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Economic Lethargy: South Korea Needs a Second Wave of Reforms

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Publication Date: December 2007

Publisher(s): Heritage Foundation (Washington, D.C.)

Author(s): Bruce Klingner; Anthony B. Kim

Series: Backgrounder

Topic: Economics (Economic policy, planning, and development)

Keywords: Asia and the Pacific; Economic Reform; Lee Myung-bak; KORUS FTA

Type: Report

Coverage: Korea (South)

Abstract:

The economy of South Korea reflects a strengthening recovery, but inconsistent economic policies, lingering systemic deficiencies, and increasingly competitive rivals create significant long-term challenges. To avoid economic stagnation, South Korea should improve its investment environment through legislative reforms and implement structural reforms to increase the competitiveness and profitability of South Korean firms.