South Korea’s Economy in 2019/20: Slow Recovery, Growing Social Expenditure and the Fourth Industrial Revolution

Tomoo Kikuchi, Seung-Hwan Jeong and Gun-Woo Lee

East Asian Policy (EAP), 2020, vol. 12, issue 01, 83-94

Abstract: South Korea’s gross domestic product (GDP) growth was projected to recover to 2.3% in 2020 from 2.0% in 2019, aided by the recovery in the price of semiconductors. The manufacturing sector is South Korea’s most important sector for the highly export-dependent economy. China remains the top trading partner, but Vietnam has rapidly risen to become the third-largest export and the seventh-largest import market. South Korea plans to be ahead in the fourth industrial revolution by investing in data technologies, artificial intelligence and bio-health. The challenge is to manage both its industrial transition and social welfare expenditure while the young population continues to decline.

Date: 2020
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DOI: 10.1142/S1793930520000070

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