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Korea Economic Snapshot

Economic Forecast Summary (December 2021)

The Korean economy continues to recover following the COVID-19 shock, propelled by strong export growth, improving business investment and public support. Growth is set to reach 4% in 2021 and to remain robust in 2022 and 2023, averaging close to 3%. While distancing measures have weighed on the service sector over the past summer, rapid vaccination paves the way for an acceleration in private consumption.

Reform Priorities (April 2021)

Going for Growth 2021 - Korea

The pandemic highlighted vulnerabilities of the dual labour market and a weak social safety net. A welfare reform needs to be coupled with policies aimed at increasing employment and job quality, especially for women and older workers, who are often in non-regular jobs and the most affected by the crisis. A more flexible labour market would allow workers to move more easily from crisis-hit sectors to growing industries.

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2021 Structural Reform Priorities

  • Social protection: Strengthen the social safety net and improve the efficiency of the tax system
  • Labour market: Reform employment protection legislation
  • Labour market: Strengthen policies to support employment of women and older persons
  • Competition and regulation: Reduce the regulatory burden on economic activity
  • Environmental policy: Strengthen environmental regulations and price signals

 

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Economic Survey of Korea (August 2020)

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