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OECD Economic Surveys: Korea 2012

image of OECD Economic Surveys: Korea 2012

OECD's 2012 Economic Survey of Korea examines recent economic developments, policies and prospects. In addition, it includes special chapters covering sustaining convergence to the highest-income countries and promoting social cohesion.

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Executive summary

Despite the recent slowdown in world trade, Korea is projected to sustain growth of around 3½ per cent during 2012. Given future spending pressures, fiscal policy should target a balanced budget (excluding the social security surplus). However, if the global economy were to experience a serious downturn, Korea has scope to respond with fiscal stimulus, given its strong fiscal position, and monetary policy easing. Looking further ahead, Korea faces two key challenges...

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