Sung-Chun Jung: Over the past decades, Korea's economy has thrived and following its economic development model can be helpful for other developing economies. Several years after the 2008–09 global financial crisis (GFC), and right after the U.S. Federal Reserve started its monetary tightening, emerging market economies (EMEs) expected many future challenges and frustrations. Those EMEs (in particular, natural resource-rich countries, which have enjoyed economic prosperity from high prices and expanding demands for their natural resources) face tough years ahead. Without creating a whole new growth model, however, these countries are unlikely to grow at higher or even the same growth rate than before because the global economic condition has completely changed from an era where there was plenty of global liquidity to one where money supply has tightened in recent years. Developing a new growth model and finding alternative growth sources have become the most urgent national tasks to be...

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