ABSTRACT
In the previous edition of Korea Briefing, covering the period from 1997 to mid-1999 and subtitled “Challenges and Change at the Turn of the Century,” the biggest challenge was the 1997 Asian financial crisis, and the most important change was the inauguration of President Kim Dae-Jung, the first president of the Republic of Korea (ROK, or South Korea) elected from an opposition party. With the support of the International Monetary Fund, President Kim inaugurated major reforms that put the Korean economy back on its feet within a year. But, as it turns out, that was only the first half of the economic story, because the economy stalled in 2000, and, three years after the financial crisis, South Korea’s legacy of financial insecurity remains an important issue facing the electorate.
