Abstract

South Korea (hereafter simply Korea) has performed exceptionally well over the last few decades in catching up with leading OECD economies.1 Such success has few parallels around the world. Yet, at the same time, Korea is entering a new and critical phase in its development and there are few guarantees of continuing success. Faced with a number of overarching challenges, Korea carries the burden of several long-standing, structural difficulties that are amplifying fast, including a low fertility rate, an aging population, a low economic growth rate, and a socio-economic divide.

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