Inclusive Growth Review of Korea
Creating Opportunities for All
In recent years Korea has stepped up efforts to reduce inequalities in recognition
that a fairer economic model is also the most sustainable one. In order to support
this new policy direction, the OECD has carried out novel analysis of inclusive growth
building on its Framework for Policy Action, developed by the OECD to improve the
prospects of the groups left behind. The Inclusive Growth Review of Korea applies,
for the first time, the Framework at the national level. Using a dashboard of indicators,
the Framework presents policy recommendations to sustain and more equitably share
the gains of economic growth by investing in people left behind, supporting business
dynamism and inclusive labour markets, and building efficient and responsive governments.
In addition, the Inclusive Growth Review of Korea finds that digitalisation risks
to compound the disparities of Korean labour markets, and calls for renewed efforts
to reduce the lack of opportunities for up- and re-skilling of the working-age population
(Chapter 2). To improve the business environment, Korea should address the unbalanced
growth across sectors and firm size and unequal distribution of productivity gains
across population groups (Chapter 3).
Published on February 08, 2021