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Economic activity has contracted less in Korea than in other OECD countries, thanks to the prompt and effective reaction of the authorities to contain the spread of the COVID-19 virus and to the wide-ranging government support to households and businesses. Nevertheless, the pandemic generates strong headwinds.
The coronavirus pandemic has hit the US economy hard. Fiscal and monetary support measures were rapidly deployed and there remains space for further policy support, if needed. However, with the shuttering of many businesses, unemployment has surged and many have left the labour force. Bringing people back into work quickly is important as the recession risks leaving behind a long-lasting negative economic impact. Occupational licensing and non-compete agreements are impediments to moving to new employers. Low-skilled workers and disadvantaged groups tend to be particularly affected by these barriers. A further barrier to labour mobility is housing market regulation. Reforms are also essential to boost productivity and ensure that all have the opportunity to benefit from future growth, especially strictly enforcing competition policy. Environmental performance has continued to improve along some dimensions, with greenhouse gas emissions falling since 2005, and energy security being strengthened. SPECIAL FEATURES: MODERNISING STATE-LEVEL REGULATION AND POLICIES TO BOOST MOBILITY; ANTI-COMPETITIVE AND REGULATORY BARRIERS IN THE LABOUR MARKET
Economic growth picked up in 2017, but reforms are needed to sustain Korea's convergence toward the income levels in the most advanced countries. Its labour productivity is 46% below the top half of OECD countries, reflecting problems in the service sector. In addition, productivity in small ...
OECD's 2012 Economic Survey of Korea examines recent economic developments, policies and prospects. In addition, it includes special chapters covering sustaining convergence to the highest-income countries and promoting social cohesion.
Swiss citizens continue to enjoy high living standards on a range of dimensions. Economic growth has slowed but the healthy labour market is still supporting incomes and consumption. However, risks to the outlook are building. Monetary policy has been very accommodative but low interest rates are adding to financial risks. Fiscal policy is sound and debt low. There is scope to make greater use of available fiscal space. Adapting to population ageing is becoming pressing. This trend, along with digital transformation, will bring new opportunities for the economy and society, but challenges as well. Policies have not kept up with rising life expectancy, particularly the statutory retirement age. Updating the pension system and lowering barriers to working longer would ensure that workers continue to receive adequate incomes during retirement. Ageing will also pressure health care spending and increase demand for long-term care. Policies to contain costs and reduce fragmentation in the system can help maintain access to quality care. Switzerland is well placed to seize the opportunities offered by new technologies. Addressing the barriers to adoption, improving the availability of information and helping workers adapt will enable firms, individuals and governments to reap the benefits of digitalisation. SPECIAL FEATURE: POLICIES FOR AN AGEING SOCIETY
This 2005 Economic Survey of Korea's economy examines key challenges in Korea's shift to a more market-oriented and open economy. In particular, it covers public sector decentralisation, innovation and the education system, enhancing flexibility and ...
OECD's 2014 Economic Survey of Korea examines recent economic developments, policies and prospects. Special chapters cover fostering a creative economy and reducing income inequality and poverty.
Like many countries, the United Kingdom has been hit severely by the COVID-19 outbreak. A strict lockdown was essential to contain the pandemic but halted activity in many key sectors. While restrictions have eased, the country now faces a prolonged period of disruption to activity and jobs, which risks exacerbating pre-existing weak productivity growth, inequalities, child poverty and regional disparities. On-going measures to prevent a second wave of infections will need to be carefully calibrated to manage the economic impact.
Greece’s economy had been expanding by nearly 2% for over three years before the COVID-19 shock. Structural reforms, high primary budget surpluses and debt measures underpinned Greece’s recovery and rising confidence. Then the COVID-19 pandemic struck, abruptly interrupting the recovery and adding new challenges to raising inclusiveness, competitiveness and growth.
OECD's 2012 Economic Survey of Korea examines recent economic developments, policies and prospects. In addition, it includes special chapters covering sustaining convergence to the highest-income countries and promoting social cohesion.