South Korea: Asian tiger still roaring

South Korea has long been considered one of the economic giants of Asia, aided by a high-tech manufacturing sector and strong exports in areas like electronics. In recent years the Korean economy has continued to expand, with 2021 seeing the fastest annual growth rate in over a decade. Growth is predicted to drop slightly in 2022, hit by global headwinds like rising inflation and the war in Ukraine, but is still expected to come in at a healthy 2.6%.

South Korea has a strong, open and trade-dependent economy, with political parties fostering long-term economic growth. In June, South Korean President Yoon Suk-yeol promised to remove outdated regulations that he said were hindering new businesses, while also calling for an immediate start to reforms of labor practices, as well as the education system and pension program. This came as he introduced his new government's economic policy framework, which would involve lowering the cost of living by helping reduce private-sector production costs.

Yoon, a former prosecutor-general and a relative newcomer to the world of politics, became South Korea's president in May 2022, and is positioning himself as a strong, conservative leader. He built his platform on fighting corruption and creating a more level economic playing field, while also seeking a tougher line on North Korea.

In his victory speech upon winning the presidential election, Yoon told supporters that he would "pay attention people's livelihoods, provide warm welfare services to the needy, and make utmost efforts so that our country serves as a proud, responsible member of the international community and the free world".

It is a message that will increasingly resonate with people as inflation rises and global tensions persist.

Economically, South Korea is doing well. The country boasted record-high merchandise exports in 2021, worth $645 billion. At the same time, just under 40% of the country's GDP comes from its industrial sector, with manufacturing alone accounting for 28% of GDP in 2021, according to the Bank of Korea.