Catch-up and Crisis in Korea

Catch-up and Crisis in Korea

Wontack Hong

Whilst the process of catch-up in Korea – led by export-oriented growth – has been rapid and, in a sense, very successful, it has also been subject to turbulence, not least in a crisis of near bankruptcy that has dramatically revealed its Achilles heel. Informed by the 1997 crisis, Wontack Hong writes a new history of the Korean economy; one that seeks to understand export-oriented catch-up in newly industrialized countries (NICs) whilst offering a realistic appraisal and forewarning of the pitfalls which could signal self-destruction.

APPENDIX 1: MAJOR STATISTICAL INDICATORS: KOREA

Wontack Hong

Extract

Growth rate of GDP (%) Savings propensity sd1 (%) sf2 (%) Heavy and chemical products (%) 145 6.93 7.80 8.21 8.42 8.72 9.16 9.41 9 8 9 10 12 13 13 1953 54 55 56 57 58 59 1960 61 62 63 64 65 66 67 68 69 — 5.6 4.5 Ϫ1.3 7.6 5.5 3.9 1.2 5.9 2.1 9.1 9.7 5.7 12.2 5.9 11.3 13.8 13.1 10.4 10.3 8.6 13.9 12.8 10.8 9.0 11.7 11.0 14.4 14.0 13.2 16.6 15.4 18.2 21.4 1.6 1.0 1.3 Ϫ0.6 0.1 Ϫ1.0 Ϫ0.4 Ϫ0.4 Ϫ1.3 1.9 3.5 0.6 Ϫ0.2 2.5 3.9 7.1 7.1 1.5 0.8 0.7 1.0 0.6 0.6 0.7 1.4 1.8 2.0 2.9 3.9 5.8 6.6 7.1 8.1 8.8 1.7 1.3 2.2 1.3 2.2 2.2 2.7 2.7 4.5 4.0 2.5 2.8 3.7 5.3 6.5 6.6 6.6 9.0 11.8 11.6 11.6 11.2 12.8 14.1 13.8 13.6 14.4 14.7 15.6 18.0 18.6 19.1 20.1 20.3 0.04 0.02 0.02 0.03 0.02 0.02 0.02 0.03 0.04 0.06 0.09 0.12 0.18 0.25 0.32 0.46 0.63 9 9 14 Appendix 1 (continued ) Exports GDP ratio ec3 (%) Manufacturing (%) es4 (%) Total (million) Share of manufacturing in GDP (%) Total ($billion) Employed persons Commodity exports Heavy and chemical products (%) Growth rate of GDP (%) Savings propensity sd1 (%) sf2 (%) 146 1970 71 72 73 74 75 76 77 78 79 1980 81 82 83 84 85 86 87 88 89 8.8 8.6 4.9 12.3 7.4 6.5 11.2 10.0 9.0 7.1 Ϫ2.1 6.5 7.2 10.7 8.2 6.5 11.0 11.0...

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