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The Rise of Korea's Defense Industry in the New Global Security Paradigm

Author

Listed:
  • Jang, Won-Joon

    (Korea Institute for Industrial Economics and Trade)

  • Park, Hea Ji

    (Korea Institute for Industrial Economics and Trade)

Abstract

As of this writing, one and a half years have passed since Russia’s sudden invasion of Ukraine on February 24, 2022. Despite early prospects of a unilateral victory for Russia, which has the world’s second-most powerful military according to the Global Firepower Index (GFI), Ukraine (No. 22 by GFI) has stopped Russian progress thanks to full-fledged defense support from the United States, NATO and other global allies. As of December 2023, Russia and Ukraine continue to fight on the southeastern border of the country and around Crimea, and the war is expected to continue for the time being. The global defense market is in flux due to the prolonged Russia-Ukraine war. Major think tanks in advanced countries, such as the Center for Strategic and International Studies (CSIS), the Stockholm International Peace Research Institute (SIPRI), and Janes Information Services (Janes), are scrambling to analyze changes and describe the prospects of the global defense market as defense budgets in major countries began to surge following the outbreak of the Russia-Ukraine War. Indeed, the performance of the global defense market before and after the February 2022 has been diametrical. Exploring this phenomenon, this paper analyzes the recent trends and prospects of the global defense market after the outbreak of war in Ukraine, and identifies the implications carried by the analysis. It concludes by offering a suite of policy suggestions with the defense industry in mind.

Suggested Citation

  • Jang, Won-Joon & Park, Hea Ji, 2023. "The Rise of Korea's Defense Industry in the New Global Security Paradigm," Industrial Economic Review 23-28, Korea Institute for Industrial Economics and Trade.
    • Handle: RePEc:ris:kieter:2023_028
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    More about this item

    Keywords

    defense; national security; defense industry; weapons development; weapons systems; arms exports; Russia-Ukraine war; defense R&D; defense spending; military budgets; defense technology; weapons technology; Korea; KIET;
    All these keywords.

    JEL classification:

    • F51 - International Economics - - International Relations, National Security, and International Political Economy - - - International Conflicts; Negotiations; Sanctions
    • F52 - International Economics - - International Relations, National Security, and International Political Economy - - - National Security; Economic Nationalism
    • H56 - Public Economics - - National Government Expenditures and Related Policies - - - National Security and War
    • L64 - Industrial Organization - - Industry Studies: Manufacturing - - - Other Machinery; Business Equipment; Armaments

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