Startups offer a different future for South Korea’s economy

Much is at stake as the worldwide economy faces uncertain tides, following the continuing rise of Covid-19 cases. Is it possible that smart, local decisions combined with new economic models could provide the tools business leaders need to navigate this storm?

This article describes the need of a combination of a startup culture, innovation, and state subsidies for small businesses to cope well with this situation. As an example, the authors explain the emerging shift from South Korea’s powerful chaebol economy to a more futuristic model called the ‘creative economy’. The prospects are promising, but this analysis suggests that much of the structural change is yet to happen and that the challenges of a rapidly ageing population and the pandemic are still to be answered.

Economists in the past have always counted on innovation and technology, so might it be possible that these external shocks to the current economy are the impetus to bring about a new era of worldwide business?

Read Full Story on The Economist

Original Language: English 
Published on: 8 April 2020
Photo: Sunyu Kim on Unsplash

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