The Restructuring of Pusan's Economy Under the Current Economic Crisis

There are several reasons for Pusan's lagging growth. A Fundamental and all-pervasive problem is the excessive concentration of economic and political power in Seoul. Two other reasons are the deferred industrial restructuring and the imposition of national industrial policies across the country rather than granting greater autonomy to regions and metropolitan cities. Under present conditions of greater openness to foreign capital, Pusan's strategy for the 21st century is to take advantage of its location in northeast Asia and its excellent port facilities. Forming intercity networks throughout the macro-region is a critical point for the future. Pusan is the second-largest city as well as the largest port in Korea. At the start of Korea's industrialization in the sixties, the city played an important role, but thirty years later, deferred industrial restructuring turned initial advantage into a present disadvantage. When the financial crisis (the so-called IMF crisis) occurred, Pusan's economy was seriously affected. Although the national economy has largely recovered, unemployment in Pusan remains high and the regional domestic product is the lowest in the nation

Business · Economic growth · Economic policy · Economic system · Economics · Economy · Financial crisis · Geography · Lagging · Metropolitan area · Openness to experience · Restructuring · Unemployment · Economic Zones and Regional Development · Global Financial Crisis and Policies · Finance

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