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The Strategy for Korea's Economic Success$
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Hwy-Chang Moon

Print publication date: 2016

Print ISBN-13: 9780190228798

Published to Oxford Scholarship Online: May 2016

DOI: 10.1093/acprof:oso/9780190228798.001.0001

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New Challenges in Korea

New Challenges in Korea

Chapter:
(p.185) Chapter 10 New Challenges in Korea
Source:
The Strategy for Korea's Economic Success
Author(s):

Hwy-Chang Moon

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780190228798.003.0011

Although Korea has developed at a great pace thus far, it currently faces new challenges to sustainable competitiveness, and this is unfortunately the downside of Korea’s fast growth. One major problem is the highly unproductive service sector, which is dwarfed by the productivity of the manufacturing sector that served as the backbone of Korea’s development. A second problem is underdeveloped sociopolitical system, which is noticeable by the comparative strength of Korea’s economy. Finally, Korea faces a rapidly aging population, which is partly a consequence of rampant transformation in the society. The chapter explains each of the challenges in detail and provides practical solutions by applying the ABCDs to each case.

Keywords:   new challenges, sustainable competitiveness, unproductive service sector, underdeveloped sociopolitical system, aging population

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