The collaboration between KDI School of Public Policy and Management and the World Bank has shed light on research developments and their impact on fiscal policy and economic strategy. This partnership signifies a significant milestone in research, particularly focusing on fiscal policy and economic growth. The joint efforts have been ongoing, fostering discussions, formulating innovative strategies, and providing expert insights into the global economic landscape. Held at the Intercontinental Seoul COEX on December 6-7, 2023, the KDIS-World Bank workshop was a platform for fostering dialogue and understanding among international experts and participants on fiscal policy for growth.

The workshop, conducted in English with language interpreters available for Korean participants, featured a comprehensive agenda comprising eight discussion sessions. These sessions delved into multifaceted topics encompassing global and regional economic and fiscal outlooks, strategies advocated by the World Bank for effective fiscal policy and sustainable growth, and delved deeper into AI and big data for policy making and central banking. 

Professor Jinsoo Lee, Associate Dean at KDI School, and Professor Cheol Liu (KDI School) presided over the discussions, showcasing the active involvement of KDI School not just as participants but also as speakers, session chairs, and engaging participants from the KDIS student community.

Keynote speakers like Manuela Fransisco, the global director of Macroeconomics, Trade, and Investment (MTI), and Lalita Moorty, Regional Director East Asia (EEADR) at the World Bank, addressed the global and regional economic and fiscal outlook. Fransisco emphasized the critical role of fiscal policy for nations, highlighting the challenge posed by the significant rise in government debt levels over the last decade. Moorty indicated a slower growth trajectory despite the recovery in the East Asia Pacific (EAP) economies.

During panel discussions, Professor Hyeon-Wook Kim (KDI School) provided insights into Korea's recent economic challenges, projecting a 2.2% growth rate for Korea in 2024, although cautioning about potential challenges in other sectors despite export-driven growth.

Moreover, many participants, predominantly KDI School students, actively participated by posing questions to presenters during the dynamic panel discussions. Also, the workshop offered opportunities for online participants to engage in real-time discussions via live streaming on KDI School's YouTube channel.

As conveyed by Christian Mamaril, a KDI School Master of Development Policy (MDP) student, expressed interest in the talk presented by Ekaterina Vostroknutova on Designing Growth Policies, specifically focusing on the diversification of countries: “Throughout the session, the presenters provided in-depth insight on each topic based on their expertise and research findings. Among all, what truly captured my interest is the aspect of diversification.”

He also shared his opinion as a participant, “The workshop also provided a clear understanding of how these fiscal policies could significantly influence growth, especially for individuals like me without prior work experience. Moreover, it served as an excellent avenue for new students to explore potential thesis or SRP topics. I anticipate networking opportunities that could be contributing to my growth as a future policymaker.”

On the second day, stimulating discussions centered on sessions like Big Data and Advanced Analytics for Policy Making presented by Sandy Pentland, a Professor in MIT Connection Science, and a panel discussion led by Professor ByungKoo Kim, providing fresh insights to all participants. Professor Kim asked the audience, ‘Do human interactions in cyberspace have the same economic effect?’ This question aimed to explore how social networks assist in predicting economic outcomes. Therefore, policies should be formulated to encourage methods that facilitate human interactions.

Also, on the second day, the workshop was concluded by providing insights into discussions in the field of AI and big data in central banking. Mingyo Jeong, a KDIS MDP student, expressed appreciation for this session as the most interesting one for her. She said, “My hope regarding the workshop is that there will be more workshops regarding fiscal policies and their connection with AI tools. Because if AI tools are used in this field, such as financial policies, it will have an impact on the growth of countries.”

The KDIS-World Bank Fiscal Policy for Growth Workshop was a convergence of expertise, strategies, and diverse perspectives illuminating the economic landscape. It served as a guiding beacon towards fostering sustainable growth through robust fiscal policies and strategic investments. 

For further details about the workshop, please refer to this link: 

https://www.youtube.com/@kdischool_official