Performance of the Service Sector in the Republic of Korea An Empirical Investigation
Park, Donghyun; Shin, Kwanho | December 2012
There is a widespread perception that the Republic of Korea's service sector lags behind its dynamic world-class manufacturing sector. We empirically analyze the past performance of the Republic of Korea's service sector in order to assess its prospects as an engine of growth. Our analysis resoundingly confirms the conventional wisdom of an underperforming service sector. In light of the Republic of Korea's high income and development level, the poor performance of modern services is of particular concern. We identify a number of factors underlying the poor performance, and set forth policy recommendations for addressing them. Overall, the Republic of Korea faces a challenging but navigable road ahead in developing a high value-added service sector.
CitationPark, Donghyun; Shin, Kwanho. 2012. Performance of the Service Sector in the Republic of Korea An Empirical Investigation. © Asian Development Bank. http://hdl.handle.net/11540/1256. License: CC BY 3.0 IGO.
Organization for Economic Cooperation and Development
Financial Services Industry
Communication in economic development
Barriers to entry
Restraint of trade
Diversification in industry
Investment bankingShow allCollapse
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