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Inclusive Growth Review of Korea

Creating Opportunities for All

image of Inclusive Growth Review of Korea

In recent years Korea has stepped up efforts to reduce inequalities in recognition that a fairer economic model is also the most sustainable one. In order to support this new policy direction, the OECD has carried out novel analysis of inclusive growth building on its Framework for Policy Action, developed by the OECD to improve the prospects of the groups left behind. The Inclusive Growth Review of Korea applies, for the first time, the Framework at the national level. Using a dashboard of indicators, the Framework presents policy recommendations to sustain and more equitably share the gains of economic growth by investing in people left behind, supporting business dynamism and inclusive labour markets, and building efficient and responsive governments. In addition, the Inclusive Growth Review of Korea finds that digitalisation risks to compound the disparities of Korean labour markets, and calls for renewed efforts to reduce the lack of opportunities for up- and re-skilling of the working-age population (Chapter 2). To improve the business environment, Korea should address the unbalanced growth across sectors and firm size and unequal distribution of productivity gains across population groups (Chapter 3).

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Executive summary

Governments, policy-makers, scientists and medical professionals worldwide are confronting the severe health crisis of the Covid-19 pandemic, as well as addressing its social and economic ramifications. While the prospects for developing an effective remedy are on the horizon at the time of writing, lessons are emerging from country approaches to managing the crisis.

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