Today, however, China has already emerged as the world’s largest producer and exporter of mobile phones. Korea’s policy options in dealing with the hollowing-out The hollowing-out of Korean manufacturing is taking place so fast and across such a wide spectrum that our firms and government have little time to spare. It has become a critical challenge to the Korean economy.
Will the hollowing-out of manufacturing derail the Korean economy, or can we take advantage of it like the U.S. and Japan by turning it into an opportunity for a further quantum leap? The answer will depend upon how the Korean people react.