OECD Reviews of Innovation Policy: Korea 2009
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OECD Reviews of Innovation Policy: Korea 2009

This report assesses the current status of Korea’s innovation system and policies, and identifies where and how the government should focus its efforts to improve the country’s innovation capabilities. It finds that Korea has one of the highest rates of spending on R&D in the world, much of which is performed by private firms. It also has a highly educated labour force – as signalled by its impressive PISA performance and exceptionally high rates of tertiary level graduation – with a strong interest in science and technology.

However, a number of bottlenecks persist that hamper Korea’s economic convergence with the leading OECD economies. These include a relatively weak SME sector and weak performance in services, as well as lagging capacities to conduct leading-edge research in many areas. Furthermore, Korea faces numerous threats in the mid term, notably increased levels of competition from China and other newly-industrialising economies, the lowest fertility rate in the OECD and an ageing society, and a continuing high dependency on imports of natural resources, particularly hydrocarbons. In the shorter term, the economic crisis offers its own challenges, with the need for some policy adjustments to deal with expected falls in business investment in R&D and growing levels of unemployment among the highly skilled.

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Publication Date :
21 July 2009
DOI :
10.1787/9789264067233-en
 
Chapter
 

Introduction

Korean Innovation Policy in a Time of Economic Crisis You do not have access to this content

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Author(s):
OECD
Pages :
7–11
DOI :
10.1787/9789264067233-1-en

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The research for this review, as well as much of its drafting, was carried out before the global financial crisis and the earlier commodity price shock had started to take their toll on Korea’s economic growth. An obvious question to ask, therefore, is whether the analyses and recommendations contained in this review are still relevant. This introduction seeks to answer this question by first sketching out the new economic environment for Korean innovation policy. It goes on to consider some of the challenges facing the Korean innovation system before concluding with a set of guiding principles for innovation policy. As will be apparent, these guiding principles are well aligned with, and in fact reinforce, much of the analysis and many of the recommendations highlighted in various parts of this review.