The Korean economic wave continues forward, with strong growth and low unemployment expected in 2008-2009. But the upsurge appears to have left some younger people behind. True, at 10%, Korean youth unemployment is below the OECD average of nearer 15%, and though the country has a lower employment rate, this reflects a much lower school drop-out rate and high participation in education.

A statue of Korea's legendary General Lee Soon Shin stands guard outside the Ministry of Information and Communications in central Seoul. A poster announcing a major international joint Korean/OECD ministerial conference on the Future of the Internet Economy to be held on 17-18 June hangs at the front of the building.

In 1996 just when the Korean government took the initiative and worked hard to join the OECD, some media and civil society organisations were reluctant to extend their support. They worried, saying that it would be too premature for Korea to join the rich man’s club and would cause us great losses.

Welcoming address of Korea’s Deputy Prime Minister Okyu Kwon to a special conference in Seoul 22 September 2006, marking Korea’s 10th anniversary in the OECD.

Korea’s economic transformation has been one of the most remarkable of the past century. From the ashes of a terrible war, in a short period of time it rose to become an industrial power, joining the OECD in 1996. Korea has now set itself the ambition of becoming a knowledge-based economy.

Korea’s economic recovery in 2002 – with GDP growth of 6% despite a sluggish world economy – reflects the success of its economic restructuring programme and the underlying dynamism of the economy. But this should not lead to complacency about resolving remaining structural weaknesses and addressing emerging imbalances, the latest OECD Economic Survey of Korea says.

Korea became the 26th member of the International Energy Agency on April 20, the second new member this year after the Czech Republic joined in February. “We heartily welcome the Koreans,” said IEA Executive Director Robert Priddle. “Their membership will strengthen the Agency presence and influence in the Pacific region.”