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With Korea facing the most rapid population ageing in the OECD area, narrowing the productivity gap is essential to sustain output growth and boost living standards.
Since entering the OECD 20 years ago, Korea has made a habit of being at the front of the class. You have led the OECD on several fronts, from R&D intensity, to university graduation rates, and the number of hi-tech firms operating at the technology frontier!
The invitation for Korea to join the OECD represented the culmination of 35 years of extraordinary growth, which transformed Korea into a major industrial power with a leading innovation capacity. Korea has been among our most rapidly growing members over the past two decades, achieving a GDP growth rate of 4.2%, double the OECD average, and boosting per capita income from 57% of the OECD average in 1996 to 87% in 2015.
The Secretary-General opened a seminar marking the 20th anniversary of Korea’s membership in the OECD. He also delivered a keynote speech at the Seoul Economic-Democratisation Forum and met with Korean President Geun-hye Park.
Labour market reforms are essential to promote social cohesion by removing obstacles to employment, particularly for women, youth and older persons.
Raising productivity requires addressing a wide range of policies that affect resource allocation, the creation and diffusion of technology, human capital and the creation and financing of start-ups.
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This country note provides an environmental tax and carbon pricing profile for Korea. It shows environmentally related tax revenues, taxes on energy use and effective carbon rates.
Those in-depth studies of the health system of member countries focus on economic issues. They assess the performance of health systems in a comparative context, identify the main challenges faced by the country health system and put forward policy options to better meet them. Reviews are initiated at the request of the country to be examined and emphasis is placed on specific issues of key policy interest.
The OECD/Korea Policy Centre fosters the exchange of technical information and policy experiences relating to the Asia Pacific region in areas such as health statistics, pension reforms and social policy and expenditure.
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Compared to many other OECD countries, Korea’s labour market weathered the global crisis very well. The unemployment rate has remained low, hovering between 3.5% and 4%. At 3.7% in May 2016, Korea’s unemployment rate was the third lowest rate (after Iceland and Japan) in the OECD.