Chapter 8 has suggested that one of the most urgent recommendations made by the IMF was to reform the banking sector as well as the corporate sector. The new government under Kim Dae-jung accepted the IMF’s diagnosis that the economy’s structural weakness was the underlying cause for the crisis and has thus emphasized structural reforms of the economy. In fact, structural reforms, including financial and corporate sector reforms, have been top priorities on the reform agenda for Kim Dae-jung’s government as well as the previous governments, because rapid progress in these areas is a prerequisite for keeping the Korean economy on a path of sustained growth. Confronting such challenges, and having witnessed the very limited success attained by the previous government, Kim Dae-jung’s government has been pushing for sweeping structural reforms designed not only to ensure a rapid recovery from the crisis but also to take Korea into the twenty-first century as a thriving economy.
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