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Sustaining Korea's convergence to the highest-income countries - OECD Economic Surveys: Korea 2012

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  • Sustaining Korea's convergence to the highest-income countries - OECD Economic Surveys: Korea 2012
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  • Organization for Economic Cooperation and Development (OECD)


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Title Sustaining Korea's convergence to the highest-income countries - OECD Economic Surveys: Korea 2012
Similar Titles
Material Type Others
Author(English)

OECD

Publisher

Organization for Economic Cooperation and Development (OECD)

Date 2012
Language English
File Type Link
Subject Economy < General

Abstract

While Korea remains one of the fastest-growing OECD economies, its potential growth rate per capita is projected to decelerate from around 4% during the current decade to around 2¼ per cent during the 2030s. Sustaining output growth requires policies to mitigate the impact of rapid population ageing by increasing labour inputs from under-utilised segments of the population. In particular, female labour participation should be encouraged by better work-life balance and increasing the availability of high-quality, affordable childcare, in part by raising tuition fee subsidies and improving the quality of private childcare centres. More flexible employment and wage systems would increase the age at which older workers leave firms. For young people, improved vocational education at the secondary and tertiary levels would help overcome the labour mismatch problem and the overemphasis on tertiary education. Enhancing educational quality at all levels would promote productivity gains, including in services. Strengthened competition is also a key to narrow the large productivity gap between services and manufacturing.