Korea has been rapidly integrating itself into the world economy since the onset of the 1997 crisis. The government has advanced a new paradigm that involves upgrading business practices to international standards, promoting human resources and technology development and enhancing institutional efficiency.

The timing and strength of the economic recovery will depend largely on the pace of corporate sector restructuring, household adjustment to reduced job security and investor confidence in Korea. The government remains strongly committed to reform and will continue to implement financial and corporate restructuring while pursuing flexible macroeconomic policies conducive to growth.

Korea's goal is to solve the problems rooted in its past and create an economic structure suitable for an advanced economy meeting the challenges of the 21st century.