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This report has been prepared by the Organisation for Economic Co-operation and Development (OECD) and the World Bank to review the challenges faced by Korea in its transition to a knowledge-based economy. A knowledge-based economy has been defined in the report as one where 'knowledge is created, acquired, transmitted and used effectively by enterprises, organisations, individuals and communities'. A framework is proposed which will enable Korea to effectively make use of technology advances and the growing body of knowledge. The framework comprises: an economic and institutional system that provides incentives for the efficient and creative use of knowledge and the creation of new knowledge; an educated and entrepreneurial population capable of both creating and using new knowledge; an information infrastructure that is able to promote effective communication, dissemination and processing of information; and, an innovation system involving companies, research centres and other agencies for accessing and adapting global knowledge to Korean needs. The report also examines challenges related to the development of knowledge-based activities and creating an overarching framework for the development and implementation of policies supportive of the knowledge-based economy.