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The Diplomat: After Impeachment Verdict, Korea’s “Fresh Start” On Reform Begins Again
South Korea’s president was removed from office, and so far the country’s economy and markets are left unfazed. South Korea’s first female president had promised strong economic growth, with a rise in per-capita income, as well as increased tax breaks to encourage investment. Instead, “Exports shrank for two straight years through 2016 and may be further damaged by deteriorating relations with South Korea’s biggest trading partner, China,” explains Anthony Fensom for the Diplomat. “Household debt has surged to record level.” South Korea has high-profile multinational firms, including Hyundai and Samsung, but about one-third of all workers are in “non-regular” positions with low wages, and the unemployment rate for young adults is almost 10 percent. An election will be held within 60 days, and South Koreans expect the next president to reinvigorate the economy, boost social safety programs, and reform the chaebol conglomerates, often family-run, that control large firms like Samsung. – YaleGlobal
The Diplomat: After Impeachment Verdict, Korea’s "Fresh Start" On Reform Begins Again
South Koreans look forward after the impeachment of the first female president and hope for a jump-start on a sluggish economy with high debt and unemployment
Tuesday, March 14, 2017
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