Korea Development Institute.ppt

1. Transformation of the Korean Economy  (1945-2003) A. Growth Trend B. Changes in Industrial Structure 2. Economic Take-off with Outward-looking Development Strategy (1960-80) A. Economic Conditions of the early 1960s B. Working Mechanism of the Outward-looking Development Strategy Education HRD in Korea : Attainments Quantitative profile: impressive, well above the OECD average Education up to the college level almost universalized College Advancement 80 % Net Enrollment for the aged 18~21 = 41%, (No. 5 in the World) Superb academic performance: global leader (TIMSS, PISA) C. Change in Industrial Policies during the 1970s: from Light Industry to Heavy and Chemical Industry D. Changing Industrial Structure: from Agriculture to Manufacturing / from Light Industry to Heavy and Chemical Industry 3. Changes in Development Strategy  (1980-2000) A. Pitfalls of the Government-led Economic Development B. Stabilization Policies in the Early 1980s 4. Delayed Economic Reform and  Financial Crisis of 1997 Firm Failures and Unemployment, 1996-99 5. Swift Crisis Resolution and Economic  Recovery 6. Five-year Economic Development Plans State-led Planning (1962-76); 1st, 2nd, and 3rd Five-year Economic Development Plans Suitable for an under-developed, small-sized economy with a relatively simple structure Focused on setting up sectoral investment plans and mobilizing and allocating domestic and external resources to support the implementation of the plans Supplemented by annual Economic Management Plans Indicative Planning (1977-91); 4th, 5th, and 6th Five-year Economic Development Plans To cope with the growing size and sophistication of the economy Giving a greater role to private initiatives Reflecting a growing concern on equity issues Medium-term Fiscal Plan introduced in the early 1980s to bridge the gap between EDPs and annual budgeting Not published to the public Not tightl