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[Press Release] Publication of “Growth in a Time of Change: Global and Country Perspectives on a New Agenda”

June 17, 2020


KDI announced the publication of ‘Growth in a Time of Change: Global and Country Perspectives on a New Agenda,' a joint research paper with leading think tank Brookings Institution.

The paper looks into how technological progress has changed and affected the growth paradigm from a global economic perspective, and attempts to provide implications for the policy direction to successfully navigate through the rapidly changing landscape.

- Researchers point out that the changes in the growth paradigm―spurred by the digitalization of the global economy―are altering the market and labor environment. Additionally, while there is no denying that new technologies have had a positive impact, they have also engendered paradoxical consequences including slowing economic growth and an exacerbation of the wealth disparity.

The publication is comprised of two parts: Part I, titled “The Changing Global Context for Growth,” analyzes the current path of the global economy, and Part II, titled “Country Perspectives on a Changing Growth Agenda: Korea,” presents the unique trends within and outlook for the Korean economy.
 
- Part I examines the factors that are at the core of how global technology, investment and demographic changes are affecting potential economic growth.
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  • ㆍAnalytic scenarios for the global economy are presented reflecting the expected changes in growth, jobs, income distribution, trade balance and capital flows that will be driven by rapid technological innovation during the digital revolution.
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- Through the Korean case, Part 2 analyzes the impact of the technological change on decisions over consumption, savings and investment at the household and firm levels from a national economic perspective.
 
  • ㆍIt also studies the trends in Korea’s labor income share and wage imbalance, identifies the causes and presents the policy implications.

This publication is the first outcome of the joint research between KDI and Brookings which deals with the new economic paradigm within the global economy. The second part is still underway, and it will provide more specific policy directions that could address the future challenges in the global economy.
 
- The second project, 'Shifting Paradigms: Growth, Finance, Jobs, and Inequality in the Digital Economy,' will discuss the impact of technological change on productivity, finance, the labor market and inequality, as well as the overall economy and policies.

Hyun-wook Kim, a professor at the KDI School of Public Policy and Management, stated that "As we face a new economic paradigm, I hope that this joint study will provide us with the clues on how our government should respond and what stance our economic agents should assume.“
 
 * Attachment Main contents, Report cover

 * Enquiries: Hyeon-Wook Kim, Professor at the KDI School of Public Policy and Management (044-550-4129, hook@kdi.re.kr)

→ https://www.brookings.edu/book/growth-in-a-time-of-change/
 
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Office of Global Economy
Providing Economic Forecast and Macroeconomic Policy Direction, the Groundwork for a Brighter Future

The Department of Macroeconomics is conducting researches on the macro economy and macroeconomic policy, particularly focusing on suggesting the analysis of macroeconomic trends and current status of the economy at home and abroad, the economic forecast, and the policy direction of the macro economy. The Department is also in charge of establishing, sustaining and maintaining various econometric models, based on which it analyses policy effects and develops a long-term economic forecast.

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  • Policy study on macroeconomic management
  • Basic structural analysis on macroeconomic areas
  • Maintenance of multi-sectoral dynamic macroeconomic model
Department of Macroeconomic Policy
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    Director, Division of Analysis and Evaluation

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    Director and Vice President, Department of North Korean Economy

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    Fellow

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    Research Associate

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    Specialist

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  • KIM, Seulki

    Research Associate

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  • CHUN, Eunkyung

    Research Associate

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