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The impact of Korea's economic structural changes since the 1990s on the poverty structure and policy implications

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Title The impact of Korea's economic structural changes since the 1990s on the poverty structure and policy implications
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Material Type Reports
Author(English)

Yun, Heesuk

Publisher

Seoul:KDI

Date 2012-07
Series Title; No KDI Focus/July 23, 2012(No.14, eng.)
Pages 11
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Economy < Macroeconomics
Social Development < Employment
Holding KDI; KDI School

Abstract

Influenced by structural changes in the economy since the 1990s, a massive number of jobs were lost and inacti vity rates increased, creati ng groups of people suff ering from long-term poverty. Households suffering from long-term or experiencing repeated poverty accounted for 27.4% of the total. These groups are mostly out of work and at the same time, they make no effort to seek out work, which indicates that they are more than likely to remain in the poverty trap. The labor force parti cipati on rate of low-educated males declined by 8.7%p, which is 14.5 ti mes as the OECD average since 1995.”
In order to overcome long-term poverty, which is the biggest challenge since Korea’s economic development, it is necessary to formulate economic policies that emphasize employment generati on through heightened producti vity, and make structural transformati on to encourage more parti cipati on in the labor market by providing compensation while strengthening social safety net and enhancing policy eff ecti veness through accurate targeting.