Economy News
Reporting, analysis, and commentary on economy from Breeze in Busan.
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Busan City Hosts Public Hearing for "2030 Busan Urban Industrial Area Basic Plan"
Busan Metropolitan City is set to host a public hearing today to gather feedback on the draft of the "2030 Busan Urban Industrial Area Basic Plan." The hearing, which will take place at 3 pm on the first floor of City Hall, aims to gather input from experts and citizens on the proposed plan, which aims to revitalize and manage urban industrial areas in Busan. The draft plan for the "2030 Busan Urban Industrial Area Basic Plan" was crafted based on the "Special Act on the Management and Revitali
2 min read
Navigating Economic Challenges: What South Korea Can Learn from Brexit
As South Korea faces its own political and economic challenges, there are several key lessons that can be learned from the tumultuous and challenging process of Brexit. The first lesson is that the decision to leave the EU was driven by a desire for independence, but in reality, it has resulted in self-isolation, which has not been good for the British economy. South Korea, as a small country with an open economy, should avoid self-isolation and instead prioritize exchange with the wider world.
2 min read
Korea Faces Crucial Challenge in Pursuing Balanced National Development
South Korea's population has been increasingly concentrated in the Seoul Capital Area (SCA) over the past few decades, leading to overcrowding, high living costs, and a decline in quality of life. The SCA accounts for over half of the country's population and holds most of the nation's public institutions, leading to a significant concentration of wealth and resources in the region. The Government's Proposal for Public Institution Relocations To address this issue, the government has proposed
3 min read
Busan's Drive for R&D Special Zone: A Step Closer to Breaking Ground in 2026
As Busan's vision for a revitalized local economy draws closer, the city is preparing to take an important step towards making it a reality. The Busan Research and Development (R&D) Special Zone project, aimed at building an innovation ecosystem in the shipbuilding and marine industry, is set to start construction in 2026, and the city is accelerating its efforts to remove the green belt (GB) from the project site. After a five-month consultation process with the Ministry of Environment regardi
2 min read
Korea's Low Youth Employment Rate Due To a Mismatch Between Education and The Labor Market
South Koreans continue to work more than their counterparts in the Organization for Economic Cooperation and Development (OECD). According to OECD data, South Koreans worked 1,915 hours last year, ranking sixth among the 38 OECD member nations. The number of hours was down 10.3% from 2011. Korea's long working hours relates the lowest fertility rate South Korea also has the lowest fertility rate in the world and a fast-aging population. Concerns are ascending that the burden on the economy a
4 min read
Korea's aging and population decline may have socioeconomic and environmental benefits.
In many countries, the media frequently portrays stable and declining populations due to demographic aging as a problem or crisis. Smaller populations make for more sustainable societies. Some environmental scientists argue that societies should embrace population aging and decrease, citing numerous reports on the socioeconomic and environmental benefits of population aging, mortality-related decrease, and shrinking workforces due to retirement, and arguing that, contrary to some economic ana
5 min read