Labour Market Reforms In Korea To Promote Inclusive Growth
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Inclusive Growth Review of Korea Creating Opportunities for All
| Author | : OECD |
| Publisher | : OECD Publishing |
| Total Pages | : 179 |
| Release | : 2021-02-08 |
| Genre | : |
| ISBN | : 9264490035 |
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.
Korea’s Paradigm Shift for Sustainable and Inclusive Growth: A Proposal
| Author | : Yangkyoon Byeon |
| Publisher | : International Monetary Fund |
| Total Pages | : 41 |
| Release | : 2017-11-17 |
| Genre | : Business & Economics |
| ISBN | : 1484330390 |
Korea is facing mounting economic challenges. Productivity growth has been on a trend decline amid demographic headwinds, while the societal demand for inclusive growth has been on a steep rise. Furthermore, the government-led unbalanced growth model—which served Korea well in the past—has become less effective and politically palatable in recent years. As such, Korea needs a major paradigm shift to embark on a new sustainable and inclusive growth path. But policy response has been modest at best with no major reforms being implemented over the past two decades. We propose a paradigm shift in Korea’s economic framework, involving a simultaneous big push for greater economic freedom and stronger social protection within the parameters set by long-run fiscal sustainability. We also provide a detailed account of structural reforms to boost economic freedom and sustainable funding plans for stronger social protection.
Pushing Ahead with Reform in Korea Labour Market and Social Safety-net Policies
| Author | : OECD |
| Publisher | : OECD Publishing |
| Total Pages | : 178 |
| Release | : 2000-06-26 |
| Genre | : |
| ISBN | : 926418192X |
This book shows that government labour and social policies, together with improved basic workers’ rights, helped minimise the costs of Korea's economic and financial crisis while also contributing to overcome it.
Social Spending in Korea
| Author | : Selim Elekdag |
| Publisher | : International Monetary Fund |
| Total Pages | : 21 |
| Release | : 2012-10-19 |
| Genre | : Business & Economics |
| ISBN | : 1475549210 |
Going forward, Korea faces two closely related challenges: sustaining economic growth against the backdrop of a rapidly aging population and ameliorating income inequality. This paper argues that a gradual increase in social spending could promote more sustainable and inclusive growth in Korea. In particular, simulation results suggest that social spending which supports labor market reforms can boost longer-term growth. However, despite rapid increases recently—albeit from a low base—there is still a social spending gap relative to Korea’s OECD peers. Because of several fiscal challenges in the coming decades, increases in social spending should be incremental, and would be usefully guided by a longer-term fiscal framework.
Strategies for Reforming Korea’s Labor Market to Foster Growth
| Author | : Mai Dao |
| Publisher | : International Monetary Fund |
| Total Pages | : 20 |
| Release | : 2014-07-25 |
| Genre | : Business & Economics |
| ISBN | : 1498347924 |
While the Korean unemployment rates are currently among the lowest in OECD countries, the labor market duality and the underemployment in some segments of the population are important labor market challenges, and factors contributing to lower potential growth. The paper shows the benefits of comprehensive policy reforms aimed at increasing labor force participation and youth employment and reducing duality are likely to be considerable in the medium term.
The Elusive Quest for Inclusive Growth
| Author | : Mr.Ravi Balakrishnan |
| Publisher | : International Monetary Fund |
| Total Pages | : 36 |
| Release | : 2013-06-26 |
| Genre | : Business & Economics |
| ISBN | : 1475550774 |
This paper assesses how pro-poor and inclusive Asia’s recent growth has been, and what factors have been driving these outcomes. It finds that while poverty has fallen across the region over the last two decades, inequality has increased, dampening the impact of growth on poverty reduction. As a result, relative to other emerging and developing regions and to Asia’s own past, the recent period of growth has been both less inclusive and less pro-poor. Our analysis suggests a number of policies that could help redress these trends and broaden the benefits of growth in Asia. These include fiscal policies to increase spending on health, education, and social safetynets; labor market reforms to boost the labor share of total income; and reforms to make financial systems more inclusive.
OECD Economic Surveys: Korea 2018
| Author | : OECD |
| Publisher | : OECD Publishing |
| Total Pages | : 160 |
| Release | : 2018-06-20 |
| Genre | : |
| ISBN | : 9264300821 |
Economic growth picked up in 2017, but reforms are needed to sustain Korea's convergence toward the income levels in the most advanced countries. Its labour productivity is 46% below the top half of OECD countries, reflecting problems in the service sector. In addition, productivity in small ...
