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Title page 1
Contents 2
KEY TAKEAWAYS 1
INTRODUCTION 2
DIAGNOSING SOUTH KOREA'S PRODUCTIVITY GAP: THE TWO-SPEED ECONOMY 5
WHY SOUTH KOREA'S MODEL IS STUCK: STRUCTURAL AND POLICY BARRIERS 17
SOUTH KOREA NEEDS A NEW ECONOMIC PLAYBOOK 26
CONCLUSION: TOWARD A PRODUCTIVITY-LED GROWTH MODEL 31
ACKNOWLEDGMENTS 32
ENDNOTES 33
Figures 6
Figure 1. Value added per employee in SMEs relative to large firms 6
Figure 2. Value added per employee in OECD SMEs relative to large firms, 2020 7
Figure 3. Manufacturing labor productivity in SMEs relative to large enterprises 8
Figure 4. Service labor productivity in SMEs relative to large enterprises 9
Figure 5. Manufacturing vs. services productivity per employed person ($US PPP per worker) 10
Figure 6. Productivity change by industry, 2013-2023 11
Figure 7. Agriculture, forestry, and fishing productivity (gross value added per person, index, 2015 = 100) 11
Figure 8. Finance and insurance productivity (gross value added per person, 2015 = 100) 12
Figure 9. Services labor productivity (KRW millions) 13
Figure 10. South Korean services productivity growth 13
Figure 11. Multifactor productivity (index, 2015 = 100) 14
Figure 12. Sectors' share of employment 15
Figure 13. Retirement age 16
Figure 14. Central government programs to support SMEs 18
Figure 15. Regional government programs to support SMEs 19
Figure 16. Total programs supporting SMEs 19
Figure 17. Government-guaranteed loans to SME, 2021 (percentage of GDP) 20
Figure 18. South Korea vs. United States labor productivity (GDP per hour worked, PPP, 2020 prices) 23
Figure 19. Average odds of adopting advanced software or data-intensive technologies in large enterprises vs. small enterprises, 2013-2023 25
