The Korean Economic Forum
New Growth Engine and Inclusive Growth in the 4th Industrial Revolution
Hee-Su Kim KT Economics and Management Research Institute)Year 2018Vol. 11No. 2
Abstract
With the advent of the 4th Industrial Revolution, innovative ICTs have beendeveloping steadfastly at enormous pace, and tremendous changes have takenplace throughout the economy and our daily lives as industrial structure centersaround platform businesses. The key leading technologies in the new era includebut not limited to 5G, artificial intelligence, and blockchain. These technologiesnot only comprise their own individual industry, but also can be utilized as acore infrastructure of the 4th Industrial Revolution and create future growthengines by converging with existing industries. On the other hand, there alsohave been some concerns that socioeconomic problems caused by previouseconomic models focusing on growth, such as widening of income inequalitygap, job losses, low fertility and aging, could be aggravated. ‘Inclusive growth,’which endeavors to solve such social problems and achieve economic growth ina lump, is considered as a new panacea. Especially with the rapid developmentof innovative ICTs, the role of ICTs is becoming much more crucial in dealingwith such social problems. However, it would be difficult to propel inclusivegrowth if solely done on a private level, and to that end, governments shouldtake the leading role in creating new markets by bearing potential risks of aproject in its initial stage and by designing it as a mission-oriented project fortackling social problems.}