Bank of Korea Governor Rhee Chang-yong called for reforms to South Korea’s college entrance system on Friday, emphasizing the need to cultivate talents capable of driving innovation. Speaking on the importance of adapting the education system, Rhee argued that the current college admission process does not adequately identify or foster the skills necessary for future leaders in technology and innovation.
Rhee made this statement during the opening ceremony of a new research institute focused on population and talent issues at Yonsei University in Seoul. The institute aims to address South Korea's growing concerns about its aging population and the need to cultivate a workforce capable of driving future innovations. During his address, Rhee highlighted the importance of reshaping the college admissions system to better identify and nurture students with the potential to lead in fields such as technology and science, which are critical to the country’s long-term economic growth.
"Leading technological innovation and nurturing talent with creative problem-solving abilities are crucial for South Korea to become a first mover in the world. But the current exam-focused education system limits the opportunities for young people to demonstrate their creativity", says Rhee.
"The college entrance system should focus on fostering talent who are not afraid of challenges, and have diverse backgrounds and experiences, rather than raising students who are more inclined to follow their parents' instructions and conform to given demands", he added.
The governor also emphasized the need for structural reforms that focus on long-term, fundamental solutions to address South Korea's low birth rate and other demographic challenges. He pointed to intense educational competition, a tough job market, and unstable housing conditions for young people as major contributing factors. Rhee stressed that these issues not only affect the nation’s population growth but also hinder its ability to nurture talent and ensure a stable, prosperous future. He called for policies that would create a more supportive environment for young people, encouraging family growth and easing the burdens that currently discourage them from starting families or pursuing their careers.
"If the fertility rate remains at 0.75, Korea will inevitably face prolonged negative economic growth after 2050, and our potential growth rate may approach zero percent by the late 2040s, down from the current 2 percent level", Rhee stated.
Following the ceremony, the Economic Research Institute under the Bank of Korea and Yonsei University's research institute signed a memorandum of understanding to collaborate on demographic and talent-development issues, according to the BOK. This partnership aims to combine resources and expertise to address South Korea’s pressing demographic challenges, including the low birth rate and the need for a more skilled workforce. The agreement marks a step toward developing research-driven solutions that could help shape policies for nurturing talent and securing the country’s long-term economic stability.
