Suchergebnisse

International migration in the Republic of Korea consists of the migration of foreign workers into the country and the migration of Koreans to other countries. The need for human capital has made it a destination country for foreign workers while economic development has given its nationals the option to emigrate. As a destination country, the share of foreigners to the total population is relatively small compared to other destination countries in Asia. The Ministry of Justice and the Ministry of Labor are the main sources for collecting data on international migration. Further improvements in data collection, production and dissemination are areas that need to be addressed.

Cover -- CONTENTS -- CONTEXT: CYCLICAL AND STRUCTURAL HEADWINDS TO GROWTH -- RECENT ECONOMIC DEVELOPMENTS -- OUTLOOK AND RISKS -- POLICY DISCUSSION -- A. Supporting Short-Term Growth and Containing Risks -- B. Promoting Long-Term, Inclusive Growth and Job Creation -- STAFF APPRAISAL -- BOXES -- 1. Labor Market Slack and the Output Gap -- 2. Korea's Neutral Real Interest Rate -- 3. Evolution of Macroprudential Policies in Korea -- 4. Output Gains from Increasing Female Labor Force Participation in Korea -- 5. Advancing Growth Through Product Market Reforms -- FIGURES -- 1. Recent Economic Developments -- 2. Recent External Developments -- 3. Recent Financial Developments -- 4. Market Conditions, Risk Premia and Financial Stress -- 5. Minimum Wage Increase -- TABLES -- 1. Selected Economic Indicators, 2017-24 -- 2. Balance of Payments, 2015-20 -- 3. Statement of Central Government Operations, 2017-20 -- 4. Financial Soundness Indicators -- ANNEXES -- I. External Sector Assessment Matrix (Preliminary) -- II. Risk Assessment Matrix -- III. Public Debt Sustainability Analysis -- IV. External Sector Sustainability -- V. Main Recommendations from the 2017 Article IV Consultation and Follow Up -- CONTENTS -- FUND RELATIONS -- STATISTICAL ISSUES.

The financial stability assessment under the Financial Sector Assessment Program (FSAP) forKorea was carried out in close collaboration with the authorities. The assessment included top- down (TD) and bottom-up (BU) stress testing of Korea's commercial banks and certain non-bank depository institutions (NBDIs); and evaluation of the potential contagion across banks (stemming both from funding pressures and potential defaults). The FSAP team did not have access to confidential supervisory data for the stress tests and the contagion analyses.2 The practice of withholding information in the conte