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Performance of the Service Sector in the Republic of Korea: An Empirical Investigation

Author

Listed:
  • Park, Donghyun

    (Asian Development Bank)

  • Shin, Kwanho

    (Korea University)

Abstract

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.

Suggested Citation

  • Park, Donghyun & Shin, Kwanho, 2012. "Performance of the Service Sector in the Republic of Korea: An Empirical Investigation," ADB Economics Working Paper Series 324, Asian Development Bank.
    • Handle: RePEc:ris:adbewp:0324
    Note: http://www.adb.org/sites/default/files/pub/2012/economics-wp324.pdf
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    Cited by:

    1. Thanh Hoan Phan & Ji Young Jeong, 2013. "The development of Korea’s service industry from a global historical perspective," International Area Studies Review, Center for International Area Studies, Hankuk University of Foreign Studies, vol. 16(2), pages 184-205, June.

    More about this item

    Keywords

    Services; structural change; growth; productivity; Republic of Korea;
    All these keywords.

    JEL classification:

    • O14 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Industrialization; Manufacturing and Service Industries; Choice of Technology
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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