OECD：2012韩国经济OverviewoftheEconomicSurveyofKorea2012.pdfVIP

OECD Economic Surveys KOREA APRIL 2012 OVERVIEW This document and any map included herein are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area. The statistical data for Israel are supplied by and under the responsibility of the relevant Israeli authorities. The use of such data by the OECD is without prejudice to the status of the Golan Heights, East Jerusalem and Israeli settlements in the West Bank under the terms of international law . Summary Despite the recent slowdown in world trade, Korea is projected to sustain growth of around 3½ per cent during 2012. Given future spending pressures, fiscal policy should target a balanced budget (excluding the social security surplus). However, if the global economy were to experience a serious downturn, Korea has scope to respond with fiscal stimulus, given its strong fiscal position, and monetary policy easing. Looking further ahead, Korea faces two key challenges: • Sustaining economic growth in the face of rapid population ageing. • Improving social cohesion by reducing inequality and relative poverty. Sustaining Korea’s growth potential . To mitigate the fall in labour inputs as the working-age population starts declining from 2017, Korea needs to raise labour participation. The low female participation rate should be boosted by encouraging better work-life balance and expanding the availability of high-quality, affordable childcare. Such measures would also increase the low fertility rate. Another priority is to extend the empl