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2010 OECD Economic Surveys: Korea 2010

image of OECD Economic Surveys: Korea 2010

OECD's periodic review of Korea's economy.  This edition includes chapters covering the recovery and short-term outlook, macroeconomic policy, the financisl system, the health care system, and Korea's green growth strategy.

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Assessment and recommendations

Korea has achieved one of the fastest recoveries in the OECD area from the global recession. Korea’s trade-dependent economy had initially been hard hit by severe global financial distress in late 2008, leading to exceptionally sharp declines in exports and output. The recession was accompanied by financial turbulence that widened risk premia and tightened bank lending attitudes. Large capital outflows pushed down equity prices but the resulting depreciation of the won – by 25% in effective terms during the six months from August 2008 – combined with strong demand from China laid the foundation for an export-led recovery. Indeed, Korea became the ninth-largest exporter in the world in 2009, from 12th in 2008, and its current account surplus rose to 5% of GDP. Korea’s strong recovery, together with its chairmanship of the G20 in 2010, have significantly raised its profile in the global economy.

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