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The Korean Economy : Past Performance, Current Reforms, and Future Prospects

페이스북
커버이미지
  • 저자 김기환(金基桓)
  • 발행일 1985/06/10
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요약 For more than two decades Korea has experienced
remarkable economic growth. From 1962 to 1982, the Korean
economy grew at an average annual rate of 8.4%. As a result of
this rapid growth, Korea today is recognized as one of the
outstanding newly industrializing countries(NICs)

It is worth noting, however, that the growth process during
this period was not always smooth nor was it of a uniform
nature. From 1962 to 1971, the country enjoyed both high
growth and price stability. Between 1971 and 1979, this high
growth continued, but it was accompanied by rapid inflation.
Korea experienced a severe setback in 1980. The economy then
recovered and inflation dropped sharply, but for the next two
years the growth rate was noticeably lower than it had been, In
1983, however, the country attained both high growth and price
stability.

In noting this pattern of growth, several questions come to
mind : (1) What contributed to the high growth with relative
price stability in the 1962-71 period? (2) Why was the growth
during the 1972-79 period accompanied by high inflation? (3)
What accounted for the economic setback in 1980? (4) How has
Korea achieved both high growth and stability since then? (5)
Are there any lessons to be drawn from the Korean experience?
The purpose of this paper is to answer these questions with
special emphasis on the consequences of different development
strategies.
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