Labour Market Reforms In Korea To Promote Inclusive Growth
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| Author | : Yangkyoon Byeon |
| Publisher | : International Monetary Fund |
| Total Pages | : 41 |
| Release | : 2017-11-20 |
| Genre | : Business & Economics |
| ISBN | : 1484329937 |
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.
| 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 ...
| Author | : OECD |
| Publisher | : OECD Publishing |
| Total Pages | : 396 |
| Release | : 2018-12-04 |
| Genre | : |
| ISBN | : 9264308814 |
The labour markets of OECD and emerging economies are undergoing major transformations. The widespread slow-down in productivity and wage growth and high levels of income inequality in many countries are coupled with structural changes linked to the digital revolution, globalisation and ...
| Author | : |
| Publisher | : |
| Total Pages | : |
| Release | : 2021 |
| Genre | : |
| ISBN | : 9789264535565 |
| 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.
| Author | : OECD |
| Publisher | : OECD Publishing |
| Total Pages | : 179 |
| Release | : 2017-02-21 |
| Genre | : |
| ISBN | : 9264269576 |
This report evaluates the comprehensive labour market reforms undertaken in Portugal in 2011-15. It reviews reforms in employment protection legislation, unemployment benefits, activation, collective bargaining, minimum wages and working time, and assesses the available evidence on their impact.
| Author | : Stella Tam |
| Publisher | : International Monetary Fund |
| Total Pages | : 25 |
| Release | : 2024-08-23 |
| Genre | : |
| ISBN | : |
This paper examines structural challenges facing the Korean labor market and analyzes the macroeconomic effects of potential labor market reforms. Our cross-country empirical analysis finds that easing of employment protection legislation tends to have positive macroeconmic effects during periods of strong growth but could turn contractionary in periods of slack. By contrast, increased spending on active labor market policies and reductions to the labor tax wedge tend to be more effective in periods of slack. Our analysis thus highlights the importance of considering economic and policy conditions when designing labor market reforms. Under the current disinflationary policy stance, the government’s focus on the working hour reform seems appriorate. With growth recovering, deregulation to reduce employment protection for regular workers can also be considered, combined with targeted support to vulnerable groups.
| Author | : OECD |
| Publisher | : OECD Publishing |
| Total Pages | : 128 |
| Release | : 2020-08-11 |
| Genre | : |
| ISBN | : 926449619X |
Economic activity has contracted less in Korea than in other OECD countries, thanks to the prompt and effective reaction of the authorities to contain the spread of the COVID-19 virus and to the wide-ranging government support to households and businesses. Nevertheless, the pandemic generates strong headwinds.
| Author | : Tompson William |
| Publisher | : OECD Publishing |
| Total Pages | : 501 |
| Release | : 2009-08-24 |
| Genre | : |
| ISBN | : 9264073116 |
By looking at 20 reform efforts in ten OECD countries, this report examines why some reforms are implemented and other languish.
| Author | : OECD |
| Publisher | : OECD Publishing |
| Total Pages | : 238 |
| Release | : 2016-03-31 |
| Genre | : |
| ISBN | : 9264250506 |
Latvia has undergone major economic and social change since the early 1990s. Despite an exceptionally deep recession following the global financial crisis, impressive economic growth over the past two decades has narrowed income and productivity gaps relative to comparator countries in the OECD.
