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Competitiveness of labor market ranked 26th in the world
August 31, 2005
The competitiveness of South Korea's labor market has been raised to a ranking of 26th from its position 36th in 2004. The ranking, from the 2005 World Competitiveness Scoreboard, is of 60 countries and is presented by the International Institute for Management Development (IMD).
South Korea ranked 8th in the employment competitiveness section and 4th for its low unemployment.
However, South Korea's productivity was ranked 41st, wages 32nd, labor-management relations 60th and the participants to non-participants ratio in the economic activities 32nd, calling for measures to improve the situation.
Laws on the industries was ranked 34th for being too strict, while the labor market was reported to be quite conservative.