经合组织经济调查：韩国2024

OECD Economic Surveys:Korea2024 This document, as well as any data and map included herein, are without prejudice to the status of or sovereignty overany 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 ofsuch data by the OECD is without prejudice to the status of the Golan Heights, East Jerusalem and Israeli settlements inthe West Bank under the terms of international law.Note by the Republic of TürkiyeThe information in this document with reference to “Cyprus” relates to the southern part of the Island. There is no singleauthority representing both Turkish and Greek Cypriot people on the Island. Türkiye recognises the Turkish Republic ofNorthern Cyprus (TRNC). Until a lasting and equitable solution is found within the context of the United Nations, Türkiyeshall preserve its position concerning the “Cyprus issue”.Note by all the European Union Member States of the OECD and the European UnionThe Republic of Cyprus is recognised by all members of the United Nations with the exception of Türkiye. Theinformation in this document relates to the area under the effective control of the Government of the Republic of Cyprus.Please cite this publication as:OECD (2024),OECD Economic Surveys: Korea 2024, OECD Publishing, Paris, https://doi.org/10.1787/c243e16a-en.ISBN 978-92-64-75187-3 (print)ISBN 978-92-64-51606-9 (PDF)ISBN 978-92-64-47536-6 (HTML)ISBN 978-92-64-86007-0 (epub)OECD Economic SurveysISSN 0376-6438 (print)ISSN 1609-7513 (online)OECD Economic Surveys: KoreaISSN 1995-364X (print)ISSN 1999-0707 (online)Photo credits:Cover © Vincent Koen/OECD. Foreword © Vincent Koen/OECD. Executive summary © Vincent Koen/OECD.Corrigenda to OECD publications may be found on line at: www.oecd.org/about/publishing/corrigenda.htm.© OECD 2024Attribution 4.0 International (CC BY 4.0)This work is made available under the Creative Commons Attribution 4.0 International licence. By using this work, you accept to be bound by the terms of this licence(https://creativecommons.org/licenses/by/4.0/).Attribution– you must cite the work.Translations– you must cite the original work, identify changes to the original and add the following text:In the event of any discrepancy between the original work and thetranslation, only the text of original work should be considered valid.Adaptations– you must cite the original work and add the following text:This is an adaptation of an original work by the OECD. The opinions expressed and arguments employed inthis adaptation should not be reported as representing the official views of the OECD or of its Member countries.Third-party material– the licence does not apply to third-party material in the work. If using such material, you are responsible for obtaining permission from the third party and forany claims of infringement.You must not use the OECD logo, visual identity or cover image without express permission or suggest the OECD endorses your use of the work.Any dispute arising under this licence shall be settled by arbitration in accordance with the Permanent Court of Arbitration (PCA) Arbitration Rules 2012. The seat of arbitration shallbe Paris (France). The number of arbitrators shall be one. OECD ECONOMIC SURVEYS: KOREA 2024 © OECD 2024ForewordThis Survey is published on the responsibility of the Economic and Development Review Committee of theOECD, which is charged with theexamination of the economic situation of member countries. Theeconomic situation and policies of Korea were reviewed by the Committee on 29 April 2024. The draftreport was then revised in the light of the discussions and given final approval as the agreed report of thewhole Committee on 31 May 2024. The cut-off date for information included in this report is 3 July 2024.The Secretariat’s draft report was prepared for the Committee by Jon Pareliussen,HyunJeong Hwang,Yoonyoung Yang and AxelPurwin, under the supervision of Vincent Koen. Statistical research assistancewas provided by Axel Purwin, editorial assistance by Sisse Nielsen and communication assistance byLaura Fortin.The previous Survey of Korea was issued in September 2022.Information about the latest as well as previous Surveys and more information about how Surveys areprepared is available athttps://www.oecd.org/eco/surveys/. Table of contentsForewordExecutive summary1 Korea needs an upgraded growth model2 Macroeconomic outlook and policiesGrowth is rebounding from a soft patchTrade is a key driver of growth, and trade dependencies key risks to hedgeInflation is moving towards the target and expectations are anchoredFiscal policy has supported stabilisationHigh household debt exerts a drag on consumption and housing pricesWeaknesses have emerged in property-related project financeReferencesAnnex A. North Korea’s economy, North-South cooperation and risks to SouthKorea’s ec