|
Contents | Executive Summary | How to obtain this publication | Additional information
The following OECD assessment and recommendations summarise Chapter 1 of the Economic survey of Korea published on 20 June 2007.
Contents
The current expansion, led primarily by exports…
Korea’s economy has expanded at a 4.3% annual rate since 2002, lifting per capita income to two thirds of the OECD average. Despite a stronger currency, growth has been primarily driven by external demand, thanks in part to the continuing development of Korea’s information and communication technology sector and strong demand from China. In contrast, domestic demand has been relatively sluggish, growing at an annual rate of 2% since 2002, reflecting the collapse of the credit card bubble and a deterioration in the terms of trade. Subdued domestic demand and the appreciation of the currency have kept inflation somewhat below the Bank of Korea’s medium-term target of 2.5% to 3.5% since mid 2005, despite higher oil prices.
Korea's per capita income is converging to the OECD average
1. The OECD average is based on 26 countries (except Slovak Republic, Poland, Czech Republic and Hungary) from 1970 to 1990, 29 countries (except Slovak Republic) from 1991 to 1992 and all 30 countries are included from 1993 to 2005.
Source: OECD, Economic Outlook database.
Economic growth has moderated during the past four years
1. Contribution of net exports.
Source: Bank of Korea.
How to obtain this publication
The Policy Brief (pdf format) in English can be downloaded. The Policy Brief (pdf format) in Korean is also available. It contains the OECD assessment and recommendations but not all of the charts included on the above pages.
The complete edition of the Economic survey of Korea 2007 is available from:
- SourceOECD for subscribing institutions and many libraries
-
-
OLISnet, under "Publication Locator", for government officials with accounts ( subscribe)
-
Additional information
For further information please contact the Korea Desk at the OECD Economics Department at eco.survey@oecd.org. The OECD Secretariat's report was prepared by Randall Jones, Taesik Yoon and Tadashi Yokoyama under the supervision of Willi Leibfritz and Stefano Scarpetta.
|
