Korea 2016

This 2016 OECD Economic Survey of the Korea examines recent economic developments, policies and prospects. The special chapters cover: Raising productivity and Labour market reform.

Detalles Bibliográficos
Autor Corporativo:	Organisation for Economic Co-operation and Development, contributor (contributor)
Formato:	Libro electrónico
Idioma:	Inglés
Publicado:	Paris : OECD Publishing [2016]
Edición:	2016th ed
Colección:	OECD Economic surveys (Series)
Materias:	Economic history. Korea > Economic conditions. Korea > Economic policy.
Ver en Biblioteca Universitat Ramon Llull:	https://discovery.url.edu/permalink/34CSUC_URL/1im36ta/alma991009705886506719

Tabla de Contenidos:

Intro
20th anniversary of Korea's accession to the OECD
Table of contents
Basic statistics of Korea, 2014
Executive summary
Korea is experiencing a spell of slower growth and low inflation
Figure: Real output growth has slowed
Productivity is low due to large gaps between manufacturing and services, and large companies and SMEs
Figure: Labour productivity in services is low in Korea
Problems in the labour market raise inequality and poverty, and discourage employment
Figure: The labour force will fall sharply at current participation rates
Main findings - Key recommendations
Assessment and recommendations
Figure 1. Korea's growth is slowing, but is still above the OECD average
Figure 2. Well-being indicators suggest room for improvement in Korea
Figure 3. Population ageing in Korea is projected to be the fastest in the OECD
Table 1. The impact of Korea's reform programme on growth over ten years is significant
Policies to end low growth and inflation are boosting the economy
Figure 4. Key macroeconomic indicators
Figure 5. Consumer price inflation is well below the central bank's target
The economic outlook for 2016-17
Figure 6. Korea's rising current account surplus is explained by trends in the saving-investment balance
Fiscal policy to sustain the expansion, while maintaining low debt in the long run
Table 2. Macroeconomic indicators and projections
Table 3. Shocks that might affect economic performance
Figure 7. Korea's social spending and tax burden were relatively low in 2014
Figure 8. Spending by the public pension system is projected to rise rapidly
Monetary and exchange rate policy
Figure 9. The won has fluctuated widely
Figure 10. Foreign exchange reserves are more than three times higher than short-term foreign debt
The financial sector.
Figure 11. Korea's banking sector is generally strong
Raising productivity through innovation and structural reform
Figure 12. Korea's potential GDP growth has fallen sharply since 1990
Table 4. Korea is implementing many previous OECD recommendations
Figure 13. Service sector productivity is low in Korea
Improving framework conditions, in particular by accelerating regulatory reform
Figure 14. Product market regulation in Korea was the fourth most stringent in the OECD in 2013
Figure 15. Korea's service trade restrictiveness is relatively high in some sectors
Upgrading the innovation framework
Figure 16. An overview of Korea's national science and innovation system
Table 5. Service firms are less active in R&D and innovation than those in the manufacturing sector
Figure 17. Total factor productivity growth in Korea's service sector has been negative
Increasing human capital
Figure 18. The education and skill gap between younger and older workers in Korea is large
Strengthening the role of SMEs and venture capital in the creative economy
Table 6. SME reliance on government financing has increased since 2009
Figure 19. Government guarantees for loans to SMEs are high in Korea
Figure 20. Venture capital investment has been increasing since 2011
Green growth is a priority for innovation
Figure 21. Korea faces water shortages
Labour market reforms to promote inclusive growth and social cohesion
Table 7. The employment rate targets set by the roadmap
The costs of labour market dualism
Policies to break down labour market dualism
Figure 22. The gap in income and expenditure between regular and non-regular workers is large
Table 8. Non-regular workers receive less social insurance and company-based benefits
Increasing labour market opportunities to promote inclusion.
Expanding opportunities for women to work in the labour force
Figure 23. Trends in maternity and parental leave
Table 9. Maternity leave and employment status
Figure 24. Korea's gender wage gap rises with age and is the largest in the OECD
Figure 25. Working hours in Korea were long for both men and women in 2014
Raising Korea's youth employment rate
Figure 26. Increased female employment would mitigate the impact of demographic change
Table 10. A period of inactivity has a long-term impact on employment and earnings
Figure 27. Korea's youth employment rate is below the OECD average and the number of NEETs is high
Making better use of older workers to promote inclusion and reduce poverty
Figure 28. Korea has a relatively high rate of mismatch among young people
Figure 29. Relative poverty rates for persons over 50 are very high in Korea
Figure 30. The first-tier pension benefit in Korea is very low while the coverage is high
Bibliography
Annex A1. The impact of reform on the Korean economy
Quantification method
Reforms of product market regulation
R&D spending
Childcare
Active labour market policies and unemployment benefits
Tax reform
Annex A2. Key elements of the Three-year Plan for Economic Innovation
Annex A3. Economic co-operation with North Korea
Figure A3.1. North Korean growth remains modest
Table A3.1. Comparison of North and South Korea in 2014
Figure A3.2. Inter-Korean trade rebounded in 2014-15 thanks to the Gaesung Industrial Complex
Figure A3.3. Trends in North Korean trade
Annex A4. Progress in structural reform
Thematic chapters
Chapter 1. Raising Korea's productivity through innovation and structural reform
Figure 1.1. Korea's labour productivity growth has been the fastest in the OECD despite a recent slowdown.
An overview of Korea's productivity performance
Figure 1.2. Korea's labour productivity remains far below the top half of OECD countries
Productivity is low in the service sector and in SMEs
Figure 1.3. Korea's potential GDP growth has fallen sharply since 1990
Figure 1.4. Service sector productivity is low in Korea
Figure 1.5. Total factor productivity growth in Korea's service sector has been negative
Figure 1.6. The service sector has a low capital stock and its links to manufacturing are weak
Appropriate framework conditions are needed to increase productivity
Table 1.1. A comparison of SMEs and large firms in Korea in 2010
Figure 1.7. Korea has a wide labour productivity gap between SMEs and large firms
Regulatory reform to boost competition and productivity
Regulations are realtively stringent, especially in the service and SME sectors
Figure 1.8. Entry and exit rates have fallen in both the manufacturing and service sectors
Figure 1.9. Productivity growth in service industries varies widely
Figure 1.10. The number of regulations rose quickly until 2013
Figure 1.11. Korea's product market regulations are relatively stringent
Table 1.2. There are a large number of economic regulations on SMEs
Table 1.3. Economic regulations on SMEs by type of activity
Recent regulatory reform initiatives by the government
Box 1.1. Regulatory reform initiatives
Box 1.2. Current government's policy direction for regulatory reform in the service industry
Table 1.4. Policy goals for the expansion of promising service industries
Initial results from the recent regulatory reform initiatives
Table 1.5. The service sector accounts for less than one-third of regulations that have been examined
Table 1.6. The number of negative-list regulations on business activityhas increased.
Directions for regulatory reform
Other aspects of framework conditions to promote productivity growth
Openness to international competition
Labour market flexibility
Figure 1.12. Korea's barriers to trade and investment are the second highest in the OECD
Figure 1.13. Korea's service trade restrictiveness is relatively high in some sectors
Upgrading the innovation system
Expanding the role of the service sector and SMEs in innovation
Table 1.7. Service firms are less active in R&D and innovation than those in the manufacturing sector
Improving the quality of universities and government research institutes (GRIs)
Figure 1.14. An overview of Korea's national science and innovation system
Table 1.8. Flows of R&D funds in 2014
Expanding international collaboration in research and patenting
Ensuring the effectiveness of government support
Going digital to boost productivity
Developing human capital to raise productivity
Figure 1.15. The use of cloud computing services is low in Korea
Figure 1.16. Skills of older workers in Korea are well below the OECD average
Figure 1.17. Entrepreneurship education is needed in Korea to improve the image and skills of entrepreneurs
Policies to promote SMEs' productivity through innovation
SME policies promote the survival of low-productivity small firms
Table 1.9. Creative destruction in Korea's manufacturing and mining sectors
Policies to improve SME financing
The government role is expanding, while problems remain in private-sector lending
Table 1.10. SME reliance on government financing has increased since 2009
Table 1.11. Basic policy direction to build a new guarantee system for SMEs
Figure 1.18. Public financing for SMEs is high compared to other major advanced countries
Box 1.3. Non-viable companies are a major concern in Korea.
Figure 1.19. The number of non-viable companies is increasing.

Korea 2016

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