The survey, to be conducted through the state-run Public Procurement Service, aims to figure out excessive regulations or restrictions that exist only in South Korea, compared to other major economies.
According to the ministry, productivity in the service sector remains significantly lower than its global counterparts, despite accounting for 70 percent of employment and 60 percent of value-added production. In 2021, productivity measured $66,000 per worker, compared to $128,000 in the U.S. and $86,000 in France.
The five-month survey will identify redundant or overly restrictive regulations, assess cases where businesses face barriers due to regulatory red tape, and analyze the potential economic impact of various reforms.
The ministry plans to prioritize regulatory improvements based on market demand and potential measures to stimulate business.
"We will fully work on regulatory reforms to enhance the service industry's competitiveness based on the findings of this assessment," said a ministry official.
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