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

Author

Listed:
  • Yangho Byeon
  • Kwanghae Choi
  • Heenam Choi
  • Mr. Jun I Kim

Abstract

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.

Suggested Citation

  • Yangho Byeon & Kwanghae Choi & Heenam Choi & Mr. Jun I Kim, 2017. "Korea’s Paradigm Shift for Sustainable and Inclusive Growth: A Proposal," IMF Working Papers 2017/260, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2017/260
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