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Asia

The Korea Times

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Columnists

13. Song Kyung-jin

Making the Korean economy more resilient

Last week the International Monetary Fund (IMF) increased its global growth forecast for 2023 slightly from the previous 2.7 percent last October to 2.9 percent on the back of decreasing inflation and China's earlier-than-expected re-opening. The Korean economy seems a misfit to this global growth scenario, being the only major economy whose growth forecast was adjusted downward from 2.0 percent to 1.7 percent during the same period.

2023-02-12 16:50

Korea's Indo-Pacific strategy broadens diplomatic, security, economic horizons

Korean diplomacy wrapped up 2022 with the announcement of its Indo-Pacific strategy just before the year-end, as promised. I welcome the government's effort and its comprehensive Indo-Pacific strategy. It is a strategy for a free, peaceful and prosperous Indo-Pacific region with three overt principles of cooperation - inclusiveness, trust and reciprocity - and with nine core lines of effort.

2023-01-03 16:50

Golden jubilee for closer Korea-India ties

Next year marks the golden jubilee of Korea-India diplomatic ties. The golden jubilee could be translated into an opportune moment for bilateral relations to be upgraded to the next level with a set of concrete cooperation projects that are more ambitious and action-oriented in regard to cooperation. Korea and India, two thriving democracies in the Indo-Pacific region, are natural partners for many reasons.

2022-12-06 17:00

Whither Korea's Indo-Pacific strategy?

One question I hear more often than others these days, especially from foreign friends in Seoul and abroad, is, “When can we expect the Korean government to officially announce its Indo-Pacific strategy?” I then answer: “As promised.” But in fact, I, too, am curious myself when it will come out.

2022-10-11 15:06

Unilateralism is no answer to friendshoring

Unilateralism tends to create more problems than solutions. The U.S. Inflation Reduction Act (IRA) is a good case in point. Enacted on Aug. 16, the IRA is meant to deal with challenges the U.S. economy is faced with - to fight high inflation, combat climate change and create a 15 percent minimum corporate tax rate. The causes are noble; however, it is centered on investments and jobs in the U.S. at the expense of its trading partners and friends. Unilateralism imbued in the Act with little concerns for its global impact is hurting carmakers and workers of its friends and partners in global s...

2022-09-13 15:16

Korea's renewed pivot to Africa

Africa was long known as a continent with rich natural resources and potential but largely underdeveloped and forgotten. It is now striving quickly to transform itself into a continent that will play a bigger role in shaping the future of the international order. It has 54 sovereign states with an equal number of voting power in the United Nations system and major international organizations. It is the second most populous continent after Asia, with 1.4 billion people as of 2021, accounting for about 18 percent of the world's population.

2022-08-16 16:12

Reminder of president's promise for better gender representation

One of my lifelong missions I feel is to continue addressing the perennial gender deficit Korea has been suffering from and thus the importance of promoting gender balance across all walks of life in Korea. The World Economic Forum's annual Global Gender Gap Report serves as a regular reminder for me not to forget that mission.

2022-07-26 16:45

Global cooperation, skillful leadership needed to address stagflation

Rising inflation and low growth are portents of stagflation, which the world previously experienced in the 1970s. Protracted quantitative easing since the 2008 global financial crisis, disruptions in global supply chains initiated by the COVID-19 pandemic and further exacerbated by the war in Ukraine, and record-high energy prices have all attributed to rising inflation around the world.

2022-06-22 16:43

Yoon-Biden summit, toward Korea becoming global pivotal state

The Yoon-Biden summit on May 21 was a success as in the case of most summit meetings. As written in the two leaders' joint statement, it marked the earliest summit meeting in a Korean president's term in office with the U.S. president.

2022-05-24 16:48

Welcoming President-elect's attention to economic security diplomacy

Many Koreans had a sleepless night on March 9 when the ballot counting was underway until the wee hours of the next day in a very tight presidential race. Yoon Suk-yeol garnered a razor-thin victory over his opponent Lee Jae-myung, who conceded his defeat. It was a scene symbolizing Korea's mature democracy.

2022-03-15 16:02

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Top 10 Stories

1	Revised Japanese textbooks distort wartime forced labor, catching Korea off guard

2	Clock ticks for China's massive repatriation of N. Korean defectors

3	Gold price nears all-time high amid financial jitters

4	Ramsar wetland in Han River cleaned up for protected birdlife

5	BMW launches new XM

6	Civic groups in Gwangju await meeting with Chun Doo-hwan's grandson

7	CJ CheilJedang sees chicken as next big seller after frozen dumpling

8	North Korea unveils tactical nuclear warheads

9	2024 budget to focus on tackling low birthrate

10	Over 1,000 financially vulnerable Koreans apply for new emergency gov't loans

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