At present, Korea is putting every effort into transforming itself into a global economic system. Although the country accomplished rapid growth within a short period of time, this led to an imbalance in the development between large businesses and small and medium-sized enterprises (SMEs) due to the economic policy that was heavily dependent on the export led by large enterprises. As such, the need for shared growth was identified as a potential solution to the problem. This was recognized as a global issue amid the global economic crisis in 2008.
In 2010, the Presidential Commission for Shared Growth for Large and Small Companies was established to address conflicts between large-sized businesses and SMEs. The commission has been assigned with the duties of fostering a conductive atmosphere for shared growth in industries, monitoring and announcing large businesses’ shared growth indices, designating sectors and items suitable for SMEs, and resolving conflicts between large businesses and SMEs based on a social consensus.
The 2010 G20 Seoul Summit was convened under the theme of “Shared Growth Beyond Crisis”. The G20 Summit was established in response to the global economic crisis of 2008, based on the view that it was necessary to have major emerging countries take part in international economic discussions, as the G7 Summit inevitably had certain limitations in this respect. It was pointed out that the international financial system had failed to reflect the fact that the share and role of emerging countries had expanded to a considerable extent over the previous three decades.
At the 2010 G20 Seoul Summit, Korea assumed the position of Chair, a clear indication of the country’s active participation and leadership in the international economic order.
The summit leaders adopted the G20 Seoul Summit Leaders’ Declaration along with the Seoul Summit Document, which laid out a framework for promoting strong, sustainable and balanced growth. They also announced three annexes: Seoul Development Consensus for Shared Growth, the Multiyear Action Plan, and the Anti-Corruption Action Plan.
The Seoul Summit Leaders’ Declaration emphasized the role of developing and emerging countries in ending the foreign exchange war between major countries and in reforming the IMF, which used to be centered on industrialized countries. It also focused on the pressing need to stabilize global financial markets and provide support for impoverished countries striving for economic development. This declaration went a long way towards enhancing the status of Korea in the global economic and financial arenas.
In 2010, the Presidential Commission for Shared Growth for Large and Small Companies was established to address conflicts between large-sized businesses and SMEs. The commission has been assigned with the duties of fostering a conductive atmosphere for shared growth in industries, monitoring and announcing large businesses’ shared growth indices, designating sectors and items suitable for SMEs, and resolving conflicts between large businesses and SMEs based on a social consensus.
The 2010 G20 Seoul Summit was convened under the theme of “Shared Growth Beyond Crisis”. The G20 Summit was established in response to the global economic crisis of 2008, based on the view that it was necessary to have major emerging countries take part in international economic discussions, as the G7 Summit inevitably had certain limitations in this respect. It was pointed out that the international financial system had failed to reflect the fact that the share and role of emerging countries had expanded to a considerable extent over the previous three decades.
At the 2010 G20 Seoul Summit, Korea assumed the position of Chair, a clear indication of the country’s active participation and leadership in the international economic order.
The summit leaders adopted the G20 Seoul Summit Leaders’ Declaration along with the Seoul Summit Document, which laid out a framework for promoting strong, sustainable and balanced growth. They also announced three annexes: Seoul Development Consensus for Shared Growth, the Multiyear Action Plan, and the Anti-Corruption Action Plan.
Video Games, Leading Cultural Content
Korea has emerged as a leading exporter of cultural content, such as K-Pop, broadcast programs, and video games, in addition to cars and electronic goods. The photo shows visitors enjoying diverse games at G-Star 2022 held in Busan.
The Seoul Summit Leaders’ Declaration emphasized the role of developing and emerging countries in ending the foreign exchange war between major countries and in reforming the IMF, which used to be centered on industrialized countries. It also focused on the pressing need to stabilize global financial markets and provide support for impoverished countries striving for economic development. This declaration went a long way towards enhancing the status of Korea in the global economic and financial arenas.
