis Korea’s Paradigm Shift for Sustainable and Inclusive Growth: A Proposal by : Yangkyoon Byeon

Download or read book Korea’s Paradigm Shift for Sustainable and Inclusive Growth: A Proposal written by Yangkyoon Byeon and published by International Monetary Fund. This book was released on 2017-11-17 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: Korea is facing mounting economic challenges. Productivity growth has been on a trend decline amid demographic headwinds, while the societal demand for inclusive growth has been on a steep rise. Furthermore, the government-led unbalanced growth model—which served Korea well in the past—has become less effective and politically palatable in recent years. As such, Korea needs a major paradigm shift to embark on a new sustainable and inclusive growth path. But policy response has been modest at best with no major reforms being implemented over the past two decades. We propose a paradigm shift in Korea’s economic framework, involving a simultaneous big push for greater economic freedom and stronger social protection within the parameters set by long-run fiscal sustainability. We also provide a detailed account of structural reforms to boost economic freedom and sustainable funding plans for stronger social protection.


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