KDI-Brookings Institute Joint Research Report Published

New Global Dynamics: Managing Economic Change in a Transforming World

On the 22nd, KDI announced the publication of the third joint research report with the Brookings Institution, a top global think tank in the United States, titled "New Global Dynamics: Managing Economic Change in a Transforming World."

This report aims to discuss the impact of changes in geopolitics and international power structures, the development of transformative innovative technologies, and climate change on globalization, industries and markets, international trade, and financial systems, as well as to address policy challenges from both national and global perspectives. Amid rising geopolitical tensions due to the US-China strategic competition, nationalist policies and protectionism are on the rise, placing the global economy in an environment where multilateral cooperation and coordination are becoming increasingly difficult.

The digital revolution is bringing fundamental transformations to ways of working, business models, production methods, international trade, and financial networks. However, this necessitates a complex overhaul of digital market regulation and supervisory systems. Alongside this, issues such as deepening socio-political polarization and the rise of technological nationalism among major countries are prevalent. Climate change poses challenges domestically in terms of large-scale structural changes and internationally in the form of international cooperation for green technology and energy transition amid unstable geopolitics.

This report is divided into four parts?future of globalization, industries and markets, international trade, and financial systems?examining each economic change and presenting related policy recommendations.

The publication commemorative event for this year’s KDI-Brookings Institution joint research report was held on the 21st (local time) at the Brookings Institution in Washington D.C., USA. The event featured opening remarks by Cho Dong-chul, President of KDI, and Cecilia Elena Rouse, President of the Brookings Institution, as well as an introductory speech by Jung Dae-hee, Head of KDI’s Macroeconomic and Financial Policy Research Department. Panel discussions included participation from Laura Tyson, Professor at UC Berkeley; Richard Baldwin, Professor at IMD Business School; Annabel Gonzalez, Vice President for Country Programs at the Inter-American Development Bank; and Eswar Prasad, Professor at Cornell University and Senior Fellow at the Brookings Institution.

Cho Dong-chul, President of KDI, stated, “The need for a rules-based multilateral order is more important than ever,” and added, “I hope this serves as a catalyst for policymakers, scholars, and the global community to collaborate in managing the new global dynamics and creating a more inclusive and sustainable global economy.”

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