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Toward further convergence? Korea's current economic prospects and policy challenges : Overview and macroeconomic issues

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  • Toward further convergence? Korea's current economic prospects and policy challenges
  • Lago, Isabelle Mateos y; Ree, Jack Joo K.
  • Korea Economic Institute of America


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Title Toward further convergence? Korea's current economic prospects and policy challenges
Similar Titles
Sub Title

Overview and macroeconomic issues

Material Type Reports
Author(English)

Lago, Isabelle Mateos y; Ree, Jack Joo K.

Publisher

Washington DC:Korea Economic Institute of America

Date 2014
Pages 7
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Economic Administration
Holding Korea Economic Institute of America

Abstract

The Korean economy has fared well despite the recent global market turmoil and is well positioned to benefit from the global recovery given its strong fundamentals and skilled policymaking. But the country must rebalance its economic structure if it is to continue raising its population’s standard of living in an inclusive way and approach the income levels of the richest advanced economies. Bold and politically difficult reforms are needed, including revamping the fiscal framework to better support rebalancing of growth toward domestic demand, strengthening of the social safety, deregulating the services sector, and addressing labor market duality while promoting greater labor market participation by female and aged workers.