South Korea is about to face economic crisis in the near future. Here is why

[@soloman747]

You're not wrong 동생. Things are going to be rough for a while. Not just in South Korea, but the whole world. Trust in God.

[@pondeify]

This is nothing to do with Korea - it's the Eurodollar market which get's squeezed whenever US interest rates remain high.

[@Nom_AnorVSJedi]

Everyone who trusts some invisible non-existent deity will face disaster. Jesus wasn’t Korean.

[@theburden9920]

The problem with south korea is after the financial crisis in 1998. All their economic growth is based on exporting a ton of industrial goods to.china. When china moved up the value chain and finally come to the point where they are self sufficient. Korean companies have lost their market share in their largest export market

[@thediner8929]

Think Germany is facing the same issues.

[@teatree6228]

@@thediner8929germany lost cheap energy

[@spicyritas4795]

The Chaebols should be the ones to bail out the government they’ve been benefiting off of. Didn’t most of them garner their riches from government contracts in the beginning?

[@average_korean_man]

I guess but I don't know much about this topic 🤔

[@A-Ra1111]

​@average_korean_man . Here is something i studied. Correct me if i"m wrong. There was a period when Japan experienced immense economic prosperity. During this time, the U.S. and Japan signed the Plaza Accord, which effectively allowed the U.S. to 'short' the Japanese yen. The U.S. leveraged this agreement to take loans against the yen and engage in stock market trading, benefiting from the yen's depreciation. This strategy was somewhat reminiscent of how France historically exploited its former colonies. However, the impact of the Plaza Accord extended beyond Japan, destabilizing many Asian markets including S.K. In response, several Asian nations decided to liberalize their economies and participate more actively in global trade. This required establishing foundational systems to drive their economies. For example, in China, the political elite assumed control, while in South Korea, families like the Samsungs played a pivotal role in rebuilding the economy and generating jobs. The economic vacuum created by Japan's reduced competitiveness allowed South Korean conglomerates (chaebols) like Samsung, Hyundai, and LG to grow more rapidly. These companies capitalized on the shifting trade dynamics to strengthen their foothold in global markets. U.S also inserted itself by acting like a 'security guard" against North Korea. South korea did well, but the U.S. now needs her to return the favor. U.S. is grappling with a crisis surrounding rare earth minerals, essential for modern technology. With China imposing restrictions on its rare earth exports, the U.S. has begun eyeing North Korea, which is believed to have an even larger reserve of these valuable minerals-potentially double that of China. As a result, there is growing speculation that the U.S. may attempt to justify a military invasion of North Korea with South Korean help. To set the stage, we’re seeing narratives in the media framing North Korea as an imminent threat. This rhetoric aims to create public and international support for such an invasion. Interestingly, this move seems contingent on the current U.S. administration, as only a president with a bold and unconventional approach might pursue such a high-stakes strategy. Expect to hear more about this in the news as events unfold. The only way the U.S can get involved in a war with North Korea is if your government goes back to a military state. Enter Martial law. Thankfully, that failed. ​

[@A-Ra1111]

If your president survives impeachment, which he might, or might, the U.S isn't worried about the South Korean economy. It wants those rare minerals from North Korea. So yes, your economy will take a hit either way.

[@hitthedeck4115]

Companies operate using debts and South Korean companies are among those which have the highest debt ratio in the world. If they are thinking about how to bail something, that would be themselves when they go under.

[@Emmanuel-b8m3o]

In a sense I agree..but the whole reason,they were able to benefit of the government so much is,because they had a lot to do with saving the country back in 97. Their help is what gave them power over the government to make them even richer.

[@LynnD0109]

Ditto in Europe. Recessions and financial crises are cyclical. I think things are tough for everyone these days.

[@fatdoi003]

u.s wants to drag every country down with them.....

[@pondeify]

Only America is winning.

[@eish3291]

Life ain't tough for the rich.

[@upstartfenix]

Not in America. Ok sure eggs and milk have gotten worse but middle class thriving and unemployment low. Come to America. All are welcome

[@pondeify]

@@upstartfenix growing up we were always taught America was crazy, full of right-wing nut jobs with guns - how wrong that was. i'm old now with kids and massive loans but if i was young i'd love a chance at a fresh start in America

[@Impozalla]

Korea has been a financial crisis for a while. The recession and financial crisis are cyclical but this time around Korea will be feeling it longer and harder on Koreans. Hopefully a good times will come back to Korea.

[@grahamedwards9920]

As usual in a few short minutes you manage to produce an extremely watchable take on an aspect of Korean life that you make interesting even for those of us thousands of miles away. I didn’t know about those 2 crisis points in your recent history, I always think of S Korea as one long economic miracle. Your take on the present politicians not doing their best for their country rings very true for my own country but here we seem so far divorced from reality (our prime minister can’t define what a woman is) our future is bleak whereas I have faith that S Korea will rise to the challenge whatever that challenge is. Stay safe and keep posting🙏.

[@JohnKim-u2p]

Let me ask you. I am a conservative in Korea, but if I were living in America, I would be a Democrat. This is a common type of gotcha question asked by MAGA and other QAnon right wingers, who think they really have something... why is it important whether one is able to or unable to define what a woman is? Tell me one good reason why you think there should be a standardized type of response to this ridiculous question. It's like this "problem" with transgender issues that MAGAts seem to have latched onto. Transgender issues in sports affects maybe a few thousand people in the US, out of 350 million people, so pretty much non-existent. It is so far down the list of important subjects that there's really no reason for people other than those directly affected by it, to discuss it. Yet, all these morons on the right seem to think that it's some kind of major social issue. Who the hell cares?

[@dontspamrob]

Governments will say everything is fine while the house is up in flames

[@Mic_65]

Yes I've read that there is going to be a global economic crisis in the near future. 😕

[@main_tak_becus6689]

Like 2008?

[@AustinWang11]

This isn’t Lehman Bros going under. This collapse will be on a much bigger scale

[@AustinWang11]

US will be fine imo

[@thechocolateglasses]

I’m sorry to hear this. Hopefully, things will stabilize, and the country can recover. I’m always thinking about South Korea, and I’ll be praying for restoration for the economy. ❤❤

[@hollypatterson8959]

I’m sorry to hear about a looming economic crisis. I hope it doesn’t happen. Here in America, the middle class bears a heavy financial burden. Our taxes and cost of living continue to rise but salaries don’t keep up. The wealthy don’t pay their share of taxes. We fear that Social Security, which is what we pay into to provide income for retirement, won’t be available for the next generation. However, we are still much better off than many nations.

[@klemenkovacic9109]

you dare to cry in america? have you ever tried to live in any other country other than USA? Salaries get 1/5 1/10 to what you are getting in america, burgers costs as much as 20€ or more somewhere today, fuel prices are 2x higher on average than in USA, electronics is waay cheaper. I dont understand when american cries, what exactly is the problem other than debt? not managing money correctly? People abroad dont even get the chance to see more than 2k a month. let alone more.

[@average_korean_man]

I guess it's a world wide thing sadly 😥

[@Bunnyroo7]

Oh, that old canard? If you're a high-earner, then you're pillaged for taxes in the US. If you earn a cent too much in the US, you're robbed blind. People like Bezos and Musk aren't actually cash rich, they're asset rich. If they sell large sums of assets, that will cause an economic crisis.

[@Bunnyroo7]

@@klemenkovacic9109 Yawn. You'd be surprised by how many people in the US only earn about 2000, 3000 a month. This is in a country where rent can easily be 1200, 1500, 1600 a month for a small flat. This is in a country where a loaf of bread can coast between 5-8.

[@santostv.]

The freedom land and the self proclaimed 1# country in the world crying about high taxes😂

[@zevil89]

Korea did not protect its monopolies. They used to have a partial monopoly on OLED screens and chemicals. Japan did not invest on OLED and has long been reluctant to produce chemicals due to its toxicity. Due to betrayal from within, technologies were leaked to China and South Korea no longer has a monopoly on anything. For the record, Singapore and Hong Kong have dual monopolies on financial services while Taiwan has a monopoly on PC parts and TSMC. South Korea does not have anything for now.

[@Karen-b1z7l]

Bet we can beat you on “highest electricity prices in the world” here in Australia, I think a lot of countries are doing it tough at the moment

[@constantinvalentina2183]

There are problems everywhere

[@fatdoi003]

u.s wants to drag every country down with them.....

[@okamsug]

Everything is temporary in life.

[@kevinchenny]

It's not just South Korea, it's everywhere, USA is included

[@upstartfenix]

No. Like, prices a bit high but unemployment quite low, housing values steady on average, not in foreign wars. I know you are trying to empathize with him, but it hurts more than helps.

[@502964924]

SKorean economy is export driven and when there is economic trouble in europe and America, it will be felt. Korean exports are also being squeezed by a rising China. SKorea , being a US ally, will not benefit from BRI…So, the years ahead , she will face the biggest test.

[@misterbig7874]

The Japanese Yen is in trouble too

[@A-Ra1111]

They signed that deal that devalued their currency

[@Cross-xm2fr]

Dollar is dominating Every currency now

[@4ce5bf154]

I always thought Japan is a mirror into the future of Korea...

[@willp1653]

The simple answer is you should be owning assets that increase in value when currency devalues (ex. real estate, gold, Bitcoin, etc.). Trusting that the government will take care of you is a lottery depending on which country you live in.

[@4ce5bf154]

Korean real estate is already very over priced and the jonsei system makes it very risky, I'd stay away from it and go to commodities and gold

[@hinnahinna-j9y]

No, donating gold did not help the recovery in 1997. Only 3 million people donated. Not "every single adults." It's like 9% It recover quickly with the help of the $60 billion bailout from IMF. When a country go bankrupt, there's nothing you can do internally. Because those gold were already the assets of the country.

[@MayaTheDecemberGirl]

Hope it won't be that bad. And if there's a deeper economic crisis, it would be for sure everywhere, not only in SK. lt was interesting about the gold-collecting campaign in SK in the 1998 (there's even a whole article about it in the English version of Wikipedia) - I haven't heard about it earlier.

[@loreleihobbie1493]

IM PRAYING FOR US ALL!! THANK YOU SO MUCH. BYE

[@average_korean_man]

Thank you for watching me video 😄

[@Bunnyroo7]

I've been travelling a lot more lately. Part of it is because it's cheaper than before. Part of it is because my gut feeling tells me that there is a narrow window for me to see what I want to see before all hell breaks loose. That, and my main job is in public service, so my income isn't as dependent on economic cycles as people in the private sphere. (No, I'm not a well-paid official. I work in a poorly-paid, entry-level position dealing with the general public and I get a lot of their attitude) Anyway... I think that's how it is for a lot of people. They're not doing that well, but I think many know it's going to get worse, so you might as well do what you can when you still can.

[@LeonMortgage]

That's one good thing about a government job

[@ronaldmcdonald3965]

I was in Seoul in February 1998 on a business trip. Wow. Individual vendors holding signs "IMF Sale" all around the plaza. I was staying at the Intercontinental. I was given literally an entire floor in a deluxe suite. I guess they wanted US dollars very badly. EWY (the South Korean ETF) is substantially down. Samsung and another SK firm dominates that ETF Samsung also dominates Flash Memory business, which is replacing low/med capacity disk drives Individual units of PC sales are declining, which would impact Samsung sales But over the long run, Samsung dominance may suggest this is a good entry point over the long run.

[@fiorellageno3797]

From what I learned from school, which was a while back it was SK people sense of being responsible citizens but also in large part the IMF bailout. Of course not that simple there were other factors but I remember those two things standing out. The way the world runs today I don’t know if the IMF and the world bank can help save countries now.

[@4mb127]

I think generally a lot of people tend to have a very negative outlook, which is not what happens most of the time. It's just like people predicting the recession will always come the next year and they will successfully predict 1 in 20, and fail for the 19 of the 20, while also failing to take advantage of the opportunities.

[@BERTolkein]

idk where people at are traveling to, but one possibility is to places like SE Asia where travel is less expensive than Northern Europe.

[@alfonsowillock5801]

I do hope and pray that is not the case. But us looking at everything that is happening all over the world today it looks uncertain. And it doesn’t matter for some people how much they have to them it never enough.But my believe is in God that he will always provide. So we don’t need to be worried or anxious. About anything.

[@Cosmo4357-mj1tw]

When all else fails, they take you to war

[@user-tr8rg1xg9e]

Interesting. I remember the exchange rate of 1,900 won to the dollar being stationed in South Korea in 97'-98'. I heard Samsungs total debt is around 16 trillion. I think that is all of Samsungs subsidiaries combined debt. I'm unfamiliar with the Samsung business structure. The real danger is how much debt is carried across all countries. I suppose as long as debt can be serviced, then everything is fine.

[@sonofsarek]

In the US market, there have been many economic signals for a bad recession for over a year. The stock market has been propped up by speculative AI and crypto bubbles. There have been too many poor economic decisions made and it will eventually catch up with us.

[@jhonnyfromme2109]

Good video, thanks, as a young man I remembered when Koreans donated gold to the banks, in the US we are already a low trust society and people woulnt do that, at the time i was impressed Koreans did that.

[@busterboyd4125]

You can't gleam anything from the airport because there will always be a segment of the population that can afford travel. There is also a segment of the population that will live above their means via credit. But you are correct that Korea and many countries will face economic challenges ahead. I don't know how many people realize this but the world is being bifurcated. In the past even if countries had politically contentious relationships they still traded with one another. Now, political tensions often guide economic policy. There will be a political/economic polarization between the group that aligns itself with the USA and everyone else. The US through its use of tariffs, restriction of technology export, and disinvestment in places like China has drawn a line in the sand. Those who are determined to do business with countries like China will go on the naughty list. For instance, companies like ASML (a European company) is barred from selling their lithography hardware/software to China. The US is pushing for regionalism over globalism. More manufacturing in Mexico and Central/South America vs Asia. The recent breakdown in global supply chain has something to do with this aside from political tensions. I imagine that Korea and Japan will align with the US. That will limit the business that they can do with China and maybe also BRICS nations. Already most of Korean and Japanese companies have pulled out of Chinese manufacturing. Which leaves the US as the biggest customer of exports from those countries. Europe is going into severe recession so their import of foreign goods will drop hard. On top of that Trump will tariff goods not made in the US so if Hyundai or LG wants to profit from sales to the US, some or most of those jobs will have to be based in the US. That does not bode well for Korean workers. Another problem on the horizon is the economic disaster that is China. Their economy is imploding. This means that prices for labor will crash as more and more unemployed compete for few jobs. They will try to flood international markets with cheap goods pricing out local companies. Even with trade restrictions those goods find a way in. Long ago Korea had trade restrictions on American goods but people always got the goods they wanted through the black market. Korea is tiny and has little valuable natural resources like oil. Their only road to prosperity is innovation. But even innovation can't lift your economy during a global recession. And when your people have the highest credit card debt per capita it's going to be very painful. The larger problem is the lack of population growth. The economy is the lesser problem to a shrinking population. No country can survive without its citizens. Korea has to get to 70-80 million citizens to survive. Need more young workers to grow the economy and support the aging population that seems to live longer each decade.

[@WealthyChronicle]

Maybe we should start a new trend - 'Gold Donation Day' just in case! 😂

[@Miami799]

Please don't drive and make a video, it is dangerous. Just pull over at a rest stop and record if you want to record in your car.

[@Bondiblu2]

He's doing the video hands-free. As you can see, he does not take his eyes off the road. I think he's doing fine.

[@riccooper5689]

As always. A very interesting insight

[@peterbedford2610]

Look at the Ruble and the JPY. They both dropped about 50% against the USD in the last 18 months. But, all currencies are falling against hard assets.

[@kaede_yuna]

an explaination to the amount of people travalling abroad might be that many south koreans are taking loans that enable them to temporarely "enjoy" themselves overseas but the moment they come back, they face household dept or similar. There are already good documentaries about loans and depts of Koreans on KZbin so I would recommend to check them out.

[@damian99669]

It seems like a similar problem is happening in many countries. It feels like we are standing on the edge of a cliff, but I am not sure if we are going to back away slowly or suddenly jump off.

[@bethmendoza1847]

I have no answers. I think the airport is not a good indicator, because you see the same thing here in the US. If you want to travel, or have to, flying is sometimes necessary. How else are you going to leave the country? And the US is so big, it’s just more convenient. I believe people are having a really hard time economically.

[@Wemdiculous]

Donated?!? Not exchanged?

[@biglance]

Won going over 2000/$1 I bet in 2025. You are right! I was in Korea during the IMF ShiDae, I remember Koreans donating their Gold keys and gifts they got..gold was like $300/ounce then it is now $2500!!!! They blamed "IMF" for it...what will happen if Trump makes S. Korea pay for 100% of US Army in S.Korea? I am sure they will blame him :) I think he will try to force a Peace Deal, that will save both sides lots of $$$ and the US $$$ and many wasted hours and lives. I bet China and Trump will come together and force a peace deal. I hope at least!!! IMF time was very tough for Koreans and foreigners there, I remember it very well! peace.

[@miatmom]

Hmm, I’ve been traveling to SK spring and fall every year and feel that Incheon airport is almost empty every time, I go through very quickly without ever any lines!

[@average_korean_man]

Maybe it depends on which terminal it is. When I go to terminal 1, it's always full

[@mikloridden8276]

Japan is showing a sneak peak of what’s to come, Yen is so bad and people there are resorting to doing things they usually don’t entertain.

[@calistaashdown2535]

Let's hope everything will turn around for a better economy! All the best to You, your fiancée and family! ❤❤

[@DC_Greed]

The KZbin channel "Economics Explained", just did a video on South Korea's economy crashing and you post this almost at the same time. I can imagine it feeling eerie, like being in a location before a natural disaster, where something is wrong but you can't fully understand it yet. When the birds and insects are fleeing, but your brain can't put these broken puzzle pieces together.

[@beatebender]

We have the same in Europe too. After the hard COVID time with a lot of restrictions, the next what came was the Russian Ukraine war, then Israel Palestine, NK declares SK to their main foe, China looks to Taiwan, only waiting to Russia how this ends, then they maybe start occupying Taiwan, US the new government will only look for their Country first, so you are right, it seems that hard times are coming. Here in Europe there are, like you said about SK, enough people with good money but the people with a very low income increased on the other hand. And the trust into the governments get lost all over the world…

[@upstartfenix]

Yes, this is correct. Can you blame us? When did your countries do your deal with devil?

[@picandvideo]

You are not the only one. For reason BRICS is developing new financial mechanisms.

[@maharlikaexistense2507]

Ive heard the donation from the citizens didn't help because of debt, what I've heard south Korea borrowed 2000 metric tons of gold to recover the economy

[@Carol61347]

Good morning AKM, I am an Airport worker and the highest volume of people are travelling since before COVID, like you I wonder how is this possible? I think every country is feeling the pinch and suffering from rising prices, wages not increasing to meet inflation, hopefully SK doesn’t experience the 1997 crises you speak of, thank you again for presenting us with this interesting topic🫶🤩

[@average_korean_man]

Good to hear about your job!

[@Lola-kn4qf]

Well same problem in france but people do not want to face reality in general because they afraid an uncertain about futur it is only humain

[@ssalvucc]

Major divide between rich and poor in South Korea, it's going to be a tough year in 2025. You are correct, I've lived in Korea 25 years and I can see it too

[@vktravellog1242]

Its not only korea most countries will face economic hardship. Hope everyone is prepared for the great reset

[@rephillips56]

South Korea helps Vietnam. How will this impact Vietnam and its currency (VND)?

[@cyber702]

Bank of International Settlements has signled an issue with the Korean economy. Heavy debt load and shortage of collateral within the EuroDollar is making things worse, I think.

[@chubbyface74]

Hi the US is going into full protectionism after Trump ascension. But compared with Japan or Europe, I felt that Korean companies are more able to survive and compete in the next few years. I'm way more certain a big catastrophe is coming to Japan and Germany.

[@mennehgambia1962]

Every country is about to live it... because all countries are linked in the same global financial system, ruled by the Eurodollar system...

[@JWLee-xp4qj]

Sorry to hear that.

[@mav7079]

There's something you miss out on your explanation. Korea is now the 9th largest foreign currency holder. The scale of economy is unlike back in 1998, not mention the best gdp per capita in 2024 in asia among the countries with more than 50mil population, which is projected by imf, and top 7 military powerhouse in the world. Simply put, korea has a buffer to protect itself from any crisis.

[@piyathcolornote]

People are spending their savings to maintain their solo minimalist lifestyle, they have to do this in order to run away from their mental problems. Lack of family forming has lead to huge shadow mental healthy crisis in South Korea. The Korean Youth have no long term life purposes other than to travel abroad for holiday or getting a new smartphone/TV etc. This effects the economic growth momentum.

[@visions91]

USD1 = KRW3,000+ coming soon...

[@lydvisus1112]

The economy crisis has started to already unfold globally. HOWEVER, the culture, tradition. live of their country, and resilience of S. Koreans make Her a sure bit that it will right itself in due time. The country needs to diversify beyond semiconductor manufacturing.

[@solar6120]

All will be well.

[@vktravellog1242]

Donated gold? Sounds very familiar. Looks like governments in korea is no different than the usa

[@Cletus_the_Elder]

I remember the won's plunge in 1997. I would hear about US expats in South Korea with contracts for payment in US dollars walking out of banks like bandits. A few were lucky to be vacationing in South Korea and they were able to buy luxury goods that they had no plans to purchase.

[@santostv.]

It’s a pretty much worldwide phenomenon,so no need to stress much just have yours affairs in order if you can. Traveling abroad exploded after the pandemic because a lot of people were trapped at home,some saved, others retired and some even got rich from meme coins ect,my country benefited from tge tourism boom but it will slowdown next year imo. There’s always rich/wealthy people even in the worlds poorest countries, so the people you see on about are usually people that still have disposable income or are reliant on credit cards and personal loans, the people struggling are either at work,at home,some might even be around but are not buying almost nothing or nothing at all.

[@the_derpler]

Imagine the rage when these poor kids who went to school for 15 hour days for their entire lives, never experiencing life it self, graduate and can't find work. Perhaps it was worth to work like you exist in some kind of nightmare hell scape when you were promised a living, but now? The contract is gone in all of these first world countries.

[@sagepirotess6312]

I taught in s korea in 2008. The won was about 800, til 2013 about 2100. Nowadays the won is toilet paper. The Vietnam currency and pay has over taken Korean currency.

[@johnnguyen4152]

FYI $1 = 25,000 đong. $1 =1450 won.

[@sagepirotess6312]

@johnnguyen4152 no. I dont care about today. When I taught in Korea. Won 800 to 1000 over those years. Though nowadays won sucks

[@sagepirotess6312]

@johnnguyen4152 as for vn, in 2011 it was around 20,000 vnd for 1 dollar when I was here

[@AL-sd5cs]

You should always look at the data, while the consumer market in Korea looks a bit dull, many empty shops etc, while the department stores and online shopping is taking up most of the sales due to comfort, convenience and speed of delivery. Korea is a producer of Industrial and heavy industry goods which a lower exchange rate doesn’t mean it’s a bad thing, more purchasing power for goods from Korea. Korea also has very low external debt to GDP (don’t confuse this with personal household debt) Korea also holds a good gold reserve, so you don’t have to worry about Korea going bankrupt any time soon. A shift is required in people’s mentality, everyone wants to go to University to get an office or corporate job..those jobs don’t build buildings nor solve the aging population issues, more people need to realize working in more hands on industries is going to get Korea through the upcoming challenges, but I don’t think it’s all doom and gloom for Korea..the economy has grown 6% on average from 1954..economic conditions are not based on feelings..

[@mikeg4708]

There are 2 ways for Korea to recover financially. The government has to stop supporting the chaebols. The chaebols have to pay their share of taxes. Secondly, all the Christian churches have to pay taxes. The government is too stupid and corrupt. Consequently, Korea is suffering financially and the population is declining.

[@gametri-eq6lj]

well the airport being full is because southeast Asian countries are accommodating more Koreans now

[@99dynasty]

A weak won boosts exports, tourism, and investment but raises import costs, inflation, and foreign debt repayment burdens. It’s a mixed bag. To use the value of the won as a measure of economic crisis is not the most comprehensive way to make a prediction.

[@4ce5bf154]

There almost not a single thing that is made in korea that doesn't need and imported ingredient, from the flour to make bread, to rare minerals to make chips and is one of the few top exporting countries that has no oil reserves at all if not the only one. A weak won would only benefit tourists...

[@the80386]

Maybe the packed airport you see are people with means leaving permanently. I hope not but it is possible.

[@InstantKiwi1005]

Yes maybe, if I was a Korean and If I had the financial means, in this uncertain times, at least i would send my children to study abroad

[@greedyreader15]

​@InstantKiwi1005if you were in Korea working a normal job that would be an unsustainable dream

[@InstantKiwi1005]

@@greedyreader15 yes and this ist so sad, only persons with the financial means are able to act like this... but this could be an explanation why airports are still packed with koreans leaving abroad like AKM noticed

[@tanzanable]

What is the root cause of the problem? Corean companies are selling billions of products all over the world! It's an extraordinarily rich country.

[@FlashRyu]

I feel the same about the U.S. economy and the U.S. housing market. Things don't make sense how the housing market has gone up 47%, that's a huge increase, when the economy and housing market should've seen a more significant drop. The cost of everyday items and food as gone up, inflation has gone up since 2020, about 22% increase, $1 in 2020 is now about $1.22 today. So the housing market hasn't increasing naturally with inflation, the growth in housing prices has been artificially created from investors and the government manipulation of interest rates dropping to 0% during covid. They must of did that to prevent a crash in the housing market and economy. So I feel the major recession that was expected in 2020 has been delayed and a drop in the housing market of 20%, which is the average drop in housing prices during big recessions, is in the near future or anytime from now to about 2027 or potentially 2030 depending on how long the housing market can stay inflated. I also need to do more research, but my gut is telling me the housing market will fall at least 20% but maybe even more than that. When I hear your opinion on the South Korean potential recession, that further makes me think the U.S. is also nearing another large recession and housing market crash, since recessions tend to affect countries globally. And South Korea and the U.S. economies are probably strongly connected due to being allies and having strong trade together. But I also need to research more, right now I am trying to save and invest in not volatile investments like gold to prepare for a recession, housing crash, and investment opportunity to buy when prices are low. Hopefully I am right, because the price that homes are now seems unrealistic and unsustainable, and it growing any further would be terrible for me and other people trying to buy homes.

[@upstartfenix]

Cheap gets cheaper and expensive gets more expensive.

[@bruceblunderfield5431]

As the Korean Yuan depreciates, the income of farmers and manufacturers become cheaper, but imports become more expensive. So cut your imports and increase your exports. SOUTH Korea is in a similar predicament as Australia, our dollar is falling but our exports increasing, and our debt to GDP ratio is rather similar. 😅

[@손비비치]

Australia has an abundant supply of natural resources, which can serve as a hedge against crises at any time. In contrast, Korea’s exports heavily rely on imported resources, and the country is now facing a depreciation of the won. This poses a significant challenge to key driving sectors such as textiles, steel, and oil refining. Korea is facing a way more severe crisis compared to Australia.

[@mugshalmeoni]

Good morning Buddy, I have the same thoughts about our future economy, so I am purchasing extra non perishable goods that we normally use. This next year could be a difficult one. It’s amazing what your parents and others did to help Korea in 1997! I will check on Snapchat in a few days as I am busy with Christmas. Be well, try not to worry a lot. My best thoughts for you, your fiancé and your family ❤️💜

[@average_korean_man]

Monica! I owe you an Amazon gift card! You still haven't sent me a DM. What happened?

[@mugshalmeoni]

@ I’m busy with Christmas baking, cleaning and planning 😀❤️. Thank you for the nice gift.💜

[@average_korean_man]

Okay...I'm confused 😕 If you want the gift card please send me a DM before the next livestream. If that's not the case, I'll give it to somebody else in the next livestream. Always thank you for keeping up with my videos! 😁

[@mugshalmeoni]

@@average_korean_manI joined Instagram and sent you a request

[@白い狐-k8h]

Never been so amused by someone saying that he is an average korean man from South Korea

[@jamesalias595]

South Korea has the worst demographic data of any country in the world. That is a serious problem as in 20 years you won't have enough youth to man your military and North Korea will just walk across the border and take you over. That demographic problem is about to start showing in your economy in a big way. Your country has been too reliant on a few large global corporations to bring in the cash. If they stumble which they have been doing so of late, you won't have the domestic growth to sustain your economy. You will be like Japan but worse. Not that many years ago Japan was rich and Korea was poor but your population bubble was just later than Japans so once all those children turned into adults, Korea became wealthy. If you want to fix the problem, have children, lots of them. That "gold" saving South Korea is just propaganda, there wasn't enough.

[@mdf5163]

JP yen and also here our Philippine peso have depreciated as the US$ gets stronger. S. Korea was bailed out by USA in the 1997 financial crisis to protect democratic capitalism against criticism. So as long as the US$ is stable and the US & EU debt crises are not on default we are all still good... but once one or 2 of them crashes, tribulation times are here as what the Christian Bible foretold... Meanwhile let's hope for the best and prep up and pray to the Heaven for guidance and sustenance...

[@chestnutters9504]

2:11 What?!?? That’s unfathomable that people did that!

[@june-uni]

Wow, SK citizens donating gold to the bank is a wild story, and 1997 wasn’t really that long ago. I can’t imagine people in my country doing that 😂 Thanks again AKM for another great video, I always learn something 💙

[@allencoffland1685]

better to follow your intuition even if it doesn't happen. interesting commentary. people not getting paid could be sign of developing credit crisis. people traveling abroad could be due to cheaper Yen, etc. The U.S. has had a "K-shaped recovery" since the GFC in '08, meaning some people (who own assets) have seen their wealth increase, while the rest have seen a decrease in their wealth.

[@neoncorolla6917]

It's called 'The Great Reset'

[@WwoJakkk]

wow english is good

[@x-men69-96]

The airport is packed bc people are leaving Korea. They won’t comeback

[@songho7488]

Germany here, hold my beer😂

[@anniefleming5078]

Well it's the same thing here in United States are government officials they feel they should get a raise and I don't think they deserve it they don't have United States citizen best entrance our president in are congressman in Alderman and mayor and Governor they are not doing their job.

[@PuLL365]

You still have North Korea. All the countries have the same problem.

[@firstlast-pt5pp]

why korean made vehicles are still expensive?

[@gametri-eq6lj]

those brands are international so it doesn’t really affect them too much

[@백수-x7d]

한국은 양반이야 이사람아.. 일본 호주 캐나다는 죽음이에요 ㅋㅋ

[@average_korean_man]

안녕하세요 😀

[@hanserdmann7159]

Marshall law may have been the better option. Have hope, help is on the way.

[@Rjcuatrocinco]

Is this a Tekken reference?😂

[@hanserdmann7159]

@@Rjcuatrocinco No its fact

[@dl4703]

Remember people, this is AVERAGE KOREAN MAN. Not an economic expert.

[@InstantKiwi1005]

Dear AKM, very bad news, i am so sorry, i hope the graphic you showed with the 1997, 2004 and recent pique is not because of investment people worldwide betting against korean shareholder values (sorry i am no economist... lack of technical terminology) salaries not being payed are also an indicator for beginning crisis... hoping for the best for you and SK but I am worried too

[@smwk2017]

South Korea lost is competitiveness to China

[@janetcox4873]

Yoon

[@GavriilMichas]

Your generation is one of the finest in the World. Your Country progress is remarkable and should not be compromised ever. Your Country's potential is enormous, defence technologies, shipbuilding, heavy industrial complex of services among the finest of the world. You have management capabilities where only one corporation can hold the 22% of your Gross National Product. Your economy is diversified with the best quality index. These conditions will leave no room for political imbalances in expense. Not to mention your Country's strategic position of stability to the region. So, heads up, embrace the necessary technologies for more (AI tech must be paced accordingly to your Country potential for excellence). It will provide you all the tools for greater prosperity and in a secure way, (Transformation of work with more free time and well paid jobs for new work positions). That change will bring us the challenge you have to focus for the next few years. This is not a crisis, it is a pace of change for the better. ❤

[@theofficialpeterkim]

I can’t wait to travel next year to Korea. Unfortunately it’s a world wide problem with heavy debt by every country.

[@InvestmentAdviceConsultantNI]

Demographics playing big problems economic collaspse yes

[@A-Ra1111]

So all U.S. allies are in trouble

[@QDogg]

Bitcoin is the way. You may want to consider taking a look at it as a store of value for you. 🙏🏿