In 2014, the tax-to-GDP ratios of Indonesia, Malaysia, the Philippines and Singapore were below 17% of GDP compared to Japan and Korea, which both recorded tax-to-GDP ratios above 24%,according to new data released in the third edition of the OECD’s annual publication Revenue Statistics in Asian Countries.
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Korea has undertaken reforms to stimulate entrepreneurship and improve SME efficiency, but further efforts are needed to foster a more entrepreneurial culture and develop market-based financing for innovative and growth-oriented start-ups and SMEs.
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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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The number of young people not in employment, education or training (NEETs) remains elevated in many countries since the crisis. This country note examines the characteristics of those at risk of being NEET in Korea with policies to help meet the challenge. It also includes many new youth-specific indicators on family formation, self-sufficiency, income and poverty, health and social cohesion.
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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.