Current Issues Monitor Daily . Given a recent update of North Korea's nuclear policy that allows the use of pre-emptive nuclear strikes, South Korean authorities are likely to adjust the country's nuclear deterrence strategy. How the public and private sector balance the need for a free flow of data and safe consumer usage will be another area to watch. However, in October, South Korea supported an initiative at the UN Human Rights Council to discuss a report by the UN High Commissioner for Human Rights on possible crimes against humanity in the Xinjiang region of China. Harsh economic conditions will bring political repercussions. South Korea: Mixed Progress on Rights | Human Rights Watch South Korean CPI inflation eased in the second half of 2022, Seoul has also worked to better integrate Japan into its foreign policy strategy. On the commercial side, South Korean companies across different industries have been experimenting with different technologies. Though South Korea has a free press and a lively civil society, the government and large corporations use the countrys criminal defamation laws to limit scrutiny of their actions. architecture. The impacts of COVID and the draconian efforts to prevent its spread are likely to continue to be a leading issue for Pyongyang in 2023. Internet Shutdowns Deny Access to Basic Rights in Digital India, Human Rights Watch defends the rights of people in close to 100 countries worldwide, spotlighting abuses and bringing perpetrators to justice. costs in the latest survey period, with operating expenses rising Image created by Sang Kim with photos from Shutterstock, Wikimedia Commons, the White House photostream on flickr Creative Commons, and an image from Shutterstock. The government's tax reform plans will face the strongest opposition. Share this via Reddit We expect North Korea to resume nuclear weapons testing in 2023, following intense missile tests, including those of intercontinental ballistic missiles that are capable of carrying multiple nuclear warheads, and construction works at its Punggyeri nuclear test site this year. The strategies have more similarities than differences. The South Korean economy slowed significantly during the second Finnish and Swedish membership is expected to help NATO redress its vulnerability in northwest Europe, as the alliance reshapes its defense strategy in the face of Russia and the Ukraine war. Information, analytics and exclusive news on financial markets - delivered in an intuitive desktop and mobile interface. . export sector. adjusted S&P Global Electronics PMI has slowed significantly Share this via Email Human Rights Watch is a 501(C)(3)nonprofit registered in the US under EIN: 13-2875808. The economy is projected to rebound in 2024 with growth of 2.4 per cent, the statement indicated. The return of kinetic warfare to the European continent has also renewed global demand for armaments and the industrial capacity to produce such platforms. Share this via Reddit 2023, S&P Global Inc. All rights reserved. Domestically, the government continued to lag in addressing rampant discrimination against women and girls, migrants, foreigners, older people, people with disabilities, and lesbian, gay, bisexual, and transgender (LGBT) people. Since taking office, Yoon has strengthened the governments promotion of human rights in North Korea. July 01, 2023 . South Korea's Demographic Trends Continue to Decline South Korea - Rankings, News | U.S. News Best Countries Failing to address human rights issues at home weakens South Koreas credibility to raise human rights globally.. Beyond the war in Ukraine, policy shifts in the United States have created tensions in the U.S.-Korea relationship. SEOUL (Reuters) - South Korea will issue its own response as soon as possible after the U.N. nuclear watchdog approved Japan's plan to release treated radioactive water from the tsunami-wrecked Fukushima plant into the ocean, a government official said on Wednesday. South Koreas public health measures to limit the spread of Covid-19 raised serious privacy concerns when the government announced it would test AI facial recognition technology to track the spread of the disease. During his campaign for president, President Yoon made frequent appeals to anti-feminist male voters, blamed feminism for the decline in the birth rate, and pledged to abolish the Ministry of Gender Equality and Family, which he is currently trying to dismantle. We believe that the government's stance will be softened as the economic picture darkens through that year; at least one stimulant supplementary budget will be needed to help household finances and keep small businesses afloat. South Koreas ability to fill orders and transfer technology to Poland in 2022 could continue to present an attractive proposition for militaries in Europe, the Middle East, and beyond. This has brought total cumulative tightening to 250 basis points This includes the large recent RCEP multilateral The headline seasonally It also began to emerge from its self-imposed calm and isolation. demand during 2023. Demographic ageing has already contributed to the moderation of Housing slump will persist across OECD until at least 2024, particularly in anglophone countries and northern Europe. Outside of the wars economic implications, it has created opportunities for South Korea to expand defense exports, but also drawn North Korea and Russia closer together. North Korea has a fragile healthcare system, and the countrys scarce resources are devoted to nuclear and missile programs not its citizens wellbeing. Rising interest rates, along with persistently strong increases in consumer prices, will force many households to cut back spending on non-essential goods and services. You have reached your limit of subscriber-only articles this month. Despite fraught relations in recent years due to continuing disputes over historical issues, the Yoon administration has made improving relations with Japan a priority. The strategy also calls for increasing U.S.-Korea-Japan trilateral security cooperation in response to North Koreas growing missile and nuclear threats, along with the resumption of a trilateral summit between South Korea, Japan, and China to improve regional cooperation in Northeast Asia. The slowdown will result partly from global economic deceleration and a decline in global trade. His failure to tackle South Koreas pervasive discrimination against women and marginalized groups has been critical. Help us continue to fight human rights abuses. The views expressed here are the authors alone. of 2022 according to the Real Estate Board. billion, up 2.5% y/y and accounting for 34.1% of South Korea's The current law limits the work week to 40 hours plus up to 12 hours of compensated overtime - though in reality, critics say, many workers find themselves under pressure to work longer. See how South Korea compares to another country using any of the measures in the Index. The Yoon administration has established a consultative committee to develop a proposal for the addressing this issue, but the administrations initial recommendation to establish a compensation fund financed by South Korean firms has not been well received by the victims and their lawyers. South Korea - The New York Times As Vietnam is an important production These reforms would include policy changes to lift the labour force the 50.0 no-change mark, rising only slightly from 48.2 in Share this via LinkedIn The public will also grow impatient with a ruling party that seems to be more focused on power struggles and catering to the demands of a vocal but narrow support base. Join ST's Telegram channel and get the latest breaking news delivered to you. electronics products, notably semiconductors and displays, as well in the US and the European Union (EU) have become a key downside Although safe from any electoral challenges until the next presidential election in 2027, the government led by president Yoon Suk-yeol will find itself increasingly embroiled in intra-party feuds, inter-party confrontations and, more worryingly, rising public discontentall pointing to worsening policy gridlock. Updated March 17, 2023 U.S.-South Korea (KORUS) FTA and Bilateral Trade Relations The U.S.-South Korea free trade agreement (KORUS FTA) entered into force in March 2012. hikes during 2021-23 having increased financial pressures on highly Share this via Printer. In June, prosecutors opened an investigation into the forced repatriation of two North Korean fisherman who had been apprehended off the coast of South Korea in 2019. Vietnam is also a key export market for South Korean electronics 1.4% y/y in the fourth quarter of 2022, compared with growth of Key Points. at the forefront globally in planning initiatives to develop South Korea provided more than $560 million annually in foreign aid primarily to countries around the world via the Korea International Cooperation Agency (KOICA) but did little to raise human rights issues publicly or privately in foreign policy or development aid consultations despite pledges by Yoon in his inaugural speech to protect freedom and human rights. cooling property market, with South Korean apartment prices Private consumption and investment will remain weak in the near term in response to higher interest rates and a sluggish housing market, but will pick up gradually in 2024. The fabric of the international free-trade order is unravelling. The strategy paper does not explicitly state that China is challenging security, the rule of law, and human rightsnor that the United States is disappointingly turning away from free-tradebut those can be inferred. How a housing crisis contributes to a population problem. leveraged households. With growing criticism of common workplace abuses, including bullying, harassment, and retaliations against organizing workers, the National Assembly debated a bill limiting employers from seeking damages for losses incurred during strikes. The same month, South Korea also co-sponsored the annual resolution at the United Nations General Assembly condemning North Korean human rights violations, which it had been unwilling to sponsor since 2019. It has presented a glimpse of 21st century warfare, and will continue to affirm the importance of economic security as a core tenet of national strategyacutely demonstrating the threats posed by the weaponization of energy and the fragility of global supply chains. At its January meeting, the Monetary Policy Board of the BOK For issues such as North Korean denuclearization, traditionally relied-upon multilateral institutions like the UN Security Council will likely remain paralyzed due to North Korean support for Russias invasion, as well as alignments of opportunity between Moscow and Beijing against U.S.-led alliances and partnerships. The government has failed to take steps beyond the criminal legal system to address digital sex crimes, such as prevention through education and changing social norms, providing civil remedies, and expanding services for people targeted by digital sex crimes. Obtain the data you need to make the most informed decisions by accessing our extensive portfolio of information, analytics, and expertise. This article was published by S&P Global Market Intelligence and not by S&P Global Ratings, which is a separately managed division of S&P Global. recorded its first trade deficit since 2008, due to moderating SEOUL/TOKYO, April 13 (Reuters) - North Korea fired a new model of long-range ballistic missile on Thursday, South Korea said, triggering a scare in northern Japan where residents were told. estimated to have declined by 4.8% y/y in the first eleven months Orders. South Korea is expected to face Purchasing Managers' Index (PMI) data are compiled by IHS Markit for more than 40 economies worldwide. the manufacturing export sector for South Korea which is one of the 10 Issues to Watch for on the Korean Peninsula in 2023 - Korea Economic Korea Pro: A database on South Korean current issues 15 Jun 2023 North. Jun 30 2023 US B-52 bomber joins drills with South Korea amid North Korea tension A U.S. B-52 strategic bomber took part in military exercises with South Korea on Friday, Seoul officials. They will have to maneuver between hyper-partisanship and economic nationalism at home and fracturing and reorientation of economic networks abroad. Sign in to the product or service center of your choice. to 206% by 2021, the fifth highest amongst all OECD countries. It is known that about 90 countries have yet to express their position. The number of seniors aged South Korea will also face a more dangerous security environment in 2023 as North Korea's conventional and strategic military threat continues to grow. The 2022 average CPI inflation rate was the highest The Biden administration has already signaled that electric vehicles sold to leasing companies will not need to meet the new assembly and battery content requirements, but the key issue will be whether the final regulations due in March will go further to meet the concerns of Korea and other partners on the assembly and battery content provisions, or require legislative changes by Congress. South Korea to issue soon response to Japan's Fukushima discharge plan Government analysts also lowered their inflation outlook. The country posted a $0.27 billion current account surplus in March, after setting a deficit in each of the preceding two months, the Bank of Korea data showed. By comparison, corporate debt serviceability will be of less risk, owing largely to many large and medium-sized companies' stable revenue flows. participation rate, improve services sector productivity, Published by SPH Media Limited, Co. Regn. During North Korea unprecedented weapons testing campaign in 2022, Kim signaled the intent to develop the worlds most powerful strategic force and bolster North Koreas deterrent as quickly possible. South Korea's factory activity shrank at a steeper pace in June and extended its downturn to a record 12th consecutive month, a survey showed on Monday, underlining the challenges facing the economy as it struggles to mount solid recovery. The Documentary Podcast. The ROK defense ministry also reportedly plans to reinsert the enemy designation for North Korea in its Defense White Paper (it had disappeared during diplomatic negotiations in 2018-2020). to result in strengthening domestic demand in mainland China as In the year ahead, South Korea is expected to continue to push the U.S. government to make changes to the Inflation Reduction Act to address its concerns. TheEconomistreported that South Korean women earn 38 percent less than their male counterparts, the largest gender pay gap of any Organization for Economic Co-operation and Development (OECD) member country. 2023 progresses, which should help to support a rebound in South 65 or over has already reached 16.5% of the population and by 2025 The Finance Ministry now sees gross domestic product expanding 1.4 per cent in 2023, down from 1.6 per cent forecast in December, according to its mid-year outlook on Tuesday. policy seven times in 2022, having raised the Base Rate to 3.25%. 2022 Lee Young-ho/Sipa USA via AP Images, Hate Speech from Modi Supporters Belies His Claims of Indian Democracy During US Visit, Hong Kong: Warrants Aim at Activists Abroad, No Internet Means No Work, No Pay, No Food, Lebanon: Armed Forces Summarily Deporting Syrians, US Supreme Court Erodes Anti-Discrimination Laws, Burundi Government Walks Out on UN Review, Observing Disability Pride Month this July. We expect North Korea to resume nuclear weapons testing in 2023, which will throw inter-Korean relations into disarray and sharply raise the risk of military confrontation in the region. Weather and climate in South Korea - statistics & facts | Statista March 06, 2023 Credit: Depositphotos Advertisement On March 6, South Korean Foreign Minister Park Jin announced a proposal to address and resolve disputes over wartime forced labor, which have. Princeton, November 29, 2022. See here for a complete list of exchanges and delays. SEOUL (Reuters) -South Korea's consumer inflation slowed more than expected and hit a 21-month low, official data showed on Tuesday, weighed by falling oil and agricultural product prices. More on South Korea South Korea - BBC News Join our movement today. support from more than 60 countries and organizations. SEOUL South Korea trimmed its growth outlook for 2023, citing uncertainties over momentum in China and the United States, the worlds two largest economies. South Korea planned a 69-hour workweek. Millennials and Generation Z Legal bans on pro-North Korean activity affect legitimate political expression, and journalists can face pressure from the government . 98 on the right to organize and collective bargainingentered into force in April. The rapid growth of South Korean exports is also expected to be Campbell's statementcoming only days after President Joe Biden hosted South Korean President Moon Jae-in at the White Househighlights the extent to which the U.S.-South Korea (ROK . Matthew Larotonda has the details. Such policies will inflame public anger with the government's inability to protect people's welfare, and further instigate antagonism between the government and trade unions. But no more. While there are concerns about the sustainability of the popularity of Korean music and film, pop culture is merely one outlet through which South Korea can expand soft power. lending flows for residential property purchases. The BOK's readiness to inject liquidity when market conditions become fraught, and commercial banks' deep capital buffer will ensure that a systemic crisis in the financial sector will not take place. December. The monthly data are derived from surveys of senior executives at private sector companies, and are available only via subscription. However, the Inflation Reduction Act also placed new restrictions on the sale of electric vehicles by requiring that to be eligible for the tax credit they be assembled in North America and beginning in 2023 meet new standards for the content of minerals and components in their batteries. In keeping with this strategy, Busan emphasized that South Koreas 2023 budget for Official Development Assistance (ODA) has tripled compared to last year. However, the government has not ratified Convention No. The Contentious State of South Korean Democracy: Pitfalls and Hopes This is lower than the consensus forecast of 2.1% growth for 2023. After a two-year review, the International Atomic Energy Agency (IAEA) said . 2022 to 1.7% in 2023, according to the latest forecast by S&P in both domestic and external markets. manufacturing output, which fell by 0.7% q/q in the second quarter Korea Economic Snapshot - OECD 2041. Exports of South Korea's information and communications trade agreement and major bilateral FTAs. No matter who wins the election, Korean politics will be characterized by three unchanging elements. Share this via Telegram moderating to a pace of 5.0% y/y in December, compared with a which South Korea has ratified, entered into effect from 1st Please give now to support our work, Protect Women and Girls, Marginalized Groups, Share this via Facebook demand, with household lending having continued to decrease owing However, progress on these issues may hinge on reaching an amicable resolution to the issue of legal cases regarding Japans use of Korean forced labor during World War II. The gender divide has become a key issue in South Korea's presidential race which will be decided in March. The following lists events in the year 2023 in South Korea. the decline in imports of goods, which declined by 5.6% q/q, helped Efforts to spark a thaw in relations with Japan will also receive fresh momentum as bilateral cooperation in intelligence gathering and emergency responses will be needed to prepare, contain and respond to North Korea's military threat. hub for South Korean electronics multinationals such as Samsung and Global themes Stay current on important topics that impact you; . total merchandise exports. A presidential committee for this project was launched last fall, drawing a group of experts from both public and private sectors, and they will unveil a roadmap with specific goals and tasks by March. President Yoon filled the long-vacant position of special ambassador for North Korean human rights and pledged to establish the North Korean Human Rights Foundation, mandated by law, to fund further investigations and action on rights abuses. per year by 2050 due to demographic ageing. 70th Anniversary of the U.S.-ROK Alliance. The PMI data are used by financial and corporate professionals to better understand where economies and markets are headed, and to uncover opportunities. Mapping America through 1,001 novels . The powerful sister of the North Korean leader released a statement denouncing the Washington Declaration and the new Nuclear Consultative . Please read here. Will tensions between North and South Korea get even worse? - France 24 Second, there is room for further cooperation with Southeast Asia. Discrimination against LGBT people remains pervasive in South Korea. to mitigate the upside risks to inflation. from 1,189 against the USD on 1st January 2022 to 1,428 by 12th The continued decline in new orders received by South Korean 50.4, up from 49.1 in November. The recent rebound of the Korean won against the USD has helped performance across the electronics manufacturing sector. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. South Korea's strong competitive advantage in exporting key strengthened by the APAC regional trade liberalization rose by 1.6% y/y. the mid-1990s to around 2.5% per year by 2021. Key developments in South Koreas LGBT rights movement included the election to parliament of Cha Hae-young, the first openly LGBT elected official. U.S. and ROK leaders will highlight the transformation of a once asymmetric, Cold War alliance rooted in shared sacrifice during the Korean War into a broader and deeper partnership encompassing shared democratic and free-market values, economic linkages, and support for a rules-based international order; an alliance geared to addressing wide-ranging transnational and nontraditional challenges while harnessing emerging technologies and people-to-people ties. 190 of the International Labour Organization, which promotes measures to end harassment and violence in the workplace. North Koreas Weapons Tests and the Prospects for Renewed Negotiations. Occasionally, Kim Jong-un does exactly what he says hes going to do. As former South Korean unification minister Jeong Se-hyun observed, four out North Korea's six nuclear tests occurred in response to the hardline stance of conservative South Korean administrations that refused to dialogue with the North.. Merchandise exports declined by 16.6% year-on-year (y/y) in Higher policy rates have also resulted in a In a First, South Korea Declares Nuclear Weapons a Policy Option conditions have resulted in weaker ICT exports in late 2022, with Global factory sector reports renewed decline in June as demand environment worsens, Worldwide producer price deflation gathers pace in June, US manufacturing downturn accompanied by slumping price pressures, June data signalled a sustained but slower uplift in #UK #service sector activity (#PMI at 53.7; May: 55.2) as risi https://t.co/XPPNJK2Wpz, While still a bright spot for the wider economy, growth in #Germany's #service sector slowed in June amid signs tha https://t.co/DgEvmKsLLQ, Growth in the #eurozone grounded to a halt in June, latest @HCOB_Economics #PMI data showed, as the recent strength https://t.co/BnzGhx3esI, French services activity declined in June (#index at 48.0; May: 52.5), according to the @HCOB_Economics #France https://t.co/Gps2760XWE, {"items" : [ South Korea is far from alone. North Korea launches new type of ballistic missile, Seoul says Delays to Because of COVID precautions, North Korea lost an estimated $2 billion in imports in 2020, with similar trade losses annually since then. developments. Times Index. territory at the start of 2023, according to latest PMI data from First is the centralized power of the presidency. Japan-South Korea Joint Declaration 1998 - The Diplomat annual average for a since 2011. in the global electronics industry. South Korea's manufacturing sector remained in contraction While Korean electric vehicle battery makers are the leaders in the development of new battery facilities in the United States, they will need to adjust their supply chains rapidly to meet the laws content requirements. The war has already left an indelible mark. Both figures were higher than the average levels of advanced economies and emerging-market economies. This will create jitters in South Korea's financial market, moderately increasing capital flight risk and adding depreciatory pressure on the won. Topics like feminism and sexism have become more divisive in South Korea in recent years. Civil liberties are generally respected, though the country struggles with minority rights and social integration. Events of 2021 South Korean activists hold placards on discrimination against women during a protest to mark International Women's Day in Seoul, South Korea, March 8, 2021. Available for over a year. pressure on costs. In calendar year 2022, South Korean exports to South Korea recorded a trade deficit of $47.5 billion for 2022, the worst trade deficit since the customs agency started compiling data in 1956. Sticking with the low variant, which most closely reflects South Korea's current trends, the 2019 estimate projected South Korea's population to decline to 37.54 million by 2060 and to be only . Hosting the Expo in Busan would provide South Korea with a unique opportunity to share its economic success story with theworld and showcase the now global reach of its culture. exports and the cumulative transmission effects of monetary policy In the district elections held in Seoul in June, Cha Hae-young, a 35-year-old bisexual politician and LGBT rights activist, became the first openly LGBT elected official in South Korea.
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