A new pro-business president, receding Covid-19 risks and rising clout in supply chains have infused South Korea's local companies with newfound confidence. The optimism should pay off, even as fresh economic and global threats loom, says mak_robyn
The headline figures paint a less pretty picture. After expanding by 4.1% in 2021 – an 11-year high – the $1.6 trillion export-dependent economy is forecast to grow just 2.7% this year as demand from China, its top trading partner, cools.The central bank's new governor in April issued a dire warning that war in Ukraine, a China slowdown, higher U.S.
The mood in Seoul, however, is notably upbeat. The sprawling metropolis of nearly 10 million people recently scrapped pandemic restrictions such as business curfews and mandatory vaccine passes. Restaurants, bars and coffee shops are packed; last week's friendly soccer match between South Korea and Brazil attracted 64,000 fans to sell out Seoul World Cup Stadium.
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