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

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  • Facing the key challenges ahead in Korea - OECD Economic Surveys: Korea 2007
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  • Organization for Economic Cooperation and Development (OECD)


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Title Facing the key challenges ahead in Korea - OECD Economic Surveys: Korea 2007
Similar Titles
Material Type Others
Author(English)

OECD

Publisher

Organization for Economic Cooperation and Development (OECD)

Date 2007
Language English
File Type Link
Subject Economy < General

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.