Republic of Korea: Staff Report for the 2006 Article IV Consultation

Author: International Monetary Fund

Volume/Issue: Volume 2006 Issue 380

Publication date: October 2006

ISBN: 9781451822199

$20.00

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Topics covered in this book

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Banks and Banking , Exports and Imports , Finance , Inflation , Demography , ISCR , CR , draft budget , soft landing , percent , percent in September , economy , staff appraisal , government policy , inflation regime's stability , Korea-EFTA free trade trade agreement , market development , Exports , Inflation , Financial sector , Current account balance , Global

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Summary

Korea has enjoyed strong growth owing to rapidly increasing exports and consumption. Potential growth is slowing as the population ages, whereas social polarization is growing. Korea should implement plans to build an advanced financial system and improve service productivity by opening the sector to more competition and enhancing small firms’ access to finance. It should also address the prospective long-term deterioration of the fiscal position owing to population aging by tackling the health care and pension problems, and increase labor market flexibility.