Vision for the nation’s 100th year

Chung Un-chan

The author, a former prime minister, is the chairman of the Korea Institute for Shared Growth.

In the late fall of 2022, Covid-19 is still putting pressure on our lives, and inflation, high interest rates and exchange rates led to economic recessions at home and abroad. There are no signs for improvement for the vulnerable groups such as the young, the sick and the elderly. The Itaewon disaster proved that Korea still hasn’t escaped from a dangerous society. In short, Korea is in a total crisis.

However, we should not give up. Since liberation, Korea has turned various trials and hardships into momentum for development. The IMF bailout and the global financial crisis served as new opportunities for development. During the time of crisis, the Korean people were united. Now, Korea has become one of only seven nations with a population of more than 50 million and a per capita GDP of more than $30,000. Others are the United States, Japan, Germany, Britain, France and Italy. The UN Conference on Trade and Development (Unctad) upgraded Korea’s status from Group A (Asia-Africa) to Group B (North America, Western Europe and Oceania). It is a golden achievement made possible by the Korean people’s blood, sweat and tears over the past seven decades.

What about Korea’s future? Goldman Sachs predicted the future of many countries in the 21st century, forecasting that Korea’s economic power will approach or surpass the level of G7 countries by 2025 and become one of the wealthiest countries by 2050. If the experience and know-how of attaining industrialization and democratization from the devastation of war are rekindled, there is no reason why the miracle of the Han River cannot happen again.

Next year, the centennial of the founding of the nation will be 25 years away. What should Korea look like in 2048, a quarter century later? It is time to gather ideas with a wide national consensus and prepare a grand vision and execution plan. Similarly, 2049 is the 100th anniversary of the founding of the Communist Party of China and the target year of the Great National Rise. Year 2050 is also the goal for global carbon neutrality. The following is my rough suggestion.

First, we aim for Goldman Sachs’ optimistic outlook. Of course, the prediction of a third party does not come true on its own. But it is not an impossible goal if the Korean people overcome the ongoing crisis with a determination for transformation and unity for constant innovation. A meticulous and specific action plan should be drafted. More specifically, I look forward to seeing Korea become a G5 country by 2048. Then, we can at least determine our own fate and actively contribute to the peace of humanity.

Second, we need to build foundations for prosperity for all. The goal is a society where everyone is given fair opportunities, competition is fair and gaps are small. All members enjoy dignity, respect life and live together in a “common growth society.”

In 2048, Korea will become a society equipped with growth engines for constant growth in every way. For that, we should transform into a creative society through new education. Birth should be encouraged by preparing a foundation to raise children with peace of mind by establishing childcare and education systems for all. Anyone with intellectual capability can cultivate creativity at quality education institutions to lead knowledge-based industries or grow into high-quality human resources with high-tech skills in their areas of interest. Entrepreneurs gather the workforce and continuously create globally competitive companies.

Considering the latest international situation reminiscent of the Cold War era, bringing up “inter-Korean reconciliation” is a sensitive subject. But if a loose federation could be formed by 2048 amid rapidly changing external environment, the Korean Peninsula will be a power with a total population of 80 million and will be able to compete with Western powers.

In a society of shared growth, polarization will finally disappear. A social safety network will offer warm consideration and care for those falling behind, and they will be giving second chances.

However, there is a big gap between the dream of Korean society for the centennial of the foundation and today’s Korean society. Nevertheless, excessive surgery and hasty prescriptions are dangerous. We must pursue the right path. The president should have long-term, mid-term and short-term plans to strengthen our fundamentals. An agency for the middle aged and elderly and the Vision 2048 Committee should be created, and policy paradigm should be changed for balanced growth. Small and mid-sized companies can only grow as main businesses when the uneven playing field from compressed growth is fixed. Only then, the road map to the global center can be realized. It is the time to rush and prepare.

Translation by the Korea JoongAng Daily staff.