koreas-economic-troubles-strike-home

Korea's economic troubles strike home

Rising unemployment and household debt make for an unstable cocktail.

The plight of Seung-tae, a salary-man employed in the electronics division of a mid-sized conglomerate, is becoming increasingly common in Korea. A wild-goose father, Seung-tae lives alone in a small Seoul apartment, sending a large part of his salary as well as borrowed cash to his wife and daughter, Ji-ae, in Toronto. Ji-ae, like many Korean teenagers on the threshold of university, is being educated abroad.

The problem is that the cost of that cramming has risen by more than half in the past year due to the depreciating won and even worse, Seung-tae, already steeped in debt, has been forced to take a pay-cut and reduction in working hours.

The Bank of Korea BOK...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222