The Path of Growth: Korea since 1953
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1 The Path of Growth: Korea since 1953 October 2010 Jaehoon Lee, Ph.D. Market Economy Research Institute Seoul, Korea
2 Contents 1 Korea s Path towards National Development 2 Korea Today 3 Korea Yesterday 4 5 The Crisis and Tomorrow The Success Factors for Korea s Compressed Growth and the Challenges
3 Korea s Growth since 1965 and the Share of Export 25, , , GDP per capita 10,000 5, Exports of goods and services (% of GDP) 0 0 Source: World Development Indicators, On-line, World Bank/IFC, 2010; Unit for the first Y-axis is current USD
4 Change in per capita GDP: Selected Countries Source: Penn World Table, v.5.1.
5 Korea Today Source: Asia Economics Daily, cwcontent.asiae.co.kr/amgimageli...99_1.jpg, 2009 Source: Korea Railway Corporation 2009.
6 Yesterday: Korea in the 1950s -1960s Source: Seoul History Museum, 2009 Source: Seoul History Museum, 2009
7 Korea in the 1960s Low growth Low income Low income Poverty Trap Low production Low savings Low investment
8 The Poverty Trap: Korea in the 1950s -1960s Pop ( 000) GNP (current USD bill) pc GNP (current USD) Growth rate Trade (USD mill) EX IM Agri Industry Structure (% of GNP) Mining & Ext Service , , , , , , , , Source: Seong-yeon Lee et. al.,understanding Korean Economy in the Era of Globalisation (in Korean), Hwanggeumsonamu, Dea-gu: Korea, 2008, p.31.
9 Korea: The Politico-Economic Timeline the 2000s President Syngman Rhee s Land Reform President Park s Export-first Principle The Era of Outward-Looking Industrialisation Maintaining continued growth and muddling through the 1997 Asian Financial Crisis Recovered growth and the Transformation of Economic Structure
10 Korea since the 1960s: GDP Composition Agriculture, value added (% of GDP) Industry, value added (% of GDP) Services, etc., value added (% of GDP) Source: World Development Indicators, On-line, World Bank/IFC, 2010; Unit for the first Y-axis is current USD
11 Focal points of Korea s Development Strategy: the 1960s Outward-looking, export-led growth Light industry, such as textile, plywood, shoes, etc. low-tech (but easily acquirable), low sunk cost, high employment effect However, growth strategy was lopsided mainly towards industry and was largely inequitable (i.e., Agricultural sector was relatively overlooked). Growth rate (%) Population growth (%) Per capita GNP (current USD) Export (current USD mill.) Source: Young-il Choi., The Growth and Policy of Korean Economy (in Korean), Bakyoung-sa, Seoul: Korea, 2004, p.14.
12 Focal points of Korea s Development Strategy: the 1970s Equitable growth: Modernisation of the Agricultural sector Samaeul Undong (New Village Movement) Development of HCI (Heavy and Chemical Industries) i.e., Posco Steel The need for high value-added industries to improve the balance of payment position and to attain competitive advantage (and to maintain comparative advantage) The focal point of the developmental strategies in this period was set on the advancement of industry-structure in order to attain the self-sustainable economic foundation.
13 Focal points of Korea s Development Strategy: the 1970s Source: POSCO, 2009 Source: Hyunddai Shipbuilding Incorporated, 2008
14 Focal points of Korea s Development Strategy: the 1980s Departing from the growth focused to the stability-focus Sustained growth + social development Emphasising electronics and machinery as strategic industries Open domestic market to import products Equitable distribution of national wealth Enlarging and enhancing welfare policies, such as national medical insurance, pension, minimum wage, etc.
15 Focal points of Korea s Development Strategy: the 1990s Departing from the growth-focus to the stability-focus Sustained growth + social development Emphasising electronics and machinery as strategic industries Open domestic market to import products Equitable distribution of national wealth Enlarging and enhancing welfare policies, such as national medical insurance, pension, minimum wage, etc.
16 Focal points of Korea s Development Strategy: the Post-Crisis Era Reform, revitalisation, transformation, and innovation And in search of the new growth paradigm Changing the high-cost-but-low-return economic structure Reforming the national education system (focusing on creativity) Improving the environment for fostering technological innovations Ameliorating the digital divide
17 Entrepreneurship and a High Risk-Taking Propensity: the Underlying Factor of Korea s Compressed Growth
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