World Bank and KDI Begin Study on South Korea's Experience Escaping Middle-Income Trap

[Asia Economy Reporter Jang Sehee] The Ministry of Economy and Finance announced on the 20th that the World Bank (WB) and the Korea Development Institute (KDI) will begin a study on the history of Korea's economic development.

This study was initiated after the World Bank, focusing on Korea as one of the few advanced countries that successfully escaped the middle-income trap, requested that Korea share its economic development experience with developing countries. The Ministry of Economy and Finance decided to support this request.

The World Bank has focused on Korea as one of the few advanced countries that successfully escaped the middle-income trap. Since the 1990s, many developing countries have succeeded in entering the middle-income group, but cases of falling into the "middle-income trap" without advancing to high-income status have continued to occur. The World Bank plans to release a comprehensive report on Korea's economic development in the first half of next year.

Meanwhile, the report will include key factors of Korea's economic growth such as innovation and technology, economic structural reforms, small and medium enterprises (SMEs) and startups, education and labor, exports, and overseas investment.

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