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South Korea’s Economy in 2019/20: Slow Recovery, Growing Social Expenditure and the Fourth Industrial Revolution

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  • Tomoo KIKUCHI
  • Seung-Hwan JEONG
  • Gun-Woo LEE

Abstract

South Korea’s gross domestic product (GDP) growth was projected to recover to 2.3% in 2020 from 2.0% in 2019, aided by the recovery in the price of semiconductors. The manufacturing sector is South Korea’s most important sector for the highly export-dependent economy. China remains the top trading partner, but Vietnam has rapidly risen to become the third-largest export and the seventh-largest import market. South Korea plans to be ahead in the fourth industrial revolution by investing in data technologies, artificial intelligence and bio-health. The challenge is to manage both its industrial transition and social welfare expenditure while the young population continues to decline.

Suggested Citation

  • Tomoo KIKUCHI & Seung-Hwan JEONG & Gun-Woo LEE, 2020. "South Korea’s Economy in 2019/20: Slow Recovery, Growing Social Expenditure and the Fourth Industrial Revolution," East Asian Policy (EAP), World Scientific Publishing Co. Pte. Ltd., vol. 12(01), pages 83-94, January.
    • Handle: RePEc:wsi:eapxxx:v:12:y:2020:i:01:n:s1793930520000070
    DOI: 10.1142/S1793930520000070
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    Cited by:

    1. Sadhukhan, Jhuma, 2022. "Net zero electricity systems in global economies by life cycle assessment (LCA) considering ecosystem, health, monetization, and soil CO2 sequestration impacts," Renewable Energy, Elsevier, vol. 184(C), pages 960-974.

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