Journal of Scientific Papers


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ISSN 2071-789X

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  • General Founder and Publisher:

    Centre of Sociological Research


  • Publishing Partners:

    University of Szczecin (Poland)

    Széchenyi István University, (Hungary)

    Mykolas Romeris University (Lithuania)

    Alexander Dubcek University of Trencín (Slovak Republic)

  • Membership:

    American Sociological Association

    European Sociological Association

    World Economics Association (WEA)




South Korea’s economic revitalization strategy post COVID-19 pandemic

Vol. 16, No 4, 2023

Donghun Yoon


Division of Economics, Kyonggi University, Suwon, South Korea


ORCID 0000-0002-8014-4527 


South Korea’s economic revitalization strategy post COVID-19 pandemic




Abstract. The COVID-19 pandemic has caused serious problems in South Korea that led to an economic recession, stunted national growth, a huge gap between the real estate market and the asset market, and job instability in almost all sectors. Like most countries around the world, South Korea has aggressively implemented economic policies to overcome the debilitating effects of the pandemic, actively pursuing policy countermeasures that focused on what it called the Korean New Deal. To measure the effects of the Korean New Deal on the revitalization of the nation, this research paper used a dynamic regression model to analyze its impact on the economy. Our research used panel data on South Korea’s resulting economic growth rate and the supplementary budget the government provided to attain it. Our analysis showed that the supplementary budget created by the South Korean government did have an effect on the quarterly economic growth rate compared to that of the previous quarter. However, compared to the previous year’s economic growth rate, the government’s supplementary budget investment was unable to augment the yearly growth rate. It is our hope that these findings and the analysis of these outcomes will contribute to the formulation and implementation of a more efficient set of economic policies by the South Korean government for overcoming the adverse effects of the COVID-19 pandemic on the nation’s economic life and well-being.


Received: January, 2023

1st Revision: September, 2023

Accepted: December, 2023


DOI: 10.14254/2071-789X.2023/16-4/2

JEL ClassificationA14, H00, H50

Keywords: effects analysis, economic policy, economic revitalization, South Korea, COVID-19 pandemic