OECD - OECD Economic Surveys: Korea 2016

This Survey is published on the responsibility of the Economic and Development Review Committee (EDRC) of the OECD, which is charged with the examination of the economic situation of member countries.

The economic situation and policies of Korea were reviewed by the Committee on 7 March 2016. The draft report was then revised in the light of the discussions and given final approval as the agreed report of the whole Committee on 25 April 2016.

The Secretariats draft report was prepared for the Committee by Randall S. Jones, Jae Wan Lee and Kohei Fukawa under the supervision of Vincent Koen. Research assistance was provided by Lutcia Daniel. Secretarial assistance was provided by Mercedes Burgos.

The previous Survey of Korea was issued in June 2014.

Information about the latest as well as previous Surveys and more information about how Surveys are prepared is available at www.oecd.org/eco/surveys .

This year, we celebrate the 20th anniversary of Koreas accession to the OECD. Koreas invitation to join the Organisation represented the culmination of 35 years of extraordinary growth that transformed it from one of the poorest nations in the world to a major industrial power.

For Korea, membership in the OECD has provided an opportunity to exchange ideas with the most advanced countries and to learn best practices. The OECD has played a crucial role in developing and advancing Korea during the past two decades. Moreover, the OECD is Koreas most trusted policy advisor. Korea has seriously taken the OECDs recommendations and guidelines into account and reflected them in its economic policies.

During its 20 years as an OECD member country, Korea has fulfilled its responsibilities and has been at the forefront in sharing success stories and best practices with other member countries. For example, as the chair country of the Ministerial Council Meeting of OECD in 2009, Korea played a leading role in adopting the Green Growth Initiatives. In 2010, Korea joined the OECDs Development Assistance Committee, transforming itself from a recipient to a donor nation. Moreover, in 2015, the OECD Committee for Scientific and Technological Policy held a ministerial-level meeting in Korea, the first time that it was held outside the OECD headquarters.

The world economy is facing a prolonged period of low growth and low inflation, highlighting the need for structural reform and increasing interest in policy areas such as social cohesion, environmental issues and regional policies. The changing atmosphere calls for the OECD to play a bigger role in further promoting global policy responses to pressing issues. Korea is looking forward to further strengthening its collaboration and partnership with the OECD to promote the goal of better policies for better lives, thereby helping to realise the stable development of the world economy and enhance the quality of life in member countries.