Strategies for Reforming Korea’s Labor Market to Foster Growth
IMF Working Papers, July 25, 2014
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- Strategies for Reforming Korea’s Labor Market to Foster Growth
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Bibliographic details
- Authors: Mai Dao, Davide Furceri, Tae-Jeong Kim, Meeyeon Kim, Jisoo Hwang
- Published: July 25, 2014
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781498337151.001
Summary and central findings
- While Korean unemployment rates are currently among the lowest in OECD countries, labor market duality and underemployment in some population segments are important labor market challenges and factors contributing to lower potential growth.
- Comprehensive policy reforms aimed at:
- increasing labor force participation,
- increasing youth employment, and
- reducing labor market duality
are likely to yield considerable benefits in the medium term.
Major findings (enumerated)
- Labor market duality and underemployment are identified as key constraints on Korea’s potential growth.
- The paper demonstrates the medium-term gains from comprehensive reforms that target participation, youth employment, and duality reduction.
- Subject areas emphasized: Employment, Gender, Gender diversity, Labor, Labor force participation, Labor markets, Women.
Policy recommendations and reform priorities
- Increase labor force participation across affected groups.
- Raise youth employment and youth participation rates.
- Reduce labor market duality and segmentation to improve allocative efficiency and potential growth.
Keywords and analytical focus
- Keywords listed: Employment, female labor force participations, Gender diversity, Labor force participation, labor market, labor market dualism, labor market duality, labor market market segmentation, Labor markets, percent, reforms, Women, worker, WP, youth employment, youth employment rate, youth participation rate.