The government's mid to long-term strategic committee has recommended that in order to respond preemptively to the rapidly changing global economy, South Korea should transform its economic system so that it is driven by the private sector.
 
At a meeting presided over by Minister of Strategy and Finance Choi Kyung-hwan Thursday, the committee deliberated the nation's mid to long-term economic development strategy.
 
The committee said the current government-driven catch-up growth model is exposing its limit. It said the need to transform to a flexible economic system based on creativity and innovation is urgent and that the role of the government should change so that the economy is driven by the private sector.
 
Specifically, it stressed that South Korea should build an innovative corporate environment so that the private sector may create growth momentum. It added that the government should exercise an ex post regulation system.
 
The committee was launched in November last year and has been studying mid to long-term development strategies and policies for the South Korean economy.