Beyond Korean Style
By McKinsey Global Institute, Wonsik Choi, Richard Dobbs, Dongrok Suh, Jan Mischke, Eunjo Chon, Hangjip Cho, Boyoung Kim & Hyunmin Kim
- Release Date: 2013-04-12
- Genre: Economics
Description
South Korea remains a global case study for economic development. Known as the "Miracle on the Han," South Korea's record-breaking industrialization turned it from one of the world's poorest states to a global economic power. However, its growth formula is no longer working. In this report, the McKinsey Global Institute focuses on the causes of stresses on middle-income Korean households and how their financial crunch is affecting the overall economy. It then examines the elements needed in a new growth model for Korea.
