South Korea must boost SMEs as fertility declines, OECD says

SEJONG, South Korea -- South Korea's export-oriented growth model requires a "decisive upgrade" that involves narrowing the productivity gap between smaller companies and the conglomerates that dominate the economy, argues a report released on Thursday.

The Organisation for Economic Co-operation and Development (OECD), a group of developed countries, identified South Korea's small- and medium-size enterprises (SMEs) as key to maintaining economic growth amid challenges such as the country's declining fertility rate.