OECD Economic Surveys : Korea 2024 / OECD.

Format:

Book

Author/Creator:

Organisation for Economic Co-operation and Development, author, issuing body.

Language:

English

Subjects (All):

Korea--Economic conditions.

Korea.

Physical Description:

1 online resource (141 pages)

Other Title:

OECD Economic Surveys

Place of Publication:

Paris : OECD Publishing, 2024.

Summary:

GDP growth in Korea has recovered, supported by strong exports. Employment remains stable at a high level, while unemployment is low. Interest rates have likely peaked and housing prices have stabilised, all of which should support consumption going forward. Household debt remains high, and construction-related project finance has become a financial stability concern. Reforms to ensure fair competition in the domestic market would increase productivity in the SME sector. Reducing greenhouse gas emissions in line with the 2030 target requires tightening the emissions trading scheme and reforming energy markets to incentivise clean electricity supply and energy savings. The Korean fertility rate has fallen to the lowest in the world, which will put labour supply and public finances under pressure. A large career cost for women who become mothers holds back female employment and fertility, and underpins the widest gender pay gap in the OECD. Improving the work-life balance for both genders, closing remaining gaps in family policies, addressing high housing and education costs, and tackling labour market dualism are key to reverse the trend. Such reforms, combined with increasing the legal retirement age, reducing the high significance of seniority in determining wages, and a more welcoming regime for work immigration, would also boost labour supply and tax revenue.SPECIAL FEATURES: PRODUCTIVITY, CLIMATE POLICY, BOOSTING FERTILITY AND RESPONDING TO AGEING.

Contents:

Disclaimers

Foreword

Basic Statistics of Korea, 2022

Executive summary

1. Korea needs an upgraded growth model

2. Macroeconomic outlook and policies

3. Red light, Green light reforms to boost productivity

4. Key policies to reduce emissions by 40% by 2030

5. Responding to population decline.

Notes:

Description based on publisher supplied metadata and other sources.

ISBN:

92-64-51606-9