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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Product Market Competition and Economic Performance

The OECD Growth Study and other empirical work demonstrate that competition in product markets plays a significant role in the process of economic growth. Korea has succeeded in transforming itself from one of the poorest countries in the world in the 1960s to an important industrial nation over the period of one generation (Figure 1.1). This has been accomplished despite government measures over the past forty years to accelerate growth, focusing on export-oriented manufacturing industries in which scale economies are important, which tended to weaken competition to some extent. The outstanding economic performance suggests that there may have been some positive results from these policies, perhaps because they enabled Korea to ...

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