OECD Economic Surveys : Korea 2022

Format:

Book

Author/Creator:

Organization for Economic Cooperation and Development.

Series:

OECD Economic Surveys: Korea Series

Language:

English

Subjects (All):

Economic surveys.

Physical Description:

1 online resource (132 pages)

Edition:

1st ed.

Other Title:

Korea 2022

Place of Publication:

Paris : Organization for Economic Cooperation & Development, 2022.

Summary:

Sound health management and supportive policies helped Korea emerge swiftly from the pandemic. The recovery is set to continue as pandemic-era restrictions on contact-intensive services are shelved, despite the Russia-Ukraine war raising inflation and highlighting the need to increase supply chain resilience.

Contents:

Intro

Foreword

Table of contents

Basic statistics of Korea, 2021

Executive summary

The economy is recovering

Emission targets require additional policy efforts

Productivity gaps trigger inequalities

Youth struggle to end up on the winning side of social divides

The social safety net is incomplete

1 Key policy insights

The economy is recovering, but faces headwinds

The Ukraine war is weighing on economic recovery

The recovery will continue at a slower pace and uncertainty is high

Financial stability risks should be monitored

Monetary policy should continue to keep inflation expectations anchored

Fiscal policy support should become more targeted

Measures are needed to bolster the resilience of essential supply chains

GHG reduction targets are challenging, but the new framework helps

Korea's emissions trading scheme holds potential to reduce emissions in line with targets

Policies complementing the emissions trading scheme should be selective and well-designed

The Korean people support policies to reduce emissions

Societal divides hold back productivity, well-being and fertility

Productivity gaps between small and large companies widen despite policy efforts

Inequalities spur an unproductive race for a golden ticket

Women's stark choice between career and family holds back employment and fertility

Bridging gaps can boost growth

References

Annex 1.A. Economic Cooperation with North Korea

Response to COVID-19

Economic developments

2 Strengthening the social safety net

Improving working-age benefits to address social protection gaps

Expanding the reach of employment insurance

Enhancing access and generosity of social safety net benefits

Reducing unemployment risks by improving benefit design.

Addressing in-work poverty with the Earned Income Tax Credit

Strengthening the old-age safety net: pension reforms

Targeting the Basic PensionBasic Pension to tackle old-age poverty

Improving the adequacy and financial sustainability of the National Pension Service

Lengthening the contribution period

Improving pension sustainability

Strengthening the role of private pensions in financing retirement

Strengthening the old-age safety net: health care reforms

Making health care more accessible

Strengthening primary care

Strengthening the old-age safety net: long-term care reforms

Improving quality and cost-efficiency to cope with demand surges

Strengthening homecare

3 Policies to increase youth employment in Korea

Trends in youth employment and comparison to other OECD countries

Youth employment trends in Korea differ between men and women

Youth employment was affected by the COVID-19 pandemic

Government policies to improve life for youth

Past government initiatives

The youth employment policies of the new government

A race for educational credentials creates labour market mismatch

The focus on higher education and the decline in vocational education

Skill mismatch helps explain youth's low labour market participation

What drives the demand for higher education given the mismatch problem?

Reforming the education system to reduce mismatch with labour demand

Secondary education

Tertiary education

Labour market dualism is deeply entrenched

Policies to break down labour market dualism and boost youth employment

Other labour market policies to promote youth employment

Product market dualism: the gap between SMEs and large firms

Innovative SMEs are an important source of job creation for young people.

Policies to promote innovative SMEs and start-ups as drivers of youth employment

References.

Notes:

Description based on publisher supplied metadata and other sources.

ISBN:

92-64-98005-9