Gwak Sujong "No Future for Korean Economy Without Radical Reform"... InnoBiz Morning Forum

Kwak Su-jong, Deputy Director of the US-China Economic Research Institute, attended the 63rd Innobiz Morning Forum held on the 20th at the Adonis Hall of Samjung Hotel in Yeoksam-dong, Seoul, and gave a lecture on "Global and Korean Economic Outlook After 2020."

[Asia Economy Reporter Kim Daeseop] "If the Korean economy does not undergo a 'Hwangol Taltai (換骨奪胎, complete transformation),' the Korean economy will not exist in the future."

On the 20th, Kwak Sujong, Deputy Director of the Korea-China-US Economic Research Institute, said this at the 63rd Innobiz Morning Forum held at the Adonis Hall of Samjung Hotel in Yeoksam-dong, Seoul, adding, "We need to fundamentally think about what competitiveness Korea can create and move forward with."

Deputy Director Kwak emphasized that incidents like the novel coronavirus infection (COVID-19) will occur more frequently in the future.

Kwak said, "Unexpected outbreaks of harmful viruses will become more frequent. The current economic solutions, such as government fiscal spending, lowering interest rates, and injecting money, cannot solve the problems in the same way. Government debt is the debt of the people."

About 200 managers of technology-innovative small and medium enterprises attended the Innobiz Morning Forum that day. The forum was hosted by the Innobiz Association, an organization of technology-innovative certified SMEs. As of the end of last year, there were 18,345 Innobiz companies.

Kwak, an economic expert and former senior researcher at Samsung Economic Research Institute, gave a lecture on "World and Korean Economic Outlook After 2020."

Kwak said, "The 21st century is witnessing wars over money, technology, and life sciences, and all paradigms change through wars," adding, "(In this situation) we need to find answers about where our country should be positioned and whether rational allocation and placement of physical resources are possible." He also emphasized, "Within the next 10 years, the 6G era will come, and in the future, a wireless era without lines will arrive."

Kwak also paid attention to economic changes in China and the United States. He particularly said, "We need to think about what will happen to China in the future. (Historically,) the Chinese economy moves in 100-year cycles, while the U.S. economy moves in 35-year cycles."

Kwak also stressed the leadership of businesspeople. He said, "A great leader is someone who enables those around them to do great things rather than doing great things themselves."

This content was produced with the assistance of AI translation services.