5 Years of Moon Jae-In Administration Accomplishments in Economic Policy

Ministry of Economy and Finance released a booklet on major accomplishment in economic policy during the Moon Jae-in Administration. During the past five years, Korea achieved 36 major accomplishments in four areas: macroeconomic situation, innovative and inclusive growth and economic paradigm transition, striving to balance growth and distribution, seek innovation and inclusion and work to achieve recovery and leap forward.

The following is an executive summary of the Korean version released in January 2022.

Economic paradigm shift

Since taking the administration in 2017, we established a paradigm shift to set economic policy toward people built on three pillars: income-driven growth, innovative growth, and fair economy.

Seek innovative and inclusive growth

We spurred innovative and inclusive growth by adopting policies to promote DNA1 , BIG32 and built a stronger social safety nets than ever before.

A role model in responding to the pandemic

The economy has taken a step toward a future by preemptively responding to the Covid-19 and preparing for the post pandemic era.

Becoming a first-mover economy

Korean economy ranked as global top 10 in 2020 and quickly shifted a transition toward better future and globally competitive economy.

2017-2018: Economic Paradigm Shift
- At the beginning of the Administration, Korean economy had been faced with slowed growth and widening inequality.
- We strived to address these challenges by shifting our economic paradigm with focus on people based on three values: innovation, inclusion, and fairness.
- Moreover, we adopted the new paradigm shift across all our economy and implemented economic policy that puts people at its core.

2019: Seeking innovative and inclusive growth
- In 2019, we faced various external challenges including the slowing global economy, as well as Japan’s export curb on critical materials.
- In addition, changes in socioeconomic structures such as speeding up the fourth industrial revolution and declining working age population have also accelerated.
- In response, we spurred innovative and inclusive growth by adopting policies to promote DNA, BIG3 and worked to expand investment in R&D, built industrial complexes with specialties, established government-wide support to seek independence in materials, parts, and equipment.
- We also worked to seek inclusiveness by building stronger social safety nets such as enhancing medical and care systems, providing support catering to women, micro entrepreneurs, and other vulnerable groups.

2020-2021: Becoming a role model in responding to the pandemic and to a first-mover
- Since the Covid-19 broke out, the world faced an economic shock and structural transformation across the world.
- We preemptively responded to the crisis with series of six supplementary budgets and customized financial support to minimize the economic shock, which led the growth pick up the pre-pandemic level, posting the fastest recovery among the major economies.
- While strengthening our economic status3 as a top 10 largest economies in the world we are also speeding up transition to a first-mover economy in the post-pandemic era through Korean New Deal projects and work to achieve 2050 carbon neutrality goals.

36 Accomplishments in Economic Policy
 
The government committed to work with its people in to create a world-leading economy, which led to 36 accomplishments in four major areas: macroeconomic situation, innovative and inclusive growth and structural transition.

Please refer to the attached pdf