South Korea is riding an export bonanza courtesy of the US. But its citizens are not reaping the benefits, says Daniel Moss for Bloomberg Opinion.
SINGAPORE: If only K-pop and cinema would get out of the way. South Korea has a ringside seat to the world economy, but struggles to get the attention it deserves.and says much about upbeat global prospects. In some ways, developments are almost too positive.
What could be wrong with this? There will be no relief on interest rates soon. This, too, is a reversal. The central bank laid down an early marker in August 2021, becoming the first industrialised economy to tighten, way ahead of the Federal Reserve and before neighbourhood inflation obsessives like New Zealand.PROSPECTS OF A DOWNTURN HAVE DIMINISHED
“I wouldn't call it starting from scratch,” Bank of Korea Governor Rhee Chang-yong told reporters recently. “But the situation has changed.” Boom times for Samsung Electronics and SK Hynix don’t necessarily translate into euphoria on the streets. High levels of debt and worries about inequality have accompanied the country’s advance in recent decades - and inspired Netflix’s hit Squid Game and, a few year’s earlier, the Oscar-winning film Parasite.But don't let that crowd out some very good news. Gross domestic product in the first quarter increased an impressive 3.
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