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

Released on by Yangkyoon Byeon
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  • Korea’s Paradigm Shift for Sustainable and Inclusive Growth: A Proposal Book Detail

  • Author : Yangkyoon Byeon
  • Release Date : 2017-11-17
  • Publisher : International Monetary Fund
  • Genre : Business & Economics
  • Pages : 41
  • ISBN 13 : 1484330390
  • File Size : 2,2 MB
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Korea’s Paradigm Shift for Sustainable and Inclusive Growth: A Proposal by Yangkyoon Byeon PDF Summary

Book Description: 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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