Social Spending in Korea

Can it Foster Sustainable and Inclusive Growth?

Going forward, Korea faces two closely related challenges: sustaining economic growth against the backdrop of a rapidly aging population and ameliorating income inequality. This paper argues that a gradual increase in social spending could promote more sustainable and inclusive growth in Korea. In particular, simulation results suggest that social spending which supports labor market reforms can boost longer-term growth. However, despite rapid increases recently-albeit from a low base-there is still a social spending gap relative to Korea's OECD peers. Because of several fiscal challenges in the coming decades, increases in social spending should be incremental, and would be usefully guided by a longer-term fiscal framework.
Publication date: October 2012
ISBN: 9781475549218
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Economics- Macroeconomics , Economics / General , International - Economics , social spending , income inequality , fiscal policy , labor market participation , relative poverty , competitive labor market , labor force , temporary workers , gini coefficient , female labor market participation , labor force participation , social welfare , inequality indic

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