The Boom in Information and Communication Technology: A New Economy Emerging?

As discussed in Chapter 1 the world is experiencing a revolution in which information and knowledge have become the principal drivers of competitiveness. Rapid advances in information and communications technology (ICT) have brought fundamental changes to modes of business, government and lifestyles. Indeed, access to ICT-related tools and skills has become crucial to economic development worldwide. Therefore in order to become more competitive in world markets and return to sustainable growth Korea needs to move away from the old economic paradigm and make the transition to a knowledge-based economy.