The South Korean economy, which achieved explosive growth from the poorest country. During the period of high growth, South Korea was filled with rosy hopes that it could do it. The sweet boom did not last long. In 1997, South Korea, the “economy honor student,” received the IMF bailout as a report card. KBS Current Affairs Planning Window reanalyzes the domestic and international situations that allowed us to achieve rapid economic growth, starting with the three lows boom. The reason we are talking about the past now is simple. It is to find a solution for our escape from low growth. South Korea, which overcame the IMF crisis and joined the ranks of advanced countries, is now stuck in the swamp of low growth. The experts that Current Affairs Planning Window met focused on the 1.4% economic growth rate that South Korea achieved last year. Professor Heo Jun-young of Sogang University’s Department of Economics diagnosed, “It is natural for the growth rate to fall as the economy grows in size,” but “What is worrisome about our economy is that the rate of decline is very fast.” ■ Why did we become so difficult… What is the way out of the recession? Experts emphasized that we must find a way out of the recession above all else. This is why it is important to first understand the problems our economy is experiencing in order to rebound. The reporting team met with people on the front lines of our economy. Behind the difficulties of self-employed workers groaning under inflation, small and medium-sized business owners frustrated by the exchange rate, and the real estate industry crying over interest rates, there was the shadow of high prices, high exchange rates, and high interest rates. What is the background of the economic downturn that brought about these difficulties? We looked into how global economic trends, such as the “three high crises” that feel distant to individuals, are affecting our lives. ■Focusing on the stable low-growth value of advanced countries In that respect, we need to refer to the case of Japan, which experienced a long-term recession. Japan, which experienced explosive economic growth before us, the so-called “bubble economy,” later experienced 30 years of low growth as the bubble burst. Japan, which had been like that, has recently started sending up signals of economic recovery again. We will shed light on why the Japanese economy, which paid a high tuition, fell into the swamp of recession and what the process was for escaping it. Along with this, we will seek a breakthrough through domestic and international experts on how to solidify our industrial base into an advanced economy. In particular, the value of stable low growth to become an advanced economy is worth noting. The reason why each country’s report card is different even in the midst of the global recession crisis is ultimately because of the difference in how much each country has prepared. Makoto Abe, a senior researcher at the Asia Economic Research Institute, pointed out that “Korea itself is entering an era of population decline, and it is already physically impossible for the entire economy to achieve high growth,” and that “it is now an era where we must think about how to continue to grow by making good use of what we have.” Will the Korean economy make a comeback in 2024, when a silent war of volatility and uncertainty is taking place? This project is also the first in a trilogy of economic series that diagnoses the Korean economy, which is at a crossroads of whether it will remain an undeveloped species in a labyrinthine tunnel or shine the light of maturity. #Current Affairs Planning Window #Economy #High Interest Rate #High Exchange Rate #High Prices #Crisis #Low Growth #Economic Growth Rate #IMF #Developed Countries #Developing Countries Broadcast Date: Tuesday, May 7, 2024 at 10 p.m. KBS1TV Reporter: Jeong Min-gyu Camera Reporter: Kim Min-jun Video Editing: Ahn Young-ah Data Research: Kim Je-won Assistant Director: Choi Myeong-ho 'Current Affairs Planning Window' Homepage https://news.kbs.co.kr/vod/program.do... YouTube / @kbssisa Facebook / changkbs WAVVE Search for 'Current Affairs Planning Window'