[The Editors' Verdict] Top 10 Keywords for 2021

Every year in late October, books and reports predicting the next year flood the market. Due to the COVID-19 pandemic in 2020, forecasting the following year has become more difficult than ever. The author began economic forecasting as an economist at an economic research institute in 1987 and worked as an analyst analyzing industries and companies. Even after joining academia, the author has conducted future research by publishing books predicting future trends. Based on this experience, the top 10 keywords for 2021 are crisis, opportunity, innovation, green, hope, and transformation.

First is ‘Crisis’. In 2021, the word ‘crisis’ is expected to appear more frequently than in any other year. Due to the aftereffects of the COVID-19 pandemic in 2020, crises are expected to continue into 2021. The word crisis is anticipated to be used more than ever in various media, as well as among companies, organizations, and individuals. The word crisis (危機) is said to be composed of danger (危險) + opportunity (機會).

Second is ‘Opportunity’. Crisis and opportunity are words that go hand in hand like thread and needle. The Korean economy has been strong in crises, and it is no exaggeration to say that Korea’s economic growth is a history of overcoming crises. Each crisis has been taken as an opportunity to grow anew and upgrade to a higher level. Korea successfully overcame the 1997 IMF foreign exchange crisis and the 2008 financial crisis, and it is expected to overcome and grow from the crisis caused by COVID-19 in 2020 as well.

Third is ‘Worst’. The economy in 2020 was the worst, and it is hoped that 2021 will be the year to escape from the worst. Various research institutions predict that the Korean economy shrank by about minus 1% in 2020 and will grow by about 2% in 2021. It is hoped that these predictions are correct so that people can say 2020 was the worst and that 2021 will not be the worst.

Fourth is ‘Financial crisis’. The term financial crisis was widely used in 2008, and concerns about a financial crisis persist in 2021. Due to the COVID-19 pandemic, debts of economic agents such as households, companies, and the government have increased significantly, raising concerns about a financial crisis. It is hoped that the economy recovers and that, with proper preparation, another financial crisis can be avoided.

Fifth is ‘Innovation’. To overcome the crisis, innovation is needed more than ever. Innovation and restructuring are expected to be carried out extensively not only in the private sector but also in government and public sectors.

Sixth is ‘Green’. The government has announced large-scale investment plans for the Digital New Deal and Green New Deal. The Green New Deal refers to sustainable development centered on the environment and people, involving policies that increase employment and investment by transitioning from fossil energy-based energy policies to renewable energy and shifting to a low-carbon economic structure.

Seventh is ‘Hope’. Despite the global economic difficulties caused by COVID-19, Korea has been praised for its excellent quarantine measures, known as K-quarantine, which has enhanced Korea’s national prestige. Even in very difficult circumstances, we must hold onto hope and work together to leap forward as a genuine advanced country.

Eighth is ‘Transformation’. In the United States, the Fourth Industrial Revolution is called digital transformation. It is a critical time for paradigm shifts and digital transformation across the economy, industry, and society as a whole. The COVID-19 pandemic is expected to accelerate the Fourth Industrial Revolution or digital transformation.

Ninth is ‘Idea’. What we need is the courage to connect good ideas to startups, new job creation, and investment?that is, entrepreneurship. It is important to first consider how to commercialize innovative ideas and create new markets that others have not discovered.

Tenth is escaping from ‘Negative Growth’. Although research institutions predict that 2021 will escape negative growth, it is not easy. Without the joint and painstaking efforts of the people, companies, and government, it will be difficult to overcome negative growth.

Connecting the first letters of these 10 keywords in English spells “COW FIGHTING!” which means “Fight like a cow!” in the Year of the Ox. Despite the great uncertainty about 2021, recalling these 10 keywords makes it easier to predict the year and expect it to be an opportunity to turn crisis into opportunity and achieve a new leap forward.

Moon Hyung-nam, Professor, Graduate School of Business, Sookmyung Women’s University; Co-chair, National AI Movement Headquarters