Category: South Korea

South Korea’s Liberal Democracy is Under Threat


It is not hard to list the domestic and international challenges for South Korea for 2015. There are many.

At the end of 2014, South Korea faces economic slowdown, an ageing population, worsening socio-economic inequality, rising youth unemployment, mounting household debt and a real-estate market slump. The list of diplomatic tasks includes sluggish or worsening relations with Kim Jong-un’s North Korea, soured relationships with Abe’s Japan and coping with the dilemmas of China–US dynamics.

Struggling Exports in South Korea Hurt Economy


The South Korean President, Mr. Park Geun-Hye, warned that his country’s economy could be at risk of falling into serious long-term stagnation. As a result, he has urged that parliament act quickly when it comes to dealing with economic bills.

The economy is actually worse considering they are able to defray some of their self-defense costs to America as the U.S. spends billions of dollars every year protecting South Korea. Many people in the U.S. wonder how long that will continue.

South Korea Unveils $15.3bn Stimulus Plan


The South Korean government on Tuesday unveiled a 17.3 trillion won ($15.3 billion) stimulus plan to boost slowing growth in Asia’s fourth largest economy, which has been hit by a slowdown in exports and sluggish capital investment.

The extra budget includes 12 trillion won to cover a shortfall in revenues and an additional 5.3 trillion won in new spending, the finance ministry said in a statement yesterday.

South Korea Should Consider Developing Nuclear Weapons, Says Top Lawmaker


A prominent South Korean official on Tuesday said his country should consider matching the North’s nuclear work step-by-step, or bring back a former U.S. arsenal, as a way to deter its belligerent neighbour.

Speaking at the Carnegie Endowment for International Peace Conference, Chung Mong Joon, a billionaire businessman and former presidential candidate, said South Korea has the right to withdraw from the Non-Proliferation Treaty as the latest crisis on the Korean peninsula showed that diplomacy has failed with Pyongyang.

Spiralling Wedding Costs Send South Korean Couples Into Debt


South Korean couples must fork out an average of nearly $200,000, or more than four times the annual average household income, in order to get married, said a report by Reuters on Friday, with the sky-high cost said to stem from a combination of cultural traditions and soaring inflation.

According to the report, the average cost of a wedding in South Korea has risen by 270 percent since 1999, while inflation grew by 45.5 percent during the same period.

South Korean President Dons Thermal Underwear To Save Electricity


South Korean President Lee Myung-bak will be donning thermal underwear over the winter period, in an attempt to persuade his citizens to make some sacrifices in order to conserve electricity amid surging power demands in the country.

[quote]“Naturally, I had to wear warmer underwear which was uncomfortable initially. But after a while, I got used to it, and now I am very warm and comfortable wearing it,” said Lee in his fortnightly national radio address on Monday.[/quote]