The country’s product market regulation indicator has reached the average of the Organisation for Economic Co-operation and Development at 20th. (Korea.net DB)
By Aisylu Akhmetzianova
The country’s product market regulation (PMR) indicator has reached the average of the Organisation for Economic Co-operation and Development (OECD).
The Ministry of Economy and Finance on July 10 said this in releasing the results of the OECD’s 2023 PMR evaluation.
Korea’s PMR ranking was 20th out of 38 OECD states, the highest for the nation since related data debuted in 1998.
PMR is an index to assess each country’s policy toward product market regulation and progress in reform. Based on external indicators such as the OECD Trade Facilitation Index and online surveys on civil servants of each country, the rankings are announced every five years.
Korea’s record ranking of 20th was a big jump from 33rd in 2018.
By sector, the nation received recognition for an outstanding regulatory environment in impact of regulatory impact (third), administrative and regulatory burden (14th), and distortions caused by government ownership (15th).
The government said, “We will continue to strive to ensure that our regulatory environment is evaluated reasonably by the international community and recognized at home and abroad as an excellent market system.”
The graph shows the PMR indicator of each OECD member country last year. (Ministry of Economy and Finance)
aisylu@korea.kr
