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Global trends could be threats or opportunities for the Korean economy.
November 06, 2009
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Richard Dobbs, who heads up the McKinsey Global Institute, the research arm of McKinsey & Company, spoke on the country’s future on the SBS Korea Future Report, an annual televised forum that was this year held at the Shilla Hotel in downtown Seoul. Dobbs said the five global “tides” Korea must face are productivity, service, energy, the shift in global economic activities and an aging population. The last challenge Dobbs called a growing threat to Korea, which has the world’s lowest birthrate, though he noted it is also a trend in many other countries. The analyst cited McKinsey research showing that the share of the global population aged over 60 will rise from 20 percent in 2000 to nearly 30 percent in 2025. “Millions of people will have to work longer, given their wealth reduction from the crisis and the strained pension system,” he said. “This will keep millions of old people in the workforce longer.” But that could be a chance for Korea to harness, he said, new technologies to be developed and sold. “We think this is an opportunity for Korea, given the country’s leadership in technology, to drive up productivity,” he said. The rising importance of the service sector, given its potential for job creation, and the importance of raising energy productivity were other double-edged blades that could become either threats or opportunities for Korea, Dobbs said. The emergence of China and India also needs to be seen as a chance for Korea to open up vast new markets for its manufacturers’ products, he said. By Moon Gwang-lip [joe@joongang.co.kr] |
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