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Regulatory Policy in Korea

Towards Better Regulation

image of Regulatory Policy in Korea

Regulatory reform has been a top priority in Korea for several successive administrations. Maintaining momentum for reform in Korea will be essential for producing tangible results and supporting inclusive growth, productivity and innovation. The Regulatory Reform Review of Korea provides key insights into a mature regulatory system and follows two previous Regulatory Reform Reviews of Korea completed in 2000 and 2007. It identifies a number of areas where improvements could help Korea reap the full benefits of the reforms introduced so far.

It stresses the need for a clear strategy for regulatory policy in order to make better use of the resources deployed.

 

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The context of regulatory reform in Korea

This chapter sets out the social and economic context for the review, including recent macroeconomic trends and a snapshot of Korea’s performance in the 2015 OECD Indicators of Regulatory Policy and Governance (iREG). It also provides an overview of the challenges and opportunities faced by the country in shaping and enhancing its regulatory environment and institutions. It demonstrates how Korea has made significant progress in regulatory reform over years, but is currently faced with slowing growth and productivity as well as regulatory gaps that limit the county’s potential in achieving its policy objectives. Sustainable growth in the long-term can be achieved by the country through implementing targeted, fit-for-purpose, and proactive regulations that ensure that the impacts from the regulatory reform initiatives are felt both at the local and national level.

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