Last month the Organisation for Economic Co-operation and Development (OECD) published its Economic Survey on Korea.  Each edition surveys the major challenges faced by the country, evaluates the short-term outlook, and makes specific policy recommendations.

In this year’s edition it found that 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. Huge uncertainty surrounds global economic prospects and hence the outlook for exports, which are a key engine of the Korean economy. The crisis will have a lasting effect on some economic sectors and therefore require significant resource reallocation. The impact of the COVID-19 pandemic compounds pre-existing challenges, notably rapid population ageing and relatively low productivity in parts of the economy. This Survey draws on the OECD Jobs Strategy to outline policies to enable the creation of more and higher-quality jobs and foster more inclusive growth. It also highlights how further digitalisation can boost productivity growth, competitiveness and well-being.

In order to learn more about the key findings of the 120 page report, ECCK organized a webinar with the team responsible for this report.  During this webinar, Mr. Vincent Koen, Senior Official at the OECD delivered a short introduction to the report and the press coverage that the report has garnered since its publication.  After such, Mr. Christophe André, Senior Economist at the OECD, spoke about the reports key policy insights and the Korean government’s handling of the COVID-19 pandemic.

Mr.  Jinwoan Beom, Economist at the OECD, addressed the need to raise employment and enhance job quality in the face of rapid ageing.  Finally, Ms. Mathilde Pak, Economist at the OECD, focused on the outstanding digital ecosystem in Korea and the importance of promoting the diffusion of technology to boost productivity and well-being, especially given the limited digital skills amongst older adults in Korea.

A recording of the webinar will be available for ECCK members at the webinar section of our website.