The Asia-Pacific Antitrust Review 2014

Korea: KFTC

12 February 2014

‘A resilient dynamism’ was the theme of the World Economic Forum held in Davos, Switzerland, in January 2013. As the economic downturn continues and pessimism has become widespread after the 2008 financial crisis, seeking new growth momentum became the biggest matter of concern for all of us. The Park Geun-hye administration was launched in February 2013, proposing ‘a creative economy’ as a key to its economic policy. It is a strategy that allows all the economic players to be creative to the fullest because the previous growth strategy focusing on large businesses has reached its limit in generating additional growth momentum, although it had bolstered the Korean economy for the last half century. Under the new strategy, the government would bring the creativity of each economic unit together to develop it into a new growth engine. That means the economic policy model would be more centred on all economic players rather than focusing on a few businesses.