#464 South Korea 100%/5% R&D

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Time for a new development model
The Republic of Korea
has become a benchmark for
successful economic development. Between 1970 and 2013,
GDP per capita grew from US$ 255 to US$ 25 976, driven by
the strong manufacturing and industrial capabilities that
turned it into one of Asia’s economic ‘tigers’. Among the
many factors contributing to this success story is the country’s
commitment to technological progress and to developing an
educated, skilled labour force. Today, the Republic of Korea
is the only nation to have transformed itself from a major
recipient of foreign aid into a major donor.
However, the government recognizes that this remarkable
economic growth is no longer sustainable. Global
competition with China and Japan is intense, exports are
slipping and the global demand for green growth has altered
the balance. In addition, a rapidly ageing population and
declining birthrates threaten Korea’s long-term economic
development (Table 25.1). Middle-income households are
straining to make ends meet in the face of stagnating wages
and there are signs of evident social distress; the Organisation
for Economic Co-operation and Development (OECD) reports
that the Korean divorce rate has doubled in recent years and
that its suicide rate is the highest of any OECD member. The
time has come for an alternative development model.
https://en.unesco.org/sites/default/files/usr15_republic_of_korea.pdf
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