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Korea has achieved robust economic growth relative to other OECD countries since the financial and economic crisis, but its growth prospects are burdened by high levels of household debt and, in the medium term, rapid population ageing.
Labour market reform to improve growth prospects and reduce inequality is a top priority in the face of rapid population ageing and a dualistic labour market. Sustaining output growth requires policies to mitigate the impact of rapid population ageing by increasing labour inputs from under-employed segments of the population.
The rapid expansion of education in Korea is exceptional and has played a key role in its economic
development. Sustaining Korea’s growth potential in the face of demographic headwinds requires further
improving the education system to boost productivity growth.
While Korea remains one of the fastest-growing OECD economies, its potential growth rate per capita is projected to decelerate from around 4% during the current decade to around 2¼ per cent during the 2030s.
Korea faces the challenge of reversing rising inequality while sustaining robust economic growth.
Korea, which has had the highest growth rate of greenhouse gas emissions in the OECD area since 1990, adopted an ambitious Green Growth Strategy in 2009.
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Data Economic Survey of Korea 2012
한국은 대부분의 OECD 국가들에 비해 보다 빠르고 역동적으로 2008년 세계 경제 위기로부터 회복했으며, 실업률과 국가 채무도 낮은 수준이다. 세계 경제 둔화를 반영하여, 2011년 후반부터 성장이 둔화되었지만, 2012년에도 약 3.5% 성장할 것으로 예상된다. 한국은 지난 10년간 실질 GDP가 연간 4%를 초과하여 성장하는 등, OECD 국가 중에서 가장 빠르게 성장하는 국가 중 하나였다. 빠른 성장으로 미국과 한국의 1인당 소득 격차는 1991년 62%에서 2010년에는 36%로 줄어들었다.
While Korea remains one of the fastest-growing OECD economies, it faces the most rapid population ageing in the OECD area as well as rising inequality. Wide-ranging reforms, particularly in the labour market and the education system, are needed to sustain growth and promote social cohesion.
Korea recovered faster and more vigorously from the global crisis than most OECD countries, but strong economic growth alone will not be enough to address the fundamental challenges posed by its rapidly ageing population and rising inequality, according to the latest Economic Survey of Korea.