As in some other OECD countries, strikes in central and local government are prohibited in Korea. However, by requiring compulsory arbitration, Korean law virtually prohibits all industrial action in essential services , whose unusually broad definition includes the likes of banks, transportation and oil supply. Korea is under international pressure to narrow this definition as it has already started to do and should consider alternatives to an overall strike ban, such as the maintenance of skeleton services. This will be an opportunity to review whether the trend towards job precariousness has been reversed, holes in the social safety net have been filled and labour law reforms have continued. With the current signs of rapprochement between the two parts of the country, the need for the government in Seoul to get its economic and social policies right will become all the more pressing.
Growth is still generally good and fears of a recession are exaggerated.
A mild short-term dip in the U.S. is likely, but other economies, particularly in Europe, will perform well. A recession, if it comes, will be severe and global. Current results Previous results All rights reserved.