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OECD Economic Surveys: Korea 2007 : Facing the key challenges ahead in Korea

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  • OECD Economic Surveys: Korea 2007
  • OECD
  • Organization for Economic Cooperation and Development


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Title OECD Economic Surveys: Korea 2007
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Sub Title

Facing the key challenges ahead in Korea

Material Type Reports
Author(English)

OECD

Publisher

[Paris, France] : Organization for Economic Cooperation and Development

Date 2007
Pages 28
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < General
Holding OECD
License

Abstract

Economic growth in Korea remains one of the highest in the OECD area, led by buoyant exports. Sluggish domestic demand in recent years, though, suggests the need to address structural weaknesses in order to continue the convergence to income levels in the high-income countries. This chapter looks at five key challenges: i) implementing appropriate monetary policy in the context of upward pressure on the exchange rate and real estate prices;ii) coping with rising house prices in the capital region while addressing the government’s priority of balanced regional development;iii) maintaining a sound fiscal policy in the face of upward pressure on spending and weaknesses in the tax system;iv) coping with pressure for increased public social spending and addressing the issue of low fertility in the context of rapid population ageing, while limiting the increase in the tax burden;and v) increasing productivity growth by enhancing Korea’s integration in the world economy.