Evolution of Industrial Policy in Korea
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The Korean economy has achieved rapid and sustained economic growth since the early 1960s. GNP grew at an average annual rate of 8.6 per cent between 1962 and 1986 with manufacturing sector growing at 15.3 per cent per annum. The rapid growth of manufacturing was largely atrributable to rapid expansion of export which in current dollar terms increased 30.7 per cent per annum during the same period. This outstanding performance of the Korean economy has been no doubt greatly affected by the government’s industrial policy which underwent several major changes over the past three and a half decades.
KeywordsIndustrial Policy Capital Good Unit Labor Cost Export Credit Korean Economy
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