Korea has achieved one of the strongest recoveries among OECD countries, led by exports and expansionary fiscal policy. While the fiscal stimulus has been reversed, buoyant exports are projected to help boost output growth to 5¾ per cent in 2010, leading to a marked decline in unemployment.
With the recovery on track, the authorities should focus on achieving the deficit-reduction target in the medium term fiscal plan, while the central bank should begin to withdraw monetary stimulus. Expanded assistance to small and medium sized enterprises (SMEs) to overcome the crisis should be phased out, in part to avoid supporting non-viable firms. Structural reforms to enhance productivity, particularly in services, are needed to sustain growth over the medium term.
The Organisation for Economic Co-operation and Development (OECD, in French: Organisation de coopération et de développement économiques, OCDE) is a Paris-based international economic organisation of 30 countries. Most OECD members are high-income economies with a high Human Development Index (HDI) and are regarded as developed countries.
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