Product Market Competition and Economic Performance in Korea [E-Book] / Yongchun Baek, Randall Jones and Michael Wise
Baek, Yongchun.
Jones, Randall. / Wise, Michael.
Paris : OECD Publishing, 2004
45 p. ; 21 x 29.7cm.
englisch
10.1787/634035868056
OECD Economics Department Working Papers ; 399
Economics
Korea, Republic of
Full Text
Maintaining rapid economic growth depends increasingly on productivity gains, particularly in the service sector. Competition has an important role to play in achieving such gains. However, Korea’s development strategy has tended to weaken competition and has left a legacy of government intervention. Strengthening competition requires upgrading competition policy, increasing openness to international trade and foreign direct investment and improving the regulatory framework in network industries. In particular, the power of the Korea Fair Trade Commission should be expanded, while raising the level of sanctions and scaling back special treatment for certain sectors. Barriers to imports remain above the OECD average, particularly in agriculture, while the stock of inward direct investment is among the lowest in the OECD area. Restructuring plans in the network industries, notably electricity and gas, have lagged behind schedule. Price distortions and the absence of independent ...