Oecd Economic Surveys Korea 2014 PDF Download

Annotation Korea has been among the fastest growing OECD countries during the past decade. However, subdued growth during 2011-12 revealed structural problems, such as high household debt, a lagging service sector and weak small and medium-sized enterprises (SMEs). This has raised concerns about Korea's traditional catch-up strategy led by exports produced by large chaebol companies. In addition, Korea has experienced a rise in relative poverty and income inequality since 1997, although both have fallen recently. The new growth strategy aims at fostering a 'creative economy', in which venture businesses play a key role, accompanied by greater emphasis on social cohesion, including increased social spending and a roadmap to boost employment. Such initiatives will support the currentupturn, while promoting Korea's long-term convergence to the most advanced countries and enhancing social cohesion and well-being.