Industry
Choi Tae-won says South Korea economy faces structural problems from rising social costs
SK Group Chairman Choi Tae-won said South Korea’s economy faces structural problems driven by weak domestic demand and rising social costs. He said growth models should be redesigned to achieve economic growth and reduce social costs at the same time, warning that neglecting social issues could increase welfare and conflict costs and constrain growth. He also called for systems to measure and reward social value and for discussion of new growth indicators beyond GDP.
