New Economic Paradigm
South Korean Minister of Strategy & Finance and Deputy Prime Minister Kim Dong-yeon said on August 24 that the South Korean economy can no longer rely on paradigms of the past, that is, economic growth led by large business groups and physical investment.
This remark was made during his meeting with Asean+3 Macroeconomic Research Office (AMRO) Director Dr. Junhong Chang. He also said that the Moon Jae-in government’s economic policy is focusing on sustainable growth based on a proper distribution of the fruit of economic growth.
The Director of the AMRO made positive comments on the direction of the South Korean government’s economic policy, saying that she hopes the South Korean economy will continue to prosper.
Established in 2011, the AMRO is to examine the macroeconomic sides and financial markets of South Korea, China, Japan and each ASEAN member country and turn the Chiang Mai Initiative into a multilateral agreement.