Seeking ways for another economic take-off

Seminar marks 2nd anniversary of announcing 'Korean Economic Vision 2030' 

   To look at new opportunities and challenges that have emerged since FKI announced 'The Korean Economic Vision 2030' to observe its 50th birthday two years ago, and prioritize policy issues to materialize the vision, the Federation held a commemorative seminar on November 20 at the KT Building in Yeouido.

   The participants examined the effects of new opportunities and challenges, including the new government's creative economic policies, legislation for economic democratization, the economic crisis originating in Europe, and contractions in newly emerging economies, on programs to realize the vision, and sought ways to overcome risk factors and help the nation evolve into a global economic power.

   President Jeong Geun Oh of the Society for Asian Finance, gave an overview of the Korean economy in his keynote address which was followed by a presentation by Senior Research Fellow Jae Ho Keum of the Korea Labor Institute (KLI) on increasing employment, a presentation by Prof. Tae Jin Kang of Seoul National University on fostering new industries, and a presentation by Prof. Jae Il Kim of dankook University on social cohesion.

   Meanwhile, the attendees stressed in the general discussion that to maintain sustained growth the Korean economy has achieved for the last 50 years, Korea now needs to overcome such challenges as a declining potential growth rate, a drop in economically productive population caused by a low fertility rate and ageing, strategic limits to technology acquisition and imitation, social conflicts and divisions, weakening corporate vitality, and catch-up strategies of newly emerging economies. To this end, they urged the new government focus its economic policy frameworks on reviving the economy to outgrow the protracted low growth trend.