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There have been reports that the Korean government plans to include measures aimed at enhancing
labor market flexibility in its three-year "economic innovation plan,'... which will
be unveiled sometime this month. The plan is President Park Geun-hye's initiative
and focuses on revamping public organizations, streamlining regulations and nurturing promising
industries in the service sector. The details of the plan are also expected
to be made public later this month. For a more in-depth look into the issue, we're
joined live in the studio by Dr. Kim Byoung-joo, the head of KL&P Consulting and our regular
commentator on this program.
The government is reportedly working on making promotion of labor market flexibility a major
part of its reform agenda. What is
the story?
How would you explain the concept of "labor market flexibility"?
Korea has been long known
for its lack of labor market flexibility. Would it be correct to say this owes a lot to the country's modern history?
And would you say one
of the consequences of this kind of inflexibility is that Korea's economic competitiveness will be compromised?
They say this is one of the toughest reform agendas Korea can try --- does that
mean
there
are
a lot
of tough challenges ahead for
the country?