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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

Investing in forward-looking Korea-U.S. alliance

By Song Kyung-jinA Korean president's visit to Washington, D.C., always draws the heavy attention of the nation and those from all walks of life. The visit of President Yoon Suk Yeol to the United States raised the expectations of the Korean people as it was only the second state visit of the Biden-Harris administration and the first of such in 12 years for a Korean president, especially to commemorate the 70th anniversary of the Korea-U.S. alliance.The Leaders' Joint Statement seems an outcome of earnest deliberations on investing in a forward-looking Korea-U.S. alliance. The forward-looking Korea-U.S. alliance stands to benefit not just the two countries but also the global community by advancing democracy, economic prosperity, security and technological innovation. The Joint Statement stresses the importance of closer cooperation between the two countries on globally important issues beyond those confined to the Korean Peninsula. This has been much called for by the international community in recent years.I concur with President Yoon and President Biden on seeing global developmen

May 2, 2023By Song Kyung-jin
Song Kyung-jin

Busan committed to transforming our world, navigating toward a better future

By Song Kyung-jinThe Enquiry Mission of the Bureau International des Expositions (BIE) is in Korea to examine and assess Korea's candidature to organize the World Expo in 2030 in Busan under the theme of Transforming Our World, Navigating Toward a Better Future. It is a most critical step in the lead-up to the election of the host country by the 171 member nations during the 173rd General Assembly of the BIE in November.Much of the cheers and attention of the nation is drawn to the Enquiry Mission and the World Expo. Naturally so. The World Expo is often considered one of the three global mega events together with the Olympics and the World Cup.Since its inception in 1928, education, innovation and cooperation have been the main themes of the BIE. World Expos have provided platforms to address the most critical challenges the world faces and share visions for the future.Coincidentally, 2030 is the target year the world pledged to achieve the U.N. Sustainable Development Goals (SDGs). Progress toward the SDGs moves very slowly despite a multitude of multilateral forums having adopted

Apr 4, 2023By Song Kyung-jin
Song Kyung-jin

Making the Korean economy more resilient

By Song Kyung-jinLast week the International Monetary Fund (IMF) slightly increased its global growth forecast for 2023 from the previous 2.7 percent last October to 2.9 percent, on the back of slowing inflation and China's earlier-than-expected re-opening. The Korean economy seems a misfit to this global growth scenario, being the only major economy whose growth forecast was adjusted downward from 2.0 percent to 1.7 percent during the same period. Last December Korea's ministry of economy and finance presented President Yoon Suk Yeol its growth forecast of 1.6 percent for 2023 explained by the worsening external environment and dampening consumer demand owing to high-interest rates and household debt. The Korean economy contracted 0.4 percent in the fourth quarter of last year. In January, semiconductor exports posted $6 billion, a huge drop of 44.5 percent year on year.So beware the Korean economy losing steam on its path to recovery. After each crisis, the world has witnessed winners and losers with widened wealth and health gaps within countries and between countries. The impact

Feb 12, 2023By Song Kyung-jin
Song Kyung-jin

Korea's Indo-Pacific strategy broadens diplomatic, security, economic horizons

By Song Kyung-jinKorean diplomacy wrapped up 2022 with the announcement of its Indo-Pacific strategy just before the year-end, as promised. I welcome the government's effort and its comprehensive Indo-Pacific strategy. It is a strategy for a free, peaceful and prosperous Indo-Pacific region with three overt principles of cooperation ― inclusiveness, trust and reciprocity ― and with nine core lines of effort. Korea's Indo-Pacific reaches out even to the African Indian Ocean, Europe and Latin America, expanding its geographical boundaries further than other countries with their own Indo-Pacific strategies. A free, peaceful and prosperous Indo-Pacific region is of particular significance for Korea's national interests, when the region accounts for 62 percent of the world's GDP and 46 percent of global trade and 78 percent and 67 percent of Korea's exports and imports. Hence, not just economic security but also maritime security is critically important for safeguarding and promoting Korea's national interests. On top of that, it to me is a clear sign of confidence of Korea as a nation an

Jan 3, 2023By Song Kyung-jin
Song Kyung-jin

Golden jubilee for closer Korea-India ties

By Song Kyung-jinNext year marks the golden jubilee of Korea-India diplomatic ties. The golden jubilee could be translated into an opportune moment for bilateral relations to be upgraded to the next level with a set of concrete cooperation projects that are more ambitious and action-oriented in regard to cooperation. Korea and India, two thriving democracies in the Indo-Pacific region, are natural partners for many reasons.India's geopolitical and geoeconomic importance is increasing ever more rapidly. India, currently the world's fifth-largest economy, is forecast to be the third-largest by 2050 after China and the United States. South Korea, will be the ninth-largest. Their bilateral trade in the first half of 2022 reached $14.2 billion, the largest volume in the first half ever. It, however, is far below the potential of the two Asian economies. On Nov. 11, President Yoon announced, at the ASEAN Summit in Phnom Penh, the vision of Korea's Indo-Pacific strategy for “a free, peaceful, and prosperous Indo-Pacific.” Korea is slated to present its Indo-Pacific strategy to t

Dec 6, 2022By Song Kyung-jin
Song Kyung-jin

Whither Korea's Indo-Pacific strategy?

By Song Kyung-jinOne question I hear more often than others these days, especially from foreign friends in Seoul and abroad, is, “When can we expect the Korean government to officially announce its Indo-Pacific strategy?” I then answer: “As promised.” But in fact, I, too, am curious myself when it will come out. Since President Yoon Suk-yeol announced that he will formulate Korea's own Indo-Pacific strategy framework when he met United States President Joe Biden on May 21, the international community welcomed it and has had high hopes of having it presented to them as soon as possible. Although the Korean government said it would make it available by the end of the year, it seems that the patience of the international community is wearing thin, wishing to know its interim progress, at least in terms of timing and substance, instead of having to keep guessing. One can easily figure out the major difficulties surrounding formulating Korea's Indo-Pacific strategy framework. That is, the United States is its ally and China is its largest trading partner. Hence, Ko

Oct 11, 2022By Song Kyung-jin
Song Kyung-jin

Unilateralism is no answer to friendshoring

By Song Kyung-jinUnilateralism tends to create more problems than solutions. The U.S. Inflation Reduction Act (IRA) is a good case in point. Enacted on Aug. 16, the IRA is meant to deal with challenges the U.S. economy is faced with ― to fight high inflation, combat climate change and create a 15 percent minimum corporate tax rate. The causes are noble; however, it is centered on investments and jobs in the U.S. at the expense of its trading partners and friends. Unilateralism imbued in the Act with little concerns for its global impact is hurting carmakers and workers of its friends and partners in global supply chains and the U.S.' global leadership.While there are differing views and estimates, with regards to its possible effect on inflation and confidence of its friends and partners, the U.S. global leadership is undoubtedly likely to weaken further as it stands. The estimated impact does not look big enough to offset the damaged confidence of friends and partners. The Penn Wharton Budget Model at the University of Pennsylvania estimated a low impact on inflation. The U.S. Congr

Sep 13, 2022By Song Kyung-jin
Song Kyung-jin

Korea's renewed pivot to Africa

By Song Kyung-jinAfrica was long known as a continent with rich natural resources and potential but largely underdeveloped and forgotten. It is now striving quickly to transform itself into a continent that will play a bigger role in shaping the future of the international order. It has 54 sovereign states with an equal number of voting power in the United Nations system and major international organizations. It is the second most populous continent after Asia, with 1.4 billion people as of 2021, accounting for about 18 percent of the world's population. Korea, having pledged to become a bridge between developed and developing countries, is well-positioned to support African efforts to stride forward. Substantial progress has been made in the last two decades. Korea and the African Union launched the Korea-Africa Forum in 2006 and held their fifth such forum this past March in Seoul. Now a quarter of Korea's Official Development Assistance (ODA) is allocated for partnerships with Africa, up from 15 percent in 2010. However, the considerable increase in Korea's ODA budget for Africa h

Aug 16, 2022By Song Kyung-jin
Song Kyung-jin

Reminder of president's promise for better gender representation

By Song Kyung-jinOne of my lifelong missions I feel is to continue addressing the perennial gender deficit Korea has been suffering from and thus the importance of promoting gender balance across all walks of life in Korea. The annual Global Gender Gap Report of the World Economic Forum (WEF) serves as a regular reminder for me not to forget that mission.The WEF report gives rise, without exception, to an annual contest of pros and cons in Korea about its methodology and the index indicators for being too simplistic, failing to capture the gender reality more broadly. While such arguments deserve due respect, we must not lose sight that we are still lagging far behind our global standings in other indexes.This year Korea ranked 99th out of the 146 countries surveyed, up three notches from 2021. However, a narrowed gap in educational attainment and health and survival has still not translated into a proportionately narrower gap in economic participation and opportunity as well as political empowerment of women. While Korea is the world's 10th-largest economy, in women's economic parti

Jul 26, 2022By Song Kyung-jin
Song Kyung-jin

Global cooperation, skillful leadership needed to address stagflation

By Song Kyung-jin Rising inflation and low growth are portents of stagflation, which the world previously experienced in the 1970s. Protracted "quantitative easing" since the 2008 global financial crisis, disruptions in global supply chains initiated by the COVID-19 pandemic and further exacerbated by the war in Ukraine, and record-high energy prices have all attributed to rising inflation around the world.Whether or not the global economy is heading toward stagflation is not certain, but the possibility of it is growing. Mohamed El-Erian, an Egyptian-American economist, already warned that stagflation is “unavoidable” due to declining growth and rising inflation. Yet there is little room for international policy coordination and cooperation as done immediately after the eruption of the global financial crisis in 2008. The U.S.-China competition and the war in Ukraine stand in the way of mustering the will for global collaboration, which is much needed at the moment.Global "quantitative tightening" is aggressively underway to contain inflation. The Bank of Korea raised it

Jun 22, 2022By Song Kyung-jin
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