A delegation from the IMF has expressed concern over the pace of minimum wage hikes in South Korea.
In a meeting with Finance Minister Hong Nam-ki on Monday, IMF Korea chief Tarhan Feyzioglu also said labor market flexibility needs to be strengthened.
He added that raising the potential economic growth rate with expansionary fiscal and monetary policies is important to address a domestic and external economic crisis.
South Korea's minimum wage was hiked by double percentage-point digits on-year in 2018 AND 2019....and currently stands at seven U.S. dollars and 40 cents an hour.
