Korea, Republic of

Gross domestic product (GDP) is the standard measure of the value of final goods and services produced by a country during a period minus the value of imports. This subset of Aggregate National Accounts comprises comprehensive statistics on gross domestic product (GDP) by presenting the three different approaches of its measure of GDP: output based GDP, expenditure based GDP and income based GDP. These three different measures of gross domestic product (GDP) are further detailed by transactions whereby: the output approach includes gross value added at basic prices, taxes less subsidies, statistical discrepancy; the expenditure approach includes domestic demand, gross capital formation, external balance of goods and services; and the income approach includes variables such as compensation of employees, gross operating surplus, taxes and production and imports. Gross domestic product (GDP) data are measured in national currency and are available in current prices, constant prices and per capita starting from 1950 onwards.

 

Grâce à la qualité de sa gestion sanitaire et aux mesures prises pour soutenir l’activité, la Corée a pu sortir rapidement de la pandémie. La reprise devrait se poursuivre, sur fond de levée des restrictions adoptées pendant la pandémie concernant les services nécessitant de nombreux contacts, et bien que la guerre entre la Russie et l’Ukraine entraîne une hausse de l’inflation et mette au jour la nécessité d'accroître la résilience des chaînes d’approvisionnement. Réduire la dépendance aux combustibles fossiles peut contribuer à stimuler la résilience, mais il est aussi nécessaire pour atteindre des objectifs climatiques ambitieux. Il faut réduire la voilure des mesures de soutien budgétaire, qui devraient viser principalement à aider les citoyens et à soutenir la dynamique des entreprises plutôt qu’à assurer la survie de certaines d’entre elles. L’écart de productivité entre les petites entreprises et les grandes sociétés très productives se reflète dans le dualisme du marché du travail en termes de revenu, de qualité des emplois et de protection sociale. Les lacunes du filet de protection sociale suivent quasiment les mêmes lignes de faille, et une grande partie des personnes âgées ne perçoivent que des revenus de retraite très faibles. Ces inégalités provoquent une concurrence féroce entre les jeunes, hommes et femmes, pour entrer dans des universités prestigieuses et obtenir de bons postes, et ralentit l’entrée des jeunes sur le marché du travail et la fondation d’une famille, dans un contexte de taux de fécondité très bas.

THÉMATIQUES SPÉCIFIQUES : FILET DE PROTECTION SOCIALE, EMPLOI DES JEUNES

Schools are perfect hubs for social and emotional learning, but are they ready for this task? To address this question, this Spotlight reports previously unpublished findings from the OECD’s Survey on Social and Emotional Skills (SSES) and discusses their implications for education policy and practice. Both an active promotion in schools and extensive learning opportunities for teachers on relevant topics provide a fertile ground for an effective social and emotional education. They boost teachers’ self-efficacy and use of active learning pedagogies, as well as quality relationships at school. The Spotlight also points to important differences for teachers of 10- vs. 15-year-old students that can explain higher skills at a younger age. Younger students benefit more often from key elements of an effective social and emotional education in school, i.e. the evaluation of their social and emotional skills and teachers teaming up with parents to reinforce skill promotion. Teachers of 10-year-olds are also more intensively trained and requested to promote social and emotional learning in their work.

Korea’s low youth employment rate has negative consequences for the young people concerned and the economy as a whole. Raising youth employment is a priority, particularly as Korea faces the most rapid population ageing among OECD countries. Low youth employment is due to a mismatch between education and the labour market, reflecting a large skill gap between highly-educated youth who race for credentials to secure attractive careers and older workers retiring from jobs that require less human capital. The share of university graduates among young Koreans is the highest in the OECD, but their employment rate is relatively low even as small firms confront serious labour shortages. Dualism in the labour market (between regular and non-regular workers) and the product market (between small and large firms) encourages young people to queue for jobs in large firms and the public sector to avoid low-wage precarious jobs. Raising the youth employment rate requires breaking down dualism while reforming the education system. Vocational education in secondary schools, which has shrunk while becoming another route to tertiary education, should be improved to make it a direct path to employment. Expanding the approach of Meister schools and the work-learning dual programme would help in that regard. Tertiary education should become more flexible and responsive to the demands of employers. Active labour market policies should focus less on direct job creation and more on job placement and training.

Using micro-data from the OECD Survey of Adult Skills (PIAAC), this paper seeks to answer how age, gender and childbirth are reflected in literacy proficiency, employment prospects and pay, and to which extent labour market outcomes are determined by these demographic profiles rather than education, skills and experience. It finds that literacy skills and tertiary education, objective measures of skills, which are highly correlated with employment and productivity in most OECD countries, do not significantly affect the likelihood of employment in Korea. Work experience and educational level are highly correlated with pay. Age, gender and parenthood are strongly correlated with both pay and employment. The weak link between objective skills and labour market outcomes points to a misallocation of human capital and likely a substantial loss of productivity.

Sound health management and supportive policies helped Korea emerge swiftly from the pandemic. The recovery is set to continue as pandemic-era restrictions on contact-intensive services are shelved, despite the Russia-Ukraine war raising inflation and highlighting the need to increase supply chain resilience. Reducing dependence on fossil fuels can boost resilience, but is also necessary to reach ambitious climate targets. Fiscal policy support will need to be scaled back and should focus on supporting people and business dynamism rather than firm survival. The productivity gap between small and large, highly productive companies is reflected in labour market dualities of income, job quality and social protection. Gaps in the social safety net largely follow the same fault lines, and a large share of elderly are left with very low retirement income. These inequalities spur fierce competition among young men and women to enter prestigious universities and good jobs and slows down youth’s labour market entry and family formation against a backdrop of a very low fertility rate.

SPECIAL FEATURES: SOCIAL SAFETY NET, YOUTH EMPLOYMENT

The paper is the second in a series of two papers mapping young people’s environmental sustainability competence in EU and OECD countries that were prepared as background for the forthcoming OECD Skills Outlook 2023 publication. The papers are the results of a collaboration between the OECD Centre for Skills and the European Commission - Joint Research Centre (Unit B4) on students’ environmental sustainability competence. The first paper is titled ‘Young people’s environmental sustainability competence: Emotional, cognitive, behavioural and attitudinal dimensions in EU and OECD countries.

The paper is the first in a series of two papers mapping young people’s environmental sustainability competence in EU and OECD countries that were prepared as background for the forthcoming OECD Skills Outlook 2023 publication. The papers are the results of a collaboration between the OECD Centre for Skills and the European Commission - Joint Research Centre (Unit B4) on students’ environmental sustainability competence. The second paper is titled: ‘The environmental sustainability competence toolbox: From leaving a better planet to our children to leaving better children for our planet’.

Gross domestic product (GDP) is the standard measure of the value of final goods and services produced by a country during a period minus the value of imports. This subset of Aggregate National Accounts comprises comprehensive statistics on gross domestic product (GDP) by presenting the three different approaches of its measure of GDP: output based GDP, expenditure based GDP and income based GDP. These three different measures of gross domestic product (GDP) are further detailed by transactions whereby: the output approach includes gross value added at basic prices, taxes less subsidies, statistical discrepancy; the expenditure approach includes domestic demand, gross capital formation, external balance of goods and services; and the income approach includes variables such as compensation of employees, gross operating surplus, taxes and production and imports. Gross domestic product (GDP) data are measured in national currency and are available in current prices, constant prices and per capita starting from 1950 onwards.

 

The Pensions at a Glance database includes reliable and internationally comparable statistics on public and mandatory and voluntary pensions. It covers 34 OECD countries and aims to cover all G20 countries. Pensions at a Glance reviews and analyses the pension measures enacted or legislated in OECD countries. It provides an in-depth review of the first layer of protection of the elderly, first-tier pensions across countries and provideds a comprehensive selection of pension policy indicators for all OECD and G20 countries.

This dataset includes pension funds statistics with OECD classifications by type of pension plans and by type of pension funds. All types of plans are included (occupational and personal, mandatory and voluntary). The OECD classification considers both funded and book reserved pension plans that are workplace-based (occupational pension plans) or accessed directly in retail markets (personal pension plans). Both mandatory and voluntary arrangements are included. The data includes plans where benefits are paid by a private sector entity (classified as private pension plans by the OECD) as well as those paid by a funded public sector entity. Data are presented in various measures depending on the variable: millions of national currency, millions of USD, thousands or unit.

This dataset comprises statistics pertaining to pensions indicators.It includes indicators such as occupational pension funds’asset as a % of GDP, personal pension funds’ asset as a % of GDP, DC pension plans’assets as a % of total assets. Pension fund and plan types are classified according to the OECD classification. Three dimensions cover this classification: pension plan type, definition type and contract type.