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Product Market Competition and Economic Performance in Korea - Papers

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  • Product Market Competition and Economic Performance in Korea - Papers
  • Baek, Yongchun; Jones, Randall S.; Wise, Michael
  • Organization for Economic Cooperation and Development (OECD)


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Title Product Market Competition and Economic Performance in Korea - Papers
Similar Titles
Material Type Reports
Author(English)

Baek, Yongchun; Jones, Randall S.; Wise, Michael

Publisher

Organization for Economic Cooperation and Development (OECD)

Date 2004
Language English
File Type Link
Subject Economy < Trade

Abstract

Maintaining rapid economic growth depends increasingly on productivity gains, particularly in the service sector. Competition has an important role to play in achieving such gains. However, Korea’s development strategy has tended to weaken competition and has left a legacy of government intervention. Strengthening competition requires upgrading competition policy, increasing openness to international trade and foreign direct investment and improving the regulatory framework in network industries. In particular, the power of the Korea Fair Trade Commission should be expanded, while raising the level of sanctions and scaling back special treatment for certain sectors. Barriers to imports remain above the OECD average, particularly in agriculture, while the stock of inward direct investment is among the lowest in the OECD area. Restructuring plans in the network industries, notably electricity and gas, have lagged behind schedule. Price distortions and the absence of independent...