Реферат: Korea in focus
At that time, the Korean economy faced many challenges on both the
internal and external fronts. Part of the economic slowdown may be explained by
the cyclical adjustment of the economy after three consecutive years of rapid
growth. However, the stagnation was more likely the result of a structural
deterioration in competitiveness, due to a combination of the lingering
legacies of the past government-led economic management system, which had now
become inefficient, and the disappearance of the advantages derived from the
once ample availability of low-cost labor: Thus the country was forced to
search for a new driving force sufficient for sustained economic growth.
Major Tasks and Policy
Directions
To revitalize the economy, the Kim Young Sam Administration, which
was inaugurated in February 1993 as the first civilian democratic government
in over three decades, is endeavoring to construct a new developmental paradigm
called “the New Economy”. This signals a clean departure from the past, when
the government directed and controlled the concentrated investment of capital,
labor and other resources in selected “strategic” industrial sectors to achieve
rapid economic growth. Instead, the New Economy will promote the autonomy and
creativity of all economic actors in order to maximize efficiency, while
ensuring the equitable distribution of income. In that way, it seeks to enable
the nation to leap into the ranks of the developed nations within the next five
years.
As an initial step, the new Administration implemented a
short-term 100-Day Plan for the New Economy in March 1993, designed to promptly
create conditions conductive to revitalizing the economy. This was followed by
the development of a new five-year economic development plan. Formally
announced in July 1993, the Five-Year Plan for the New Economy was conceived
primarily to lay the basis for joining the ranks of advanced countries and thus
to effectively prepare for the eventual unification of the Korean Peninsula.
The Government will continue its efforts to ensure the effective
implementation of the five-year plan through the spontaneous participation of
the people by reforming economic institutions including the improvement or
simplification of existing financial and tax systems and administrative
measures. Furthermore, the Government will continue to endeavor to fully
realized the nation’s economic growth potential, strengthen its international
competitiveness, and improve the economic conditions of the public.
If the plan is implemented as intended, the Korean economy is
projected to change as follows:
First with increased efficiency and greater realization of growth
potential, the gross national product should rise at an average annual rate of
about 6.9 percent, raising per capita GNP to US$14,076 in 1998.
Second, greater price stability should prevail as balance is
maintained between the more steadily rising demand and the more briskly
expanding supply, while wage increases are linked to rises in productivity. The
stabilization of the value of the won currency should help stabilize the prices
of imported goods and services. The net effect should be to hold down the rise
in consumer prices to an annual average of 3.7 percent, the increase in
producer prices to an annual average of 1.6 percent and the rise in the GNP
deflator to an annual average of 4.6 percent.
Targets of the 5-Year Plan for the New Economy
|
‘91 |
‘92 |
‘93 |
‘94 |
‘95 |
‘96 |
‘97 |
‘98 |
‘93-’98 |
GNP growth, % |
8.4 |
4.7 |
6.0 |
7.1 |
7.2 |
7.1 |
7.0 |
7.0 |
6.9 |
Per capita GNP, US$ |
6,518 |
6,749 |
7,306 |
8,196 |
9,339 |
10,716 |
12,305 |
14,076 |
14,0762) |
Rise in producer prices, % |
4.7 |
2.2 |
1.8 |
1.8 |
1.7 |
1.6 |
1.5 |
1.4 |
1.6 |
Rise in consumer prices, % |
9.3 |
6.2 |
4.9 |
4.3 |
3.7 |
3.6 |
3.2 |
2.9 |
3.7 |
Rise in GNP deflator, % |
11.2 |
6.3 |
5.3 |
5.3 |
4.8 |
4.5 |
4.1 |
3.8 |
4.6 |
Balance on curren account, |
8.7 |
4.6 |
1.4 |
0 |
0.9 |
2.1 |
3.7 |
5.3 |
5.32) |
US$ billion |
|
|
|
|
|
|
|
|
|
Exports 1) ,US$ billion |
69.6 |
75.1 |
82.3 |
82.3 |
99.3 |
110.1 |
122.6 |
136.3 |
136.32) |
Rate of increase, % |
(10.2) |
(7.9) |
(9.5) |
(9.5) |
(10.2) |
(10.9) |
(11.3) |
(11.2) |
(10.4) |
Imports, US$ billion |
76.6 |
77.3 |
81.3 |
81.3 |
95.8 |
105.3 |
116.1 |
128.1 |
128.12) |
Rate of increase, % |
(17.5) |
(1.0) |
(5.1) |
(5.1) |
(9.3) |
(9.9) |
(10.2) |
(10.3) |
(8.8) |
Note: 1) On a balance-of-payments basis
2) In terms of 1998 current market prices
The Real name Financial
Transaction System
On August 12, 1993, the President took a decisive step toward
revitalizing the economy and eliminating corruption by announcing the
inplementation of the long-anticipated real-name financial transaction system.
In the past, it had been possible to open accounts and conduct business
transactions under false names, directly and indirectly fostering
institutionalized-corruption and illegal financial dealings. Deeming this
reform as the most important in the creation of a New Korea, the President
announced this action in a Presidential Emergency Decree, stating that the
real-name system was essential for cutting the dark link between politics and
business.
With the introduction of the real-name financial transaction
system, it appears that financial dealings are becoming fully transparent and
underground economic dealings and nonproductive land speculation are
diminishing. It is hoped the funds that had been channeled into political
circles in the past as a result of government-business collusion are now
available for more productive activities.
Encouraging Signs
The implementation of a real-name financial transaction system,
the easing of administrative controls, expanded capital investment by major
enterprises, and increased financial and administrative support for small-and
medium-sized enterprises all combined to lay a solid foundation for another
economic take-off. Exports rose 7.6 percent in 1993 to US$82.4 billion, while
imports grew just 2.5 percent. Korea was thus able to register a US$600 million
trade surplus last year for the first time in four years. The current account
also yielded a surplus of US$200-300 million. Industrial production has been
growing at about a 10 percent rate during the first half of 1994. Furthermore,
labor disputes decreased markedly last year, while the composite stock index of
the Seoul Stock Exchange climbed markedly. In view of these indications, the
Korean economy seems to be well on the way to revitalization.
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