[170728] Korea's Economy 한국 경제

Talk about the state of Korea's Economy.

Korea's economy is heavily dependent on exports.

Competition is getting heated for various manufacturing sectors.

More efforts are needed to be competitive in the global market.

With sluggish growth for the Korean economy in recent years, the labor market is tight.

In particular, youth unemployment is a major problem.

Another issue is the lower quality of life for workers because of more temporary positions.

To maintain economic growth, new growth sectors must be fostered through technological development.

Also, policies are needed to promote cooperate activity by small and medium enterprises (SMEs).

institutional improvements are also needed to make it easier to start a business based on creative ideas.