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2004 OECD Economic Surveys: Korea 2004

image of OECD Economic Surveys: Korea 2004

Korea has recently been one of the fastest growing OECD countries, and in this report on its economy, OECD examines the key challenges Korea faces to sustain this growth.  The report carefully assesses macroeconomic policy, reform of the labour market and reform of the corporate and financial sectors. This edition’s special feature examines product market competition.

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Assessment and Recommendations

Korea stands out as one of the fastest-growing OECD countries over the past five years, with an annual growth rate of around 6 per cent. This very good performance has sustained the convergence process, lifting per capita income to two-thirds of the OECD average. The return to high growth rates following the 1997 crisis was based in part on Korea’s progress in reforming its economic framework to correct some of the weaknesses that had made it vulnerable to the Asian crisis. Rapid growth also reflects the country’s underlying economic dynamism, particularly in the information and communications technology (ICT) sector. Korea has also benefited from ...

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