Korea’s successful structural reforms and its efforts to promote the creative industries are praised by G20 leaders at the recent G20 Antalya Summit in Turkey.
During an economic performance evaluation at the recent 2015 G20 Antalya Summit in Turkey, Korea came in second place among G20 members in terms of its economic growth strategies. On Nov. 16, the G20 leaders took stock of the action plans from the 2014 G20 summit in Brisbane, Australia, which outlined comprehensive growth strategies aimed at increasing the slow economic growth rates seen around the world.
The evaluation placed Korea in second place among the G20 members for its performance across 22 main challenges in seven areas, areas such as regulation and reform, and enhancing service sector competitiveness.
In her speech in the opening session, President Park Geun-hye emphasized the need for all member states to implement such growth strategies. She then outlined the results of Korea’s structural reforms and its policies to promote the creative industries.
President Park Geun-hye (center) and other G20 leaders attend the 2015 G20 Antalya Summit in Turkey.
To overcome slow economic growth, President Park proposed that member states jointly invest in Northeast Asian infrastructure, a part of the world with vast potential for development. The president drew attention with her proposal to establish a “Northeast Asian Development Bank,” on the assumption that North Korea would surrender its nuclear weapons program. She stressed that this new entity would cooperate with the Asian Development Bank (ADB) and the new Asia Infrastructure Investment Bank (AIIB).
On this note, President Park stated that, “Fiscal policies that only take into consideration the economies of the developed world can have a negative ripple effect on developing nations. This in turn can have a backlash effect on developed countries.”
Finally, she underscored the importance of normalizing fiscal policies and joining G20 efforts to stabilize world markets.
By Wi Tack-whan, Lee Hana
Korea.net Staff Writers
Photos: Cheong Wa Dae
whan23@korea.kr
