Effects of the current world recession on the welfare of children: The case of Korea

The remarkable growth of Korea's GNP during 1963–1978 was achieved through export-led industrialization. The accelerating rate of growth in labour-intensive export industries provided job opportunities to the growing labour force. However, during the last years of the 1970s the Korean economy experienced bottlenecks and strong inflationary pressures which eroded its export competitiveness. As a response to these problems, the government implemented stabilization and restructuring programmes which did not affect the expansion of social welfare programmes for the poor and the vulnerable.