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Global perspective on South Korea’s income-led growth policy

December 3, 2019


one of the moon administration’s key
economic policies is income led growth introduced at the start of its term
today experts from global organizations gathered in Seoul to discuss the
achievements made through the policy and what more needs to be done from an
international perspective Archie Jong Yoon was there five
generations that’s how long it takes for the child of a poor family to reach the
average level of income in South Korea according to a recent report by OECD as
income mobility has stagnated following the country’s rapid economic growth the
current government has been seeking to solve the broken social elevator through
income LED growth and sustainable development increment growth focuses on
a balance between the big conglomerates and small enterprises international and
domestic corporations with more than 45 policies more jobs have been created
among the economic slowdown and the wealth gap has been alleviated
however further complementary measures are needed experts from global
institutions such as the UN International Labor Organization and
oacd gathered in Seoul on Tuesday to evaluate Korea’s income net policies and
share possible measures for inclusive growth
they said the sustainable and inclusive growth is not only a challenge in Korea
but is an issue for the rest of the world too seeing how we can balance the
traditional pursuit of efficiency with more equity but doing so not at the end
of the game what we have to correct for the failures but to think about the
pre-market distribution think about how to invest in people up front with the
growing gap between wages and profits being the major issue
experts say institutional change is required through strengthening the
ability of labor to bargain over their wages so the growth starts from the
bottom there needs to be a stronger focus on domestic demand and domestic
markets and ultimately that depends on working people receiving adequate income
remuneration to ensure that they can strengthen
domestic markets and boost domestic demand global institutions saw today’s
international conference on income LED growth as a meaningful attempt to
respond to growing inequality and supported South Korea’s efforts to find
fundamental solutions to unequal wealth distribution Choi dong-hoon Arirang news

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