GMUK Seminar Series

Political Economy of Income-Led Growth Policy in Korea: Issues and Perspectives

Wednesday, May 29, 2019 12:00 PM to 1:00 PM KST
Mason Korea (119 Songdomunhwa-ro, Yeonsu-gu, Incheon, Korea), #G106

Speaker: Prof. Hak K. Pyo

(Visiting Professor, Department of Economics, GMU Korea)

The current government in Korea has adopted an income-led growth policy since its inauguration in May 2017. Its major policy agenda is a rapid increase in the minimum wage rate (about 29% over two years) and the cutback of working hours.

The consequences of the policy have been continued stagnation. The policy paradigm needs to be switched into investment-led growth to stimulate innovative investments in the Korean economy.