Publication: Difference Maker: A Story of the Seoul Center Korea Trust Fund Impact in the East Asia and Pacific Region
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2023-06-20
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2023-06-20
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The Republic of Korea’s astonishing economic development commenced shortly after the end of the Korean war. Today, Korea is the world’s tenth largest economy based on gross domestic product, a key development partner of the World Bank Group, an important contributor to the International Development Association, the fund established to support the world’s poorest countries, and a unique international donor. Over the past decade, the East Asia and Pacific region has experienced significant economic growth and development. This has been especially evident in the financial sector. Nevertheless, many challenges remain. Risks such as excessive credit growth, asset bubbles, high levels of household and corporate debt have emerged, increasing the vulnerability of the financial sector to shocks. Consequently, ensuring the stability and resilience of the financial sector is crucial for sustainable economic development in the region. When it comes to financial inclusion, despite the good progress made in many developing countries in the region, there are still significant gaps across the region. A large portion of the population in some countries in the region especially in rural areas and among vulnerable groups, still lack access to formal financial services such as savings account and payment systems. This hampers their ability to save, invest and participate in the formal economy, limiting their economic opportunities and potential growth. Against this backdrop, with the support of the Korea Trust Fund, the World Bank has made a significant impact in enhancing the financial sector in the East Asia and Pacific region. These selected stories speak to the positive impact that the Seoul Center’s partnership with the Ministry of Economy and Finance has had within the recipient countries. The booklet presents these in detail.
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“World Bank. 2023. Difference Maker: A Story of the Seoul Center Korea Trust Fund Impact in the East Asia and Pacific Region. © World Bank. http://hdl.handle.net/10986/39899 License: CC BY-NC 3.0 IGO.”
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