Investing in Youth: Korea
The series Investing in Youth builds on the expertise of the OECD on youth employment, social support and skills. It covers both OECD countries and key emerging economies. The report on Korea presents new results from a comprehensive analysis of the situation of young people in Korea, exploiting various sources of survey-based and administrative data. It provides a detailed assessment of education, employment and social policies in Korea from an international perspective, and offers tailored recommendations to help improve the school-to-work transition. Earlier reviews in the same series have looked at youth policies in Brazil (2014), Latvia and Tunisia (2015), Australia, Lithuania and Sweden (2016), Japan (2017), Norway (2018), and Finland and Peru (2019).
Assessment and Recommendations
Korea’s economic growth record over the past half century has been outstanding, reaching on average 7.7% in the 1970s and ‘80s, boosted by sound macroeconomic policy, heavy investments in human and physical capital and a rapid expansion of the working-age population. Nevertheless, economy growth slowed down to 2.7% in 2018 and is projected to remain around 2.4-2.5% in 2019-20. Weaknesses in domestic demand and international trade are the main causes for the slowdown, but also population ageing and inefficiencies in the product and labour markets play a role. Future growth prospects will depend on how well the country will master these challenges.
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