Biggest Problems of Korean Economy??

(Global HR Forum 2014)-1. "Biggest Problems of Korean Economy are Challenges of Entrepreneurship and Mgmt."

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6.       South Korea‘s global competitiveness ranking fell by four notches this year at IMD report as government and business efficiency received lower points than the previous year. It is the first time in four years that Korea’s ranking fell. What do you think about Korea’s competitiveness?

In many areasSouth Korea continues to go from strength to strength. For example Real GDP per capita grew by 2.5% the 13^th highest in the world and an extraordinary feat for a developed nation; andLong-term Unemployment is virtually non-existent (#1). The emphasis on science and math in schools is impressive (#4), as is total expenditure on research (#1). However a lack of innovation (#28) entrepreneurship (#47) stifles the efficiency of SMEs (#55) – the drivers of economic growth. This is partly a cultural phenomenon but is also a result of government policy.