OECD Economic Surveys: Korea

Frequency :
Every 18 months
ISSN :
1999-0707 (online)
ISSN :
1995-364X (print)
DOI :
10.1787/19990707
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OECD’s periodic surveys of the Korean economy. Each edition surveys the major challenges faced by the country, evaluates the short-term outlook, and makes specific policy recommendations. Special chapters take a more detailed look at specific challenges. Extensive statistical information is included in charts and graphs.

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OECD Economic Surveys: Korea 2014

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Author(s):
OECD
Publication Date :
17 June 2014
Pages :
136
ISBN :
9789264206953 (PDF) ; 9789264219588 (EPUB) ; 9789264206946 (print)
DOI :
10.1787/eco_surveys-kor-2014-en

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OECD's 2014 Economic Survey of Korea examines recent economic developments, policies and prospects. Special chapters cover fostering a creative economy and reducing income inequality and poverty.

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    Basic statistics of Korea, 2012

    This Survey is published on the responsibility of the Economic and Development Review Committee (EDRC) of the OECD, which is charged with the examination of the economic situation of member countries.The economic situation and policies of Korea were reviewed by the Committee on 17 March 2014. The draft report was then revised in the light of the discussions and given final approval as the agreed report of the whole Committee on 18 April 2014.The Secretariat’s draft report was prepared for the Committee by Randall S. Jones, Myungkyoo Kim and Satoshi Urasawa under the supervision of Vincent Koen. Research assistance was provided by Lutécia Daniel.The previous Survey of Korea was issued in April 2012.Information about the latest as well as previous Surveys and more information about how Surveys are prepared is available at www.oecd.org/eco/surveys.

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    Executive summary
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    • http://www.keepeek.com/Digital-Asset-Management/oecd/economics/oecd-economic-surveys-korea-2014/assessment-and-recommendations_eco_surveys-kor-2014-3-en
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    Assessment and recommendations
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    Progress in structural reforms

    This annex reviews action taken on recommendations from previous Surveys. They cover the following areas: sustaining Korea’s convergence to the highest income countries, promoting social cohesion and achieving the low carbon, green growth vision in Korea. Each recommendation is followed by a note of actions taken since the April 2012 Survey. Recommendations that are new in this Survey are listed in the relevant chapter.

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  • Expand / Collapse Hide / Show all Abstracts Thematic chapters

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      • http://www.keepeek.com/Digital-Asset-Management/oecd/economics/oecd-economic-surveys-korea-2014/fostering-a-creative-economy-to-drive-korean-growth_eco_surveys-kor-2014-5-en
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      Fostering a creative economy to drive Korean growth

      A creative economy requires innovation-friendly conditions. Korea’s innovation system should be improved by upgrading universities and expanding their role in business R&D, while increasing international collaboration in R&D from its current low level. The returns from Korea’s large investment in innovation should be enhanced by improving framework conditions – easing product market regulations, promoting international competition and enhancing labour market flexibility – to encourage the adoption of new technology. Venture businesses and start-ups should play a key role in commercialising innovation. To make venture investment a growth driver, it is important to expand the role of business angels, activate the merger-and-acquisition market and foster entrepreneurship. A creative economy also depends on making SMEs, which account for 87% of employment, more dynamic. SME policies should be streamlined and improved to promote market‑based financing and reduce the negative effects of government funding programmes, which discourage the expansion of SMEs. The growth of small firms also depends on resolving labour market mismatches and taking full advantage of the opportunities afforded by the Internet.

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      Reducing income inequality and poverty and promoting social mobility

      To strengthen social cohesion, a top government priority, it is essential to address the labour market roots of inequality by breaking down dualism to reduce the share of non-regular workers and to boost the employment ratio toward the government’s 70% target. Education reforms are also important to enhance social mobility. Social welfare programmes should be improved to make them more effective, especially among the elderly, where the relative poverty rate is 49%. In addition, reforms are needed now to develop an effective three-pillar system of retirement income based on the National Pension Scheme, company pensions and individual savings. High household debt also has adverse implications for equity, as well as for growth, as individuals with low income and credit ratings have limited access to financial markets and many are delinquent on their loans. Policies to offer credit to such households and restructure their debt, while limiting moral hazard and developing market-based lending, are essential.

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      Acronyms and abbreviations used in this survey
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