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Korea's Growth Performance: Past and Future

Author

Listed:
  • Marcus Noland

    (East-West Center & Peterson Institute for International Economics)

Abstract
South Korea is arguably the premier development success story of the last half century. For 47 years starting in 1963, the economy averaged 7 percent real growth annually, and experienced only two years of economic contraction: 1980 after the second oil shock and the assassination of President Park Chung-hee, and 1998 at the nadir of the Asian financial crisis. At the start of that period South Korea had a per capita income lower than that of Mozambique or Bolivia; today it is richer than Spain or New Zealand, and was the first Asian and first non-G7 country to host a summit of the G20, the unofficial steering committee of the world economy. The South Korean case is of interest for a variety of reasons. Rapid growth coincided with extensive state interventions in the economy, and considerable controversy exists as to how much this performance should be credited to the country’s state-led development strategy and to what extent the lessons from that experience might be portable or applied elsewhere. The salience of this issue has grown as South Korea has become a more important provider of development assistance and advice. Now the country faces challenges in maintaining its superior economic performance in the face of an aging population domestically and a taxing external environment. Finally, the country confronts scenarios involving potential instability, collapse, and/or absorption of its neighbor, North Korea.

Suggested Citation

  • Marcus Noland, 2011. "Korea's Growth Performance: Past and Future," Economics Study Area Working Papers 123, East-West Center, Economics Study Area.
    • Handle: RePEc:ewc:wpaper:wp123
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    File URL: http://www.eastwestcenter.org/pubs/33181
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    Cited by:

    1. Lawrence Edwards & Nicholas Masiyandima, 2018. "Shaking out or shaking in: The impact of Zimbabwe’s economic crisis on the country’s manufacturing sector allocative efficiency," Working Papers 749, Economic Research Southern Africa.
    2. Songül KARADAŞ & RAHMİ ÇETİN, 2018. "The Miracle on the Han River: South Korean Economic Development," Istanbul Journal of Economics-Istanbul Iktisat Dergisi, Istanbul University, Faculty of Economics, vol. 68(1), pages 93-112, June.
    3. Noland, Marcus, 2015. "Unconventional monetary policy, spillovers, and liftoff: implications for Northeast Asia," MPRA Paper 67984, University Library of Munich, Germany.
    4. Rutzer, Christian, 2014. "From the Loser to the Winner - How Trade Liberalization can lead to Leapfrogging between Countries," VfS Annual Conference 2014 (Hamburg): Evidence-based Economic Policy 100313, Verein für Socialpolitik / German Economic Association.

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