Report by the Republic of Korea

Korea’s prompt recovery from the global financial crisis of 2008 presents a forceful example which illustrates the important role and benefits of the multilateral trading system. Although tumultuous financial markets around the world impeded global production and employment, the Korean economy’s deep integration into the multilateral trading system, coupled with the Korean government’s prompt economic policies for a more open and competitive business environment proved to be crucial factors in moving the Korean economy forward. Korea has continued to promote liberal trade and investment policies as well as domestic regulatory reform measures. As a result, despite ongoing uncertainties and volatility in the global economic environment, Korea is projected to sustain moderate growth in 2012.