Korea's growth outlook keeps improving, but people aren't feeling it
Lee Ji-eun, a clothing retailer in her 30s who runs a small shop in northeastern Seoul's Nowon District, says the country's improving growth outlook feels distant from what she sees in her own business, with foot traffic at her store yet to pick up. "It's hard to feel an economic recovery when prices are still so high. I've also been cutting back on cultural activities, leisure and other spending…
Despite South Korea experiencing a positive outlook on growth, many citizens are not feeling the improvements in their daily lives. Clothing retailer Lee Ji-eun, in her 30s, reports low foot traffic at her store in northeastern Seoul, despite the country's improving economy. She attributes this to the high prices still prevalent in the market and her own decision to cut back on non-essential spending.
Office worker Park in Gyeonggi Province feels the same way. Although the economy is growing due to the semiconductor boom, her wages remain stagnant. Seeing the large bonuses paid out at semiconductor companies only makes her feel left behind.
Small business owner Shin in Gyeonggi Province echoes similar sentiments. While economic figures may be improving, it feels as though the benefits are confined to large companies and exporters. For everyday people like himself, the economic growth appears to be happening in a distant, unrelated country.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- Korea's growth outlook keeps improving, but people aren't feeling it koreatimes.co.kr
