South Korea: Making up for lost time

After the impeachment of South Korea’s former president, Park Geun-hye, amid a far-reaching corruption scandal, the country was ready for change. South Korea’s new liberal president, Moon Jae-in, appears set to take on that challenge. Campaigning on a policy platform of job creation, corporate governance and labour market reforms, as well as promises of re-engagement with North Korea, the new president has set high expectations for what can be achieved in office.

But the longstanding problems facing the economy are many, and tackling structural reforms will be tricky, especially considering the president's weak majority in the National Assembly. Negotiations with North Korea will be fraught with difficulties, the most obvious constraint being the growing inevitability of recognising North Korea as a nuclear state.

In this whitepaper they examine recent developments in South Korea, and the prospects of the new administration delivering on these key policy promises.

 Statue in Seoul, South Korea – The Economist Intelligence Unit

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