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Song Kyung-jin

Song Kyung-jin led the Institute for Global Economics (IGE), based in Seoul. Now, she chairs the international cooperation committee called the Innovative Economy Forum.

Song Kyung-jin

Outcome of Trump-Xi summit and impact on Korean economy

May is being defined by the “modest” outcome of the summit between U.S. President Donald Trump and Chinese President Xi Jinping, unusually hot days, the prolonged Middle East war and growing economic pains around the globe. The global community breathed a sigh of relief that the two superpowers managed to avoid the Thucydides Trap. There were intense expectations for the Trump-Xi summit to deliver a promise to end the war in the Middle East, on top of addressing the 5Bs (Boeing, beef, soybeans, Board of Trade, and Board of Investment) and the 3Ts (Taiwan, tariffs, and technology). While the two leaders urged Iran to reopen the Strait of Hormuz, they provided no further details, much to the disappointment of the global community. The markets immediately reacted with sharp declines. The KOSPI slid 5 percent, the Nikkei dropped about 2 percent and the Nasdaq composite index also shed 2 percent. The 10-year U.S. Treasury yield surged to more than 4.5 percent. Oil prices jumped to $110 per barrel. With no sign of the reopening of the Strait of Hormuz and an end to the war in sight, furt

May 19, 2026By Song Kyung-jin
Outcome of Trump-Xi summit and impact on Korean economy
Song Kyung-jin

2 leaders usher in new era for Korea-India relations

As a long-time proponent of Korea-India relations, it is heartening to see that the leaders of Korea and India, President Lee Jae Myung and Prime Minister Narendra Modi, held a full-fledged bilateral meeting after eight long years. Given the weight and importance of both countries, this visit was long overdue. It could not be more timely to deepen economic, industrial and strategic cooperation, especially as the war in the Middle East disrupts global oil and gas supply and supply chains, pushing up inflationary pressures and threatening an economic downturn. The Strait of Hormuz blockade has further highlighted the critical importance of freedom of navigation, on which Korea and India have pledged close cooperation. In view of this, Korea announced its accession to the International Solar Alliance, co-initiated by India and France in 2015, and the Indo-Pacific Oceans Initiative launched by India in 2019. The two leaders agreed to expand cooperation across multiple sectors, including trade and investment, energy, shipbuilding, defense, steel and critical minerals as well as semiconductor

Apr 21, 2026By Song Kyung-jin
2 leaders usher in new era for Korea-India relations
Song Kyung-jin

Strategic resilience for Korea’s supply chains

The war in the Middle East shows no signs of ending, prolonging instability in the supply and demand of energy and critical materials while driving further price increases. The closure of the Strait of Hormuz, one of the world’s most critical geopolitical and geo-economic chokepoints, and attacks on energy infrastructure are severely disrupting global production and supply chains. Oil prices have spiked to over $100 per barrel, exerting severe pressure on the Korean economy — one of the most oil-dependent in the world. The crisis is already undermining business confidence and dampening investment activity. If oil prices remain around $100 per barrel for a year or longer, Korea’s growth is expected to decline by 0.3 percentage points, while inflation is projected to rise by 1.1 percentage points, according to the Hyundai Research Institute. The closure of the Strait of Hormuz is also disrupting the helium supply from Qatar, which accounts for 33 percent of global production, undermining industrial activity in Korea and elsewhere. Helium is indispensable for semiconductor and wafer

Mar 25, 2026By Song Kyung-jin
Strategic resilience for Korea’s supply chains
Song Kyung-jin

Coupang needs to resolve cybersecurity to prosper

Coupang's customer data breach has exposed numerous problems: 33.67 million customer records, including 148 million shipping addresses, were leaked. This represents a data breach affecting 65 percent of the country's 52 million residents. Given the minors do not have credit cards and can't join, this really represents almost every household in the country. This grave problem reveals the magnitude of cybersecurity unpreparedness of Coupang. It amounts to negligence in the country where 90 percent of its business takes place. Coupang has demonstrated inappropriate behavior to the dissatisfaction and anger of its customers. Rather than offering a public apology for poor customer data management and cybersecurity unpreparedness, Coupang blamed an employee, emphasizing his Chinese nationality and attempting to play on anti-China sentiment in Korea and the United States. The National Assembly summoned Coupang CEO Kim Bom-suk multiple times to hearings, only to receive disrespectful refusals. Instead, a newly appointed CEO who speaks no Korean came to the National Assembly hearings and mainta

Feb 18, 2026By Song Kyung-jin
Coupang needs to resolve cybersecurity to prosper
Song Kyung-jin

Korea-India relations require long-term strategic cooperation, patience

A Korea-India summit is expected soon, seven years after the last full-fledged bilateral summit in February 2019. Amid tumultuous geopolitical and geo-economic developments around the world, and given India is expected to become the world’s fourth-largest economy in the first half of 2026, surpassing Japan, the importance of stronger Korea-India relations cannot be overstated. The two countries have not centered each other in their respective geopolitical and geo-economic maps. They have paid lip service to being natural partners without producing any concrete results. Current developments compel the two countries to finally change that. To this end, multilayered and multidimensional efforts are required. First and foremost, frequent meetings and exchanges between the leaders are crucial for building trust and expanding cooperation. This will invigorate cooperation at the ministerial, vice-ministerial and working levels that have been moribund for some time. The Korea-India Foreign Ministers’ Meeting, the 2+2 Vice-Ministerial Meeting of Foreign Affairs and Defense, and the National

Jan 20, 2026By Song Kyung-jin
Korea-India relations require long-term strategic cooperation, patience
Song Kyung-jin

To make 2026 a year of stability and growth

The importance of political stability to economic stability was strongly reaffirmed by the fallout of the illegal martial law declaration of Dec. 3, 2024. The Korean economy is bottoming out of the trough with political stability restored and two supplementary budgets in the form of consumption coupons, equivalent to approximately 1 percent of the gross domestic product (GDP). Against many headwinds, keeping recovery momentum intact is critical for the Korean economy. The year 2026 should be made a year of stability and growth. However, recovery will likely be modest, with around 1.8-2 percent growth expected next year due to the impact of the U.S. tariffs, the U.S.-China rivalry, weakening global growth and trade conditions, the sluggishness in the construction sector and delayed restructuring in the chemicals industry, an overheated real estate market, and the depreciating Korean won. Exports are forecast to grow, despite increased tariffs, on the back of strong global demand for semiconductors. However, uncertainty over tariffs and structural adjustments in global supply chains will

Dec 16, 2025By Song Kyung-jin
To make 2026 a year of stability and growth
Song Kyung-jin

For greater and mutually beneficial Korea-Bangladesh relations

The Asia-Pacific Economic Cooperation (APEC) Leaders’ Meeting was held on Oct.31-Nov. 1 in Gyeongju amid the intensifying U.S.-China strategic rivalry and growing geopolitical and geoeconomic uncertainties. APEC was already a success in that it brought Messrs Donald Trump and Xi Jinping together to meet in Busan on Oct. 30 and agreed on certain measures. However, the measures were limited to stopgap measures. Besides, the decision of the Supreme Court of the United States on the U.S. tariffs, expected in December or January 2026, will not change course, contrary to the wishes of many, because some U.S. laws provide leeway. For instance, Section 232 of the Trade Expansion Act of 1962 allows the U.S. president to impose tariffs on individual goods imports. Hence, more uncertainties are likely to continue into the next year. Against this backdrop, my recent visit to Bangladesh to attend a seminar organized by the Korean Embassy in Dhaka reaffirmed for me the urgent need to further strengthen Korea–Bangladesh cooperation in more diversified ways. Korea and Bangladesh have enjoyed a spec

Nov 18, 2025By Song Kyung-jin
For greater and mutually beneficial Korea-Bangladesh relations
Song Kyung-jin

Step up Korea’s cybersecurity readiness

Korea is one of the world’s most connected countries, enjoying the benefits of technological advancement. We often assume technological advancement accompanies cybersecurity readiness and resilience. However, a series of recent cyberattacks indicates that it may be only a myth. Cybersecurity must be part of a technological, economic and national security agenda. The acceleration of digital transformations has increased the exposure of both public and private sectors, including individuals, to cyberattacks and threats driven by financial, political and geopolitical motivations. The rapid adoption of artificial intelligence is creating more effective and convenient methods for committing cyberattacks and crimes using LLMs, further complicating the cybersecurity readiness landscape. A 2023 Cloudflare study found that over 78 percent of the cybersecurity professionals interviewed in 14 Asia Pacific countries had experienced at least one cybersecurity incident in the past year and that only 38 percent of the organizations think they are well prepared to address the problem. Lack of cybers

Oct 20, 2025By Song Kyung-jin
Step up Korea’s cybersecurity readiness
Song Kyung-jin

Beware of rising anti-American sentiment in Korea

The recent Georgia raid by U.S. Immigration and Customs Enforcement has deeply wounded and angered Koreans, the extent to which may be difficult to gauge solely by looking at the Korean media, especially for the diplomatic and foreign community in Korea. The Korean media’s portrayal still seems very cautious. Over 300 Korean engineers and installers were dispatched to construct the Hyundai Motor Group and LG Energy Solution's joint battery plant in Ellabell, Georgia. It was said to be a symbol of Korea-U.S. cooperation, especially toward improving the dire state of U.S. manufacturing. The hardworking Koreans were detained on the morning of Sept. 4 (local time), their wrists, waists and ankles shackled. They were held in substandard conditions for a week. It was an appalling scene of brutality and humiliation and an outright violation of human rights. It was shocking to me. Many Koreans keeping silent may have felt the same. The Georgia raid angered the majority of Koreans, except a minority of ultra-rightists. Overall, the shock and anger swept the nation, be they moderate conservativ

Sep 15, 2025By Song Kyung-jin
Beware of rising anti-American sentiment in Korea
Song Kyung-jin

Clear agenda needed for mutually beneficial Korea-US tariff negotiations

U.S. President Donald Trump’s unpredictable tariff negotiation principles and direction are destabilizing both the Korean economy and the global economy. Trump started a tariff war with the claimed objective of reducing the U.S. trade deficit and fiscal deficit and reviving U.S. manufacturing. After announcing the so-called "Liberation Day" on April 2, Trump has not seen much progress in tariff negotiations, leaving him with no tangible achievements to present to his people. By now, he must be a man in a hurry to showcase any hint of success to his constituencies. A clear agenda is a sure way to succeed in any negotiation. Trump has dumped too many items into one basket, from the base tariff, reciprocal tariff and the sectoral tariff on different items for different countries to tariffication of nontariff issues such as defense budget and political disaffection. A defense budget increase to 5 percent is pressed against the EU, Korea, Japan and other trade partners. The 50 percent reciprocal tariff imposed on Brazil on July 9 is claimed be due to an alleged political witch hunt again

Jul 15, 2025By Song Kyung-jin
Clear agenda needed for mutually beneficial Korea-US tariff negotiations
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