Macroeconomy and Sources of Growth

Nak Nyeon Kim ()
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Nak Nyeon Kim: The Academy of Korean Studies

Chapter Chapter 2 in Korean Economic Growth, 1876 - 2022, 2025, pp 21-44 from Springer

Abstract: Abstract This chapter examines major macroeconomic trends in Korea’s economic development, focusing on changes in GDP composition by industry and spending patterns. Korea’s rapid economic growth historically relied on openness to trade, access to foreign capital, and accelerated investment growth, although their roles have diminished significantly in recent years. The chapter also analyzes labor, capital, and technology as key growth drivers, placing Korea’s experience within the broader context of East Asian growth models. While prior studies emphasize input-driven growth—particularly through capital and labor accumulation—over technological progress in East Asia, this chapter re-evaluates Korea’s productivity trends in comparison with the United States, Japan, and Europe, thereby shedding light on the evolving dynamics of factor productivity and their implications for Korea’s long-term economic development.

Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:spr:stechp:978-981-96-4832-0_2

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DOI: 10.1007/978-981-96-4832-0_2

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