Domestic economists neglecting Korean economy research, especially younger scholars

A concerning trend has emerged within South Korea's economic academic circles: a sharp decrease in research focused on the nation's own economic challenges. Despite accumulating structural issues like low birth rates, an aging population, regional decline, and slow growth, the volume of domestic economic research appears to be shrinking.

A report released by the Korea Chamber of Commerce and Industry's Economic Research Institute highlights this decline. Among the top 25% of economists affiliated with domestic institutions, only 13.1% of their published works between 1987 and 2025 directly addressed the Korean economy. This figure pales in comparison to neutral theoretical research (66.5%) and international economic analysis (20.4%). The study analyzed 6,149 papers registered in economic literature databases, drawing from quantitative and qualitative indicators from the RePEc database.

The proportion of research on the Korean economy by leading economists has fallen significantly since the 2010s, when it averaged 15.7%. In 2024 and 2025, this figure is projected to drop to 8.1% and 8.4%, respectively, reaching its lowest point since 1999. Conversely, the share of research on foreign economies has increased from 18.6% in the 2010s to 23.2% in the 2020-2025 period.

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If interest in domestic economic issues declines, the supply of high-quality empirical research and innovative ideas needed in policy fields may decrease.

Younger researchers are particularly disengaging from domestic economic studies. While economists born in the 1950s, 1960s, and 1970s dedicated over 10% of their research to the Korean economy, those born in the 1980s focused on it only 5.1% of the time. The report attributes this trend to several factors, including university evaluation systems that heavily favor international publications (SSCI-level) for promotion and tenure, insufficient domestic data compared to major economies like the U.S., and the increasing prevalence of joint research with international scholars, many of whom hold foreign doctorates.

Kim Cheon-gu, a researcher at the KCCI, warned that a diminished focus on domestic economic issues could lead to a reduced supply of high-quality empirical research and innovative ideas needed for policy implementation. He suggested diversifying faculty evaluation and appointment criteria, innovating data governance, and supporting long-term tracking research and policy integration.

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Diversification of faculty evaluation and appointment standards, innovation in data governance, and support for long-term tracking research and policy linkage are necessary.