As inflation worsens, South Korea braces for ‘perfect storm’ of economic woes
The country faces risks analogous to turmoil of 1970s, with the economy unlikely to emerge unscathed
There has been a noteworthy shift in South Korean political and economic messaging in recent months. Largely gone is the idea that the country will be able to pass through what looks like an inevitable period of economic pain without major incident.
Last November, South Korea was predicted to enjoy 4% growth in gross domestic product (GDP) for 2022. That declined to 3% in February and now sits at 2.7%. That also seems increasingly optimistic and is due mostly to growth that already happened in the first three months of the year.
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