Going Global in New Millenium - (16); Globalization Ups Growth

Article excerpt

Global understanding is growing, particular as a result of the explosive growth we have witnessed within communications and information technology.

It is transforming our world and economic structures in an unprecedented manner and speed.

The world becomes smaller. News of what is happening in another continent reaches us at an ever-increasing speed.

At the same time, production processes have become more international.

This is the framework within which all countries including Korea and Norway have to work.

It is generally accepted that globalization enhances economic growth and prosperity and that it benefits important social issues such as job creation and poverty alleviation.

Globalization is seen as a positive development by many, creating closer ties and interdependence between countries and peoples around the globe.

Others have different and more skeptical perception of the globalization.

They maintain that the globalization process is creating ever increasing disparities between rich and poor, between winners and losers.

In the coming century of competition and cooperation we must make sure that responsibility for the losers is a common responsibility.

Norway and Korea share the view that we must be engaged in mutual cooperation in the global community helping others in need and doing what we can to resolve transnational issues.

In the global age we are all in the same boat, we move ahead together and share problems.

Because of the rapid growth in international trade, investments and capital flows, economic integration and interdependence have accelerated in recent years.

This was illustrated by turbulence in several Asian finance markets including Korea last year.

The financial crisis had repercussions all over the world.

To overcome the crisis and become competitive player in the global economy, Korea implemented quickly successful measures and reforms in the financial, corporate, public and labor sectors.

She retained an optimistic outlook reflected in an increase in investment and corporate and financial restructuring.

Korean economy has in the short period recovered to pre-crisis level. And the Korean government will continue to concentrate on the follow-up of the implementation of the structural agenda in order to prepare for the tasks in the next millennium.

This will benefit both the Korean people and the world economy.

The OECD has published recently an overview of the core principles of corporate government which focus of four critical areas, i.a. the concepts of fairness, transparency, accountability and responsibility.

These principles are relevant to all countries and represent an emerging international consensus of the fundamental goal of effective governance that is necessary to access to investment in the area of global product and capital markets.

Structural reforms have played a key role in this effort. …