OECD Reviews of Regulatory Reform: Regulatory Reform in Korea 2000

OECD's 2000 review of regulatory reform in Korea. It finds that at the end of 1997, Korea suffered one of the worst economic crises ever experienced by an OECD country. An ambitious programme of regulatory, financial, and structural reforms, among the most far-reaching efforts at reform of regulation undertaken in OECD countries, was key to the strong economic recovery in 1999 and 2000. This programme not only stabilised the crisis, but also helped recreate the foundations for future sustainable growth. The Korean experience can be useful to other countries seeking to boost market-led growth. Reforms now are moving Korea from a highly interventionist and authoritarian model of economic development to a market oriented and open model based on values of consumer choice, democracy, and rule of law. Yet the job is far from finished. The web of government intervention has been only partly reformed, and many important issues are still to be tackled. Consistent progress on regulatory reform will be crucial to sustainable growth in Korea for several years to come. Korea is among several OECD countries to request a broad review by the OECD of its national regulatory practices and domestic regulatory reforms. This Review presents an integrated assessment of regulatory reform in framework areas such as the quality of the public sector, competition policy and enforcement, and market openness. It also contains chapters on sectors such as electricity and telecommunications, and an assessment of the macroeconomic context for reform. The policy recommendations present a balanced plan of action for both short and longer-term based on best international regulatory practices.