South Korea’s standard of living surpassed Japan’s in 2018 and its GDP per capita is now more than two-thirds that of the US; according to the IMF, the gap with the US should continue to narrow. While its growth rate has been impressive compared to other wealthy countries, a significant number of headwinds face South Korea’s economy and this strong performance cannot be taken for granted, especially if the country fails to enact reforms

The economy of South Korea is in increasing need of structural reform