Economic restructuring in post-crisis Korea

Abstract

The current paper evaluates the restructuring measures implemented in the post-crisis Korean economy. Those taken after the economic crisis were quite successful in the sense of economic recovery. The financial and corporate sector reforms undertaken by the Korean government contributed to strengthening the banking and corporate sectors, attracting FDI inflows. However, many indicators show worsening of income inequalities and workers' situation regarding job security. The strengths as well as the weaknesses of the development strategy of Korea and its reform measures undertaken since the occurrence of the economic crisis need to be differentiated. © 2006.