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Both Korea¡¯s economic growth and income distribution index dropped below average after the Roh Moo-hyun administration, which promised more of both, took power. That is the first time since 1980.
A report titled ¡°New Visions and Strategies for Balanced Growth¡± published by the National Economy Advisory Council says the Korean economy recorded average annual growth of 6.9 percent since 1982 and an annual average income distribution index of 0.7 (the closer to 1, the more equally wealth is distributed).
But growth has been well below that for the last three years, standing at 3.1 percent, 4.6 percent, and 4 percent since 2003, when this government took power. The income distribution index also slipped slightly below average in the same period to around 0.69.
¡°As nations develop to become advanced economies, their growth become sluggish and income distribution improves. Korea is on the right track to become an advanced economy, but the nation is faced with an anomaly where both economic growth and income distribution get worse,¡± the report says
The report says the nation saw high growth and poor income distribution during the Chun Doo-hwan military government, and both improved overall under his successor Roh Tae-woo. Under the Kim Young-sam administration, only income distribution improved. Both indices were also below average in 1998 and 2001, when Kim Dae-jung was president, but that includes the immediate aftermath of the Asian financial crisis.
(englishnews@chosun.com )
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