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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.

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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
Song Kyung-jin

Korea needs bold fiscal stimulus

The Dec. 3 declaration of martial law has plunged Korea into a political and economic crisis, which is deepening in an unexpected way following the violent attack on the Seoul Western District Court. Even under military dictatorship, there was never such an attack on a courthouse. The violence shocked the country and the world. There are serious worries that illegality and violence will increase until the Constitutional Court makes its ruling. Perpetrators of such acts of violence against the rule of law must be punished without pardon in order to defend democracy.

Jan 21, 2025By Song Kyung-jin
Korea needs bold fiscal stimulus
Song Kyung-jin

AI adoption and public awareness

Nvidia, supplying over 80 percent of the world's artificial intelligence (AI) chips, became the third listed company joining the $3 trillion club. Apple and Microsoft are the only two that reached the $3 trillion mark before Nvidia. According to the Artificial Intelligence Index Report 2024, the number of granted AI patents has increased more than 31 times since 2010. AI decreases costs and improves efficiency. AI helps workers be more productive. Everyone is talking about AI and its potential impact on our lives.

Jun 25, 2024By Song Kyung-jin
AI adoption and public awareness
Song Kyung-jin

Inaugural Korea-Africa Summit: A sustainable path for shared prosperity

The inaugural Korea-Africa Summit in Seoul on June 4-5 is barely two weeks away. I hail the launch of the bilateral partnership at the summit level. The Korea-Africa Summit is expected to be attended by representatives from 54 African countries, making it the largest Africa summit ever hosted by any country. It will also become the largest international gathering under the Yoon Suk Yeol administration. Of course, the sheer number of attendees does not always justify the importance or value of the gathering.

May 21, 2024By Song Kyung-jin
Inaugural Korea-Africa Summit: A sustainable path for shared prosperity
Song Kyung-jin

To people, livelihoods matter most

The general elections two weeks ago again proved economy and livelihoods matter most to voters. The main deciding factors were the hardships faced by people and inflation, highlighted by the high prices of daily staples such as green onions and apples. Similarly, despite good macroeconomic indicators in the U.S. economy, a commensurate rise in U.S. President Joe Biden’s approval rating did not take place, due largely to sticky inflation adding pressure to people’s livelihoods. With high inflation and economic difficulties, it has become rather hard to win over the voters.

Apr 23, 2024By Song Kyung-jin
To people, livelihoods matter most
Song Kyung-jin

'Applation' and general elections in April

Korea is hot with general elections' fever as one of over 70 countries scheduled for elections this year. Political episodes, good or bad, come out every day. Some smile and some cry. The ruling party, the main opposition party and smaller parties have almost finished nominations. As numerous past election results have shown, the phrase, "It’s the economy, stupid,” still rings true. Major economic indicators and economics still have the final say in most cases.

Mar 19, 2024By Song Kyung-jin
'Applation' and general elections in April
Song Kyung-jin

Population aging and dementia management

I am often asked by foreign friends what I regard as the biggest challenges the Korean economy is facing. I would say it is demographic changes, including low birthrate and rapid aging, and the declining growth potential. Korea has the world's lowest fertility rate of 0.7 per woman in 2023 and the fastest-aging population. The proportion of Korea's population aged 65 or over is 18.4 percent in 2023 and is expected to reach 20.6 percent, making it a super-aged society. Consequently, the twin demographic deficits are closely correlated with the declining growth potential.

Feb 20, 2024By Song Kyung-jin
Population aging and dementia management
Song Kyung-jin

Extension of Korea-Japan Continental Shelf Agreement

Always hungry for natural resources, the whole of Korea went crazy with the No. 1 hit song “Block 7” in 1980. I was glued to the TV when that song was aired. The song was written after the Korea-Japan Continental Shelf Agreement, which was signed in January 1974, and which came into effect in June 1978 with a 50-year validity. That craze drove all Koreans to be hopeful of an oil-producing Korea, especially after the two oil shocks of the 1970s.

Jan 16, 2024By Song Kyung-jin
Extension of Korea-Japan Continental Shelf Agreement
Song Kyung-jin

Taking Korea's economy out of hotter pot

Increasing numbers of empty store rentals, unceasing price hikes and the reduced volumes of exports are all pointing to a stagnated economy which has been a major concern of every Korean throughout the year. An outlook from the Asian Development Bank on Dec. 13 presented Korea’s growth forecast of 1.3 percent for 2023 and 2.2 percent for 2024, 0.1 percentage point and 0.2 percentage point lower than that of the Korean government, respectively. High inflation will still be around into next year.

Dec 19, 2023By Song Kyung-jin
Taking Korea's economy out of hotter pot
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