South Korea’s Development Success: Lessons for Uganda
From a least developed and aid receiving country to a developed and donor country within six decades, South Korea represents one of the unprecedented world‘s phenomenal and remarkable development experience. A combination of political and economic elements has been the key driver behind Korea‘s development success. Traditional and contemporary factors worked symbiotically to accelerate Korea‘s miraculous economic development and rapid socio-economic transformation. Traditional factors include prodigious savings, focus on exports, investment in human and infrastructure capital, strong macroeconomic policies, and a capable government with a long-term development vision. Contemporary factors include effective economic planning, strong business-government links, investment in research and development, adaptable economic policies and an emphasis on tertiary education. Through effective usage of aid that it benefitted from, Korea now extends the same generosity to developing countries, including Uganda. The article explores this unprecedented and miraculous‘ experience, and draws lessons for Uganda and other developing countries.
Key terms · Development · economic growth · foreign aid · poverty reduction