Back to Basics: Fiscal Space in a Low-growth Era
- Author Sungbae An
Concerns have been raised about an even lower growth of the Korean economy after the coronavirus pandemic. As the Korean economy heavily depends on global demand for its products, the external sector will be the main source of possible structural change. The massive development of the global value chain led the growth of the Korean economy in the 21st century, but it is now stagnating and even declining under the prolonged strategic tensions between the United States and China. In the mean while, the Chinese economy, Korea’s largest trading partner, is experiencing a growth slowdown. An additional dimension that the Korean economy suffers from is the loss of relative competitiveness, as China’s manufacturing productivity is rapidly catching up with the Korea’s.
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