Post-crisis Slowdown in the Korean Economy and Long-term Outlook
Kyooho Kwon · SSRN Electronic Journal · 2019
The Korean economy grew at an annual average rate of 3% in 2011-2018, which appears to be a downward trend and not a temporary setback. A prolonged growth accounting reveals that the Korean economy will likely grow to a low-to-mid 2% (annual average) in the 2020s when productivity is expected to improve through continued innovation. Thus, the government should make concerted policy efforts to improve productivity and to keep a close eye on the causes of the slow economic growth.