‘Paradigm shift’ needed for S Korea, warns IMF paper
Authors say “big push” is needed toward implementing social protection
Economists have said South Korea’s economic framework needs to undergo a “paradigm shift” urgently or it risks jeopardising its recovery.
Authors Yangkyoon Byeon, Kwanghae Choi, Heenam Choi and Jun Kim examine the decline in productivity growth in Korea amid demographic “headwinds”, setting out their results in the International Monetary Fund working paper.
“The government-led unbalanced growth model – which served Korea well in the past – has become less effective and politically palatable
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