[Quartz] S. Korea’s economy can’t catch a break

April 28, 2015

 

(Courtesy of Quartz)

(Courtesy of Quartz)

[QUARTZ]

South Korea, once a shining star among Asia’s emerging economies, isn’t burning as bright these days.

An early estimate of last quarter’s growth came in better than expected, but it was still the slowest in two years and a continuation of a downward trend.

“Weak global demand is part of the story,” said Marcus Noland, executive vice president of the Peterson Institute for International Economics. “The slowdown in China is part of story.”

But there are other parts of the story, too.

South Korea’s strengthening currency, for example, is getting in the way of export growth, and domestic consumption hasn’t been quite strong enough to pick up the slack.

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