The Korean economy grew at an annual average rate of 3% in 2011-2018, which appears to be a downward trend and not a temporary setback. A prolonged growth accounting reveals that the Korean economy will likely grow to a low-to-mid 2% (annual average) in the 2020s when productivity is expected to...

The COVID-19 pandemic is imposing economic and broader development challenges as never before. Policy lessons from Asia and the Pacific's past experience in dealing with shocks show that focusing on economic growth alone is not enough. Rising inequality and environmental challenges increased the...