Is Korea’s economy in decline in 2023?

On balance, the economy is actually in decent shape. As a country heavily dependent on exports, South Korea has shifted its export focus from China to the US, unemployment has dropped, and the stock market has grown by over 10% compared to before. In other words, the overall economic fundamentals are solid. The only downside is that home prices have fallen by more than 20%, but on the flip side, it's become easier for residents to buy homes—which could actually be a positive? It now takes about 9–15 years of work to afford a home, whereas in our country it typically takes 20–30 years or even longer to buy one in better cities.

Has South Korea's Economy Collapsed?