Park Yang-soo, Director of the Sustainable Growth Initiative (SGI) at the Korea Chamber of Commerce and Industry, warns of South Korea’s potential economic decline, with the potential growth rate predicted to drop to 0% within six years and enter negative growth from 2041. He attributes this to factors such as a rapidly changing population structure, weak domestic consumption, stagnant exports, and instability in the real estate market. Park emphasizes the need for leadership that can increase total factor productivity and respond to the climate crisis, and criticizes current policies such as ‘tax cuts for the rich’ for deepening the shortage of tax revenue.
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Auto-posted at: 2025-05-27 21:02:28