Korea, Foreign Scholars Hold Economic Conference in Seoul

Korean and foreign economists held an international conference in Seoul Monday, calling Korea`s economic development over the past 60 years “a miracle.”

Organized by a Korean committee for a publication on the 60-year history of the Korean economy, the event called “The Korean Economy: Six Decades of Growth and Development” at the Shilla Hotel attracted renowned foreign experts on Korea.

They included Marcus Noland, a senior fellow at the Peterson Institute for International Economics; professor Yukiko Fukagawa of Waseda University in Japan; and professor Anne Krueger of Johns Hopkins University in the U.S.

Korean participants included Strategy and Finance Minister Yoon Jeung-hyun, Korea Development Institute President Hyun Oh-seok, and Korea Institute for International Economic Policy President Chae Wook.

The participants cited the cultivation of sectors focused on heavy industry and the promotion of exports as major factors behind the Korean economy’s success, coupled with proper government policy and intervention.

Many experts, however, said Korea has yet to overcome a string of challenges to take another leap forward, urging preparation for eventual reunification of the Korean Peninsula and development of new growth engines.

The Dong-A Ilbo examined what the Korean economy needs to prepare itself for the future through interviews with Noland and Fukagawa.