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In the last half-century, South Korea has become a model for developing countries, with remarkable economic growth enabling it to become the world’s eighth largest trading country and achieve per capita income of $26,000. But lately its economy has been faltering, with GDP growth averaging 3.6 percent for the last 10 years — a significant drop from the 8.1 percent annual growth rate that prevailed in 1965-2005. And the OECD projects a further decline — to around 2.5 percent — in the coming decade.

But a forecast is not fate. With a new economic strategy that nurtures more diversified sources of growth, while reducing the country’s excessive reliance on exports and large enterprises, South Korea can reinvigorate and sustain strong growth.

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