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Research Article

Korea’s economic growth and the growth model in the changing global economy

Received 11 Oct 2023, Accepted 27 Feb 2024, Published online: 08 Mar 2024

Figures & data

Figure 1. Economic Growth in Korea before and after the 1997 Crisis.

Source: Bank of Korea.

Figure 1. Economic Growth in Korea before and after the 1997 Crisis.Source: Bank of Korea.

Figure 2. Exports to China and Trade Balance with China.

Source: Korea Customs Service

Figure 2. Exports to China and Trade Balance with China.Source: Korea Customs Service

Figure 3. The share of export and net export as a percentage of GDP (%).

Source: Bank of Korea.

Figure 3. The share of export and net export as a percentage of GDP (%).Source: Bank of Korea.

Figure 4. The Share of Components of GDP in Korea.

Source: Bank of Korea.

Figure 4. The Share of Components of GDP in Korea.Source: Bank of Korea.

Figure 5. The Gini coefficients in Korea.

Source: Statistics Korea.

Note: This is from the Household Income and Expenditure Survey.

Figure 5. The Gini coefficients in Korea.Source: Statistics Korea.Note: This is from the Household Income and Expenditure Survey.

Figure 6. Gini coefficients in Korea after the Moon government.

Source: Statistics Korea.

Note: This is based on the Survey of Household Finances and Living Conditions.

Figure 6. Gini coefficients in Korea after the Moon government.Source: Statistics Korea.Note: This is based on the Survey of Household Finances and Living Conditions.

Figure 7. Adjusted Wage Share in Korea.

Source: Bank of Korea, calculated by the author.

Figure 7. Adjusted Wage Share in Korea.Source: Bank of Korea, calculated by the author.

Figure 8. Economic Growth in Korea in the Recent Period.

Source: Bank of Korea.

Figure 8. Economic Growth in Korea in the Recent Period.Source: Bank of Korea.

Figure 9. Government Structural Balance as a Percentage of Potential GDP.

Source: World Economic Outlook Database, March 2023, IMF.

Figure 9. Government Structural Balance as a Percentage of Potential GDP.Source: World Economic Outlook Database, March 2023, IMF.

Figure 10. Growth Rates of Export in Korea.

Source: Korea Customs Service.

Note: compared with the previous year.

Figure 10. Growth Rates of Export in Korea.Source: Korea Customs Service.Note: compared with the previous year.

Figure 11. Trade balance in Korea 1) Total Trade Balance in Korea ($0.1 billion) 2) Trade balance with China ($million).

Source: Korea Customs Service.

Figure 11. Trade balance in Korea 1) Total Trade Balance in Korea ($0.1 billion) 2) Trade balance with China ($million).Source: Korea Customs Service.

Table 1. Exports to China and its share in all exports ($0.1 billion, %).