Policy Implications for Inclusive Growth in the Republic of Korea

초록

Korea has achieved rapid economic growth and social development with relatively less inequality in the last five decades. Since 1997, however, income inequality and polarization in the economy have increased while the potential growth rate has decreased. Therefore, Korea faces two intertwined fundamental challenges of sustaining economic growth and ameliorating bipolarization. This paper analyzes the status of the Korean economy in terms of five inclusive growth indicators — productive employment, income inequality and poverty, human capital, social protection, and financial exclusion. In addition, this paper explains microcredit programs in Korea and suggests policy implications for inclusive growth to respond to those challenges.

키워드