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Widening income gap

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25.08.2019
Time to change policy to realize inclusive growth

Income inequality among South Koreans has widened to its worst level in 16 years. This shows that President Moon Jae-in's signature "income-led growth" policy has gone nowhere. Moon and his economic policymakers need to overhaul the liberal government's inclusive growth formula to find out what is wrong with it.

According to data released by Statistics Korea last Thursday, those in the bottom 20 percent income bracket earned 1.32 million won ($1,090) on average each month in the second quarter of the year. The sum is in contrast with the monthly average of 9.42 million won earned by those in the........

© The Korea Times