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Song Kyung-jin
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Song Kyung-jin

Song Kyung-jin led the Institute for Global Economics (IGE), based in Seoul. Now, she chairs the international cooperation committee called the Innovative Economy Forum.

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Song Kyung-jin

Population aging and dementia management

I am often asked by foreign friends what I regard as the biggest challenges the Korean economy is facing. I would say it is demographic changes, including low birthrate and rapid aging, and the declining growth potential. Korea has the world's lowest fertility rate of 0.7 per woman in 2023 and the fastest-aging population. The proportion of Korea's population aged 65 or over is 18.4 percent in 2023 and is expected to reach 20.6 percent, making it a super-aged society. Consequently, the twin demographic deficits are closely correlated with the declining growth potential.

Feb 20, 2024By Song Kyung-jin
Population aging and dementia management
Song Kyung-jin

Extension of Korea-Japan Continental Shelf Agreement

Always hungry for natural resources, the whole of Korea went crazy with the No. 1 hit song “Block 7” in 1980. I was glued to the TV when that song was aired. The song was written after the Korea-Japan Continental Shelf Agreement, which was signed in January 1974, and which came into effect in June 1978 with a 50-year validity. That craze drove all Koreans to be hopeful of an oil-producing Korea, especially after the two oil shocks of the 1970s.

Jan 16, 2024By Song Kyung-jin
Extension of Korea-Japan Continental Shelf Agreement
Song Kyung-jin

Taking Korea's economy out of hotter pot

Increasing numbers of empty store rentals, unceasing price hikes and the reduced volumes of exports are all pointing to a stagnated economy which has been a major concern of every Korean throughout the year. An outlook from the Asian Development Bank on Dec. 13 presented Korea’s growth forecast of 1.3 percent for 2023 and 2.2 percent for 2024, 0.1 percentage point and 0.2 percentage point lower than that of the Korean government, respectively. High inflation will still be around into next year.

Dec 19, 2023By Song Kyung-jin
Taking Korea's economy out of hotter pot
Song Kyung-jin

Cabinet reshuffle and appointing right people urgently needed

There are many factors pushing President Yoon Suk Yeol to expedite a reshuffle of the presidential office and cabinet to restore discipline in the government. Such pressing factors include the sluggish economy, increasing difficulty in the people’s livelihoods and a series of wrong political decisions, including the failure to host World Expo 2030. More than a month has passed since Yoon expressed his intention to reshuffle his office and cabinet. As people’s patience is wearing thinner over things progressing ata snail's pace, Yoon should deliver his promise as soon as possible, so as not for this drag to translate into a downward adjustment in approval ratings.

Dec 4, 2023By Song Kyung-jin
Cabinet reshuffle and appointing right people urgently needed
Song Kyung-jin

Multilateralism must still prevail in face of global problems

By Song Kyung-jinThe news of Joe Biden and Xi Jinping skipping the ASEAN Summit in Jakarta, Sept. 5-7 and of Xi's absence at the G20 Summit in New Delhi, Sept. 9-10, disappointed the world, which is already much fragmented. Biden and Xi will be represented by Kamala Harris and Li Qiang, respectively. Russia's Vladimir Putin will be absent, too. In allusion, the world is at a crossroads of crumbling multilateralism in need of more coordination and cooperation. What is unfolding is going in the exact opposite direction of the theme of India's G20 presidency, "One Earth, One Family, One Future." The Chinese leader's decision not to attend the G20 Summit is deeply perturbing particularly after Xi and the India G20 Summit host Narendra Modi vowed to improve China-India relations at the BRICS Summit on Aug. 24 in Johannesburg for peace, stability and the development of the world and the region. Much of the world was expecting a Biden-Xi bilateral meeting, with the hope that a breakthrough might be reached. Specifically, to global problems in order to boost the global economy and trade, sta

Sep 5, 2023By producing concrete deliverables in India, however, the G20 can again prove its relevance and usefulness. We need not yet lose a ray of hope completely but need to instill a sense of urgency to G20 lea
Song Kyung-jin

Sustainable population policy for sustainable growth

By Song Kyung-jinOn July 25, the International Monetary Fund (IMF) released its updated World Economic Outlook. It adjusted the global economic growth rate upward to 3 percent from 2.8 percent in its April forecast. The growth rate of the Korean economy for the same period was revised down to 1.4 percent, a decrease of 0.1 percentage point from the April forecast of 1.5 percent. Last year, the global share of the Korean economy fell to 1.7 percent, dropping to 13th from the previous 10th position. It is predicted to decrease to 1.6 percent by 2028.Korea's smaller-than-expected growth has much to do with the country's falling growth potential. An economy's growth potential is determined by three components ― total factor productivity, labor input and capital input. Korea's National Assembly Budget Office projected the growth potential to be 2.3 percent between 2020 and 2024, with the least contribution from labor at 0.5 percentage points only. A private think tank projected the labor contribution to be negative 0.6 percentage points for 2021-25.This immediately brings our attention to

Aug 1, 2023By Song Kyung-jin
Song Kyung-jin

A note for global joint R&D center for critical minerals

By Song Kyung-jinLast week, U.S. Treasury Secretary Janet Yellen's visit to China drew keen attention from around the world, as did U.S. Secretary of State Antony Blinken's visit to China last month. Secretary Yellen said at her press conference that the relationship between the United States and the People's Republic of China, which collectively represents about 40 percent of the global economy, is one of the most consequential of our time; therefore, both nations are obliged to responsibly manage the relationship. She also unambiguously stressed the difference between decoupling and diversifying critical supply chains or taking targeted national security actions.Incidentally, an event occurred three days before Secretary Yellen's visit to China last week, highlighting the importance of diversifying critical minerals supply chains. On July 3, China's Ministry of Commerce and General Administration of Customs announced that from Aug. 1 China's exports of gallium and germanium, and related chemical compounds, will require prior approval from authorities. Gallium is essential for next-

Jul 11, 2023By Song Kyung-jin
Song Kyung-jin

Securing critical mineral supply chains

By Song Kyung-jinSecuring supply chains for critical minerals has emerged as one of the most challenging economic security issues. Critical minerals are essential for sustainable industrial competitiveness given industrial structures that need critical materials. Take for example semiconductors and batteries. Semiconductors need critical minerals such as gallium and germanium. For battery manufacturing, lithium, nickel, cobalt, manganese and graphite are crucial. Critical minerals are also essential for carbon neutrality and the clean energy transition.Sustainable and resilient supply chains are particularly critical for a resource-poor country likeKorea which imports almost 95 percent of critical minerals. Hence, it is greatly exposed to supply shocks and vulnerabilities in the critical minerals market, at the whims and fancies of the supplier countries. Furthermore, resource nationalism is intensifying and so is competition for critical minerals.Against this background, the Korean government announced, Feb. 27, its strategy for securing critical minerals with two very ambitious obj

Jun 13, 2023By Song Kyung-jin
Song Kyung-jin

Korea's steps closer to becoming global pivotal state goal by presence at Hiroshima G7

By Song Kyung-jinThe 49th G7 Summit 2023 is held today in Hiroshima, Japan until May 21. President Yoon Suk Yeol has been invited to this G7 Summit. This is the fourth time for Korea's president to be invited to attend such a meeting after the Hokkaido Toyako G8 2008, L'Aquila G8 2009 and Cornwall G7 2021.While the decision to invite non-G7 nations to the G7 Summit lies with the host country and is respected as the host's prerogative, the list of invitees is perceived to be strategically important in addressing global political and economic issues and better serving the global public good. Oftentimes, the host also invites countries that have special historical relationships.Korea's participation in the G7 is an outcome of its credibility and leadership accumulated in the global collective endeavor and contribution toward the recovery from the 2008 global financial crisis and the promotion of democracy and universal values. It per se is in close alignment with Korea's aspirations to become a global pivotal state. In discussions with the guest countries and the eight outreach internat

May 18, 2023By Song Kyung-jin
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