Household debt will be the largest downside risk to the Korean economy in 2024. Falling exports driven by China s slowdown and weakening consumer spending will also be among headwinds for the export-dependent country. Still, the worst of the chip downcycle is coming to an end and improvement in the sector is expected to boost exports in the months to come.
Household debt will be the largest downside risk to the Korean economy in 2024. Falling exports driven by China s slowdown and weakening consumer spending will also be among headwinds for the export-dependent country. Still, the worst of the chip downcycle is coming to an end and improvement in the sector is expected to boost exports in the months to come.
Closer ties with US, Japan key to geo-economic challenges: Expert Asia News Network (ANN) is the leading regional alliance of news titles striving to bring the region closer, through an active sharing of editorial content on happenings in the region.
The possibility of the U.S. government defaulting on its debt could cause repercussions in Korea and seriously dent its efforts for economic recovery, even though the chances of that happening are slim, according to analysts in Seoul, Friday. The experts noted that the Korean financial market is highly influenced by the U.S. economy and a failure in raising the U.S. debt ceiling could undermine the value of stocks, bonds, currency and other financial instruments in Seoul.
Amid the ever-increasing importance of the economy in current geopolitical landscapes, the Yoon Suk Yeol administration will continue pushing for reforms that aim to promote an economy led by the private sector, Prime Minister Han Duk-soo said. In his congratulatory address at a special international conference marking the 30th anniversary of the Institute for Global Economics (IGE) held in southern Seoul on Wednesday, the prime minister emphasized that the Yoon Suk Yeol administration is conducting structural reforms in various areas of the Korean economy to boost the country s efficiency and economic vitality.