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Social spending in Korea : Can it foster sustainable and inclusive growth?

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  • Social spending in Korea
  • Elekdag, Selim
  • IMF


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Title Social spending in Korea
Similar Titles
Sub Title

Can it foster sustainable and inclusive growth?

Material Type Articles
Author(English)

Elekdag, Selim

Publisher

Washington, DC : IMF

Date 2012-10
Series Title; No IMF Working Paper / 2012-250
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Economic Administration
Holding IMF
License

Abstract

Going forward, Korea faces two closely related challenges: sustaining economic growth against
the backdrop of a rapidly aging population and ameliorating income inequality. This paper
argues that a gradual increase in social spending could promote more sustainable and inclusive
growth in Korea. In particular, simulation results suggest that social spending which supports
labor market reforms can boost longer-term growth. However, despite rapid increases
recently—albeit from a low base—there is still a social spending gap relative to Korea’s OECD
peers. Because of several fiscal challenges in the coming decades, increases in social spending
should be incremental, and would be usefully guided by a longer-term fiscal framework. (The rest omitted)