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Increasing productivity growth in the service sector, which accounts for 67% of employment and 58% of value added in Korea, is essential to sustain high potential growth.
Korea has one of the lowest tax burdens in the OECD area, reflecting its small public sector. However, rapid population ageing will put upward pressure on government spending.
The age of retirement of employees should be raised by eliminating mandatory retirement and phasing out the retirement allowance. Active labour market policies should focus on policies to expand human capital rather than wage subsidies.
The global financial crisis that emerged in mid 2007 has caused considerable economic disruptions in the United States and elsewhere, and exposed major flaws in the global financial system.
This paper discusses measures to make the regulation of product markets more conducive to competition play a prominent role in the government’s “growth package” of measures to stimulate economic growth which are in the process of being implemented.
Impressive progress has been made in raising participation in early childhood education as well as tertiary educational attainment over the past 30 years. However, the inflow of poorly educated youth into the labour market is unusually heavy for a high income country.
M. Gurría stated that the main policy challenge for the Slovak Republic is to sustain high trend growth while adjusting to life in the euro area. This requires structural reforms in the areas of labour and product markets, fiscal policy and in the housing sector.
At a meeting with Slovak Economists, Mr. Gurría underlined that the OECD has developed a strategic response to deal with the current situation, while at the same time addressing the interaction between different policy actions in our economies.
The adoption of the euro at the start of 2009 marks a major achievement for the Slovak Republic. The main policy challenge is to sustain high trend growth while adjusting to life in the euro area. This requires structural reforms.
The Slovak economy has enjoyed a stellar performance in recent years, growing significantly faster than other OECD economies. However, the economy is now facing a major slowdown reflecting the headwinds from the global economy.