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OECD Economic surveys: Korea 2010 : Macroeconomic policy

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  • OECD Economic surveys: Korea 2010
  • OECD
  • Organization for Economic Cooperation and Development


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Title OECD Economic surveys: Korea 2010
Similar Titles
Sub Title

Macroeconomic policy

Material Type Reports
Author(English)

OECD

Publisher

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

Date 2010-07
Pages 19
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Macroeconomics
Government and Law < Governance
Holding OECD
License

Abstract

Korea’s strong recovery from the global financial crisis stems in part from an effective macroeconomic policy response. The prompt withdrawal of fiscal stimulus in 2010 will help meet the medium-term fiscal plan for reducing budget deficits. Given the increase in government spending in the past, making the targets in the plan more binding is important to help achieve the fiscal target. In addition, the broadening of tax bases would be beneficial in this regard. While such policies would help limit government debt, it is also necessary to contain the rapidly rising debt of public corporations, in part by further progress in the 2008 privatisation programme. Monetary stimulus has also supported the recovery. Given the expected strength of output growth in 2010, it is important that the Bank of Korea not fall behind the curve in withdrawing monetary stimulus. Korea should continue its flexible exchange rate policy.