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OECD Economic Surveys: Korea 2008 : Executive summary

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  • OECD Economic Surveys: Korea 2008
  • OECD
  • Organization for Economic Cooperation and Development


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Title OECD Economic Surveys: Korea 2008
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Sub Title

Executive summary

Material Type Reports
Author(English)

OECD

Publisher

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

Date 2008-12
Pages 3
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < General
Holding OECD
License

Abstract

Korea has been hard-hit by the commodity price shock and the global financial crisis, which have slowed economic activity and pushed up inflation. The terms-of-trade loss reduced national income, thus damping domestic demand, while the slowdown in world trade has moderated Korea’s export growth. Moreover, the sharp exchange rate depreciation and the intensification of the global financial market crisis have further dimmed the outlook. Although the recent fiscal stimulus is likely to help support growth, an economic rebound depends on a recovery in the world economy. In addition to these short-term difficulties, Korea faces a number of challenges to sustaining economic growth over the medium term, notably tax reform, enhancing service sector productivity growth and reforming the labour market and education system.