Economic Development of Korea


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Korean Economy Evolution

General Policy Stance

  • General Policy Stance
    • To correct excesses and imbalances
    • From export earnings to enhanced international competitiveness
    • By giving more private initiatives
    • Continuing liberalization
      • Unilateral Import Liberalization
      • Privatization of banks by selling government shares(1981 & 1983)
      • Retained the gov’t right to appoint CEOs of commercial banks
      • Privatization of Interest rate (1988)
      • Introduction of a negative list system for Inward FDI (1984)

Political Liberalization

  • Political Liberalization
    • June 29 Declaration of Democratization (1987)
    • 1st Democratic Change of Government
      • Accompanied Massive Industrial Dispute & Outward FDI
  • Hyper Economic Growth (1985-1988): 11% p.a.
    • Due to favourable external conditions: “3 Lows” or “3 Blessings”

8th FYESDP (19912-1996)

  • 8th FYESDP (19912-1996)
    • Crisis Hit the Korean Economy (1997-1998) & Massive Economic and Social Reforms were Conducted
      • Average Growth Rate (1992-1996): 7.2% p.a.
    • Background
      • International Competitiveness Eroded
        • Due to fast rising wages
          • Growth of Nominal Wages: over 19% p.a.
        • Revaluation of Currency by 8.65% (1987-1989)

8th FYESDP (1992-1996)

  • 8th FYESDP (1992-1996)
    • Background
      • Slowdown of the Economy
        • Consumption-led Growth
      • Current Account turned in deficit again
      • Further Acceleration of Globalization

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