Now, Korea has joined China in returning to its pre-Covid growth levels.
¡°Teflon Korea¡± is again proving the bears wrong by beating forecasts and growing an annualized 1.6% in the first three months of the year. Accelerating private consumption, increased corporate investment and rising government expenditures has Korea exiting the wreckage from 2020 faster than economies from Washington to Tokyo.
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The good news is that Korea¡¯s rebound adds spring to the step of President Moon Jae-in¡¯s government, which is in its last year. Since May 2017, Moon has talked big about building a more innovative growth model.
In recent decades, Korea beat the dreaded ¡°middle-income trap¡± by becoming a leader in consumer electronics, digital devices, petrochemicals, semiconductors and popular culture exports. More recently, Seoul tried to diversify an economy historically driven by autos and ships. Moon set out to recalibrate growth engines from exports to innovation and services.
A major focus has been diverting economic oxygen away from chaebols to startups that disrupt the local business culture and develop into tech ¡° unicorns¡± that create new jobs and wealth.
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https://www.forbes.com/sites/williampesek/2021/04/30/south-korea-is-doing-it-again-confounding-the-skeptics/
https://www.clien.net/service/board/park/16115718