A report by The Economist Intelligence Unit
South Korea: Making up for lost time
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South Korea: Making up for lost time
Report highlights 2
Introduction 3
Down with the
chaebol:
Curbing the conglomerates’ infuence 4
Overcoming parliamentary hurdles 5
Up with jobs: A fairer labour market 6
Onwards with the “fourth industrial revolution”: Nurturing new drivers of growth 8
Dealing with the nuclear threat 9
Back to the “sunshine” policy 10
Unchanged friends and foes 11
A diplomatic solution with a dim outlook 12
Contents
South Korea: Making up for lost time
Report highlights
Pressing challenges on both the domestic and external front were therefore passed onto the new
president.
with policy momentum and fresh political capital, he will still face a diffcult parliamentary
dynamic, at least until the next parliamentary elections in 2020.
family-controlled business conglomerates (
chaebol
), as their contribution to the economy remains
decisive. However, we believe that Moon Jae-in will make a signifcant breakthrough on this
issue, with a host of amendments to the Monopoly Regulation and Fair Trade Act beefng up the
regulatory framework around the
chaebol
and its enforcement.
fnding new drivers of growth and supporting SMEs on the one hand, and avoiding hurting the
export-oriented conglomerates on the other. The process will take longer than the new president’s
single fve-year term. Much needed reform in the labour market will struggle to be passed.
change and is likely to obtain support from both the US and China. However, this attempt at
engagement will still face serious hurdles.
engagement and signifcant compromises from both sides. This remains a distant prospect. Despite
this, we believe that the chances of military confict on the Korean peninsula remain low as all
parties are desperate to avoid nuclear war.
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