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How Manufacturing Saved the Korean Economy during the COVID-19 Crisis

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Abstract

Korea’s manufacturing sector, the third most competitive in the world, has helped it weather the COVID-19 pandemic. While the global economy shrank 3.3 percent in 2020, its worst slowdown since the 2008 global financial crisis, the Korean economy contracted by just one percent thanks to its manufacturing sector. Korea’s success in stabilizing its economy faster than other major economies stemmed from its highly competitive manufacturing industry, which is the world’s third most competitive per the United Nations Industrial Development Organization’s (UNIDO) Competitive Industrial Performance (CIP) index. Despite this, the country’s industrial innovation strategy is in need of an upgrade for the post-pandemic era. This paper explores sustainable, resilient upgrade paths for the Korean economy amid intensifying innovation competition in the post-pandemic era and the battle for technological hegemony between the US and China.

Suggested Citation

  • Hwang, Kyung In, 2021. "How Manufacturing Saved the Korean Economy during the COVID-19 Crisis," i-KIET Issues and Analysis 21/7, Korea Institute for Industrial Economics and Trade.
    • Handle: RePEc:ris:kietia:2021_007
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    Keywords

    manufacturing; employment; Korea; COVID-19; exports; resilience; economic resilience; innovation; industrial structure; innovation policy; industrial policy; export policy; economic security; economic nationalism; national security; technological hegemony; US; China; conflict;
    All these keywords.

    JEL classification:

    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • F16 - International Economics - - Trade - - - Trade and Labor Market Interactions
    • F51 - International Economics - - International Relations, National Security, and International Political Economy - - - International Conflicts; Negotiations; Sanctions
    • F52 - International Economics - - International Relations, National Security, and International Political Economy - - - National Security; Economic Nationalism
    • L12 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Monopoly; Monopolization Strategies
    • L51 - Industrial Organization - - Regulation and Industrial Policy - - - Economics of Regulation
    • L52 - Industrial Organization - - Regulation and Industrial Policy - - - Industrial Policy; Sectoral Planning Methods
    • L53 - Industrial Organization - - Regulation and Industrial Policy - - - Enterprise Policy
    • L60 - Industrial Organization - - Industry Studies: Manufacturing - - - General
    • O21 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Planning Models; Planning Policy
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D
    • O38 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Government Policy

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