Signal Korea ranks 20th of 38 on OECD product market regulation and scores poorly on network entry

Summary

The government cites the OECD product market regulation index for 2023, in which Korea ranked 20th among 38 member countries, with higher ranks meaning lighter regulation. Korea ranked 31st on entry regulation in network industries and 28th on licences and permits. A 2022 study by the Asan Nanum Foundation found that 55 of the world's top 100 unicorn companies would be barred or restricted from doing business in Korea because of regulation. The government reads these results as evidence that rigid entry and administrative rules persist despite efforts such as regulatory impact assessment. It links the regulatory burden to weaker business dynamism alongside excessive criminal penalties for economic activity.