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The Korean economy has experienced a sharp decline in growth after the great recession. Growth rate has remained at 2-3% until recently. It is important to understand the role of ICT and Science & Technology to secure growth potential and sustainable growth. This paper introduces main results of the analysis of Korea’s industrial productivity changes based on the recently constructed KISDI Productivity Database. It estimates the total factor productivity (TFP) and the contribution of ICT and innovative assets through a growth accounting framework. The results show that industry-wide TFP growth declined sharply after the great recession. Across sectors, TFP growth decreased in manufacturing while it increased in the service sector. The contributions of ICT and innovative assets to economic growth have consistently increased. However, their contributions have varied by sector. In manufacturing the contribution of innovative assets such as R&D is more important, while in the service sector that of ICT assets is more important.