South Korea Completes IMF-Mandated Economic Restructuring

| Importance: 9/10 | Status: confirmed

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

IMF World Bank South Korean Government Chaebol Corporations Treasury Department

Tags

asian-financial-crisis structural-adjustment economic-shock corporate-transformation imf-intervention financial-liberalization

Sources (4)

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