South Korea’s central bank’s economic report for the first quarter of 2024 revealed steady economic growth, a historic milestone in per capita income and a downward revision of the household debt-to-GDP ratio.

However, a closer examination of the data reveals that South Korea’s economy is grappling with a series of challenges that could have far-reaching implications for its future prosperity.

EXPORT-DRIVEN GROWTH

The South Korean economy grew by an annualized rate of 3.4% in the first quarter, potentially putting it on track to exceed the International Monetary Fund’s previous forecastof 2.3% annual growth for the year. This seemingly positive