South Korea Completes IMF-Mandated Economic Restructuring
South Korea finalizes comprehensive economic reforms mandated by the IMF, including massive corporate restructuring, labor market deregulation, and opening financial markets to foreign investment. The reforms fundamentally transformed South Korea’s economic model through key changes: financial sector transparency, labor market flexibility, capital account liberalization, and macroeconomic policy adjustments. These structural reforms enabled South Korea’s rapid economic recovery after the 1997 Asian Financial Crisis.
Key Actors
Sources (7)
- Press Release: IMF Approves SDR 15.5 Billion Stand-by Credit for Korea
- Korea's Economic Adjustments Under the IMF-supported Program
- ADBI Working Paper: Twenty Years After the Financial Crisis
- The 1997 Financial Crisis and Governance: The Case of South Korea
- McKinsey Global Institute Report
- Finance & Development: The Asian Crisis and the Changing Role of the IMF
- The Asian Financial Crisis of 1997-1998
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