Reform Creates Prosperity

A research report asserted that Korea's long-term economic growth rate might gain 2 percentage points more, if constant and ongoing reform of the political, social and business sectors is enforced to an equivalent degree as that of developed countries.
Lee Soo Hee of the Korea Economic Institute, which is attached to the Federation of Korean Industries(FKI), outlined this scenario in a seminar titled 'Is There a Future in Korea's Economy?' at FKI building in Yuido on April 9.
In honor of the Institute's 18th anniversary, Lee stated that the nation could enjoy a 4.7 percent economic growth rate if it fulfills reform requirements, but only 2.5 percent if reforms are not carried out.
He pinpointed reforms of laws and regulations that affect personal property protection, prevention of government inefficiency and waste, democratization, and distribution of power.
Professor Mo Jong Rin of Yonsei University's Graduate School of International Studies presented his paper, titled 'Political Structure and Economic Growth', in which he stated, 'Through examples taken from 1970 to 1990 in 32 countries, the cabinet system is more advantageous to achieve better economic growth than the presidential system .'
Hwashik Bong : trojans@joongang.co.kr