Beyond korean style shaping a new growth formula a new report from the mckinsey global institute mgi explores the causes of these economic challenges and makes specific recommendations for combatting them among the reports findings. It is increasingly apparent that the export oriented growth formula that helped the large korean conglomerates drive economic development and raise incomes is running out of steam gdp continues to grow but the progress of the national economy has begun to decouple from the lives of many south koreans who have seen their fortunes wane. Beyond korean style shaping a new growth formula mckinsey global institute fellow fraser thompson and knowledge expert urs binggeli the team would like to thank geoffrey lewis for editorial support and mgis operations and communications team including julie philpot marisa carder joanne willis and. Beyond korean style shaping a new growth formula mckinsey 2013 k pop and other korean popculture offerings have swept asia and are known around the worldbut the growth formula behind the south korean economic miracle a state guided capitalism focused on export led manufacturing is no longer workingfor many koreans beyond korean . Mckinsey 201304 south korean women have lower labor participation rates overall and leave in higher numbers to raise children mckinsey 201304 women over 30 and mothers returning to the labor force are more likely to take temporary or day work
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