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Korean government promoting "sharing economy" - what is the future of Korean-style Uber and Airbnb?
With the emergence of sharing economy companies such as Uber and Airbnb, the global sharing market has grown exponentially. As more and more consumers opt to share things instead of owning them, the sharing economy market is predicted to reach 300 billion dollars by 2025. Researcher Kim Yu-jin from Hana Institute of Finance says that the proliferation of the sharing economy is the result of social media use stemming from prolonged low growth and the advancement of information technologies as a result of environmental pollution and the global recession.
The sharing economy has been spreading in Korea as well in the form of shared financial offices, services offering used child care items, and human platforms for sharing knowledge and experience. The Korean government eased regulations on the sharing economy back in February and announced a plan for nurturing new industries in a bid to promote Korean-style sharing economy. Chungang University Professor Lee Jung-hee says that the demand for the sharing economy will only continue to grow in Korea because it is a global trend, and that Korea needs to respond to it and prepare for it because the world is changing.
Arirang TV's current affairs documentary "4Angles" in the August 20 edition introduced how the sharing economy has been affecting Korea's industries and experts' opinions on the future course of Korean-style sharing economy.