In addition to the growing geopolitical crisis on the Korean Peninsula, South Korea’s next president, who will be elected on 9th May, will face a mounting number of economic challenges, including worsening demographics, rising household debt and growing competition from China. Neither of the main candidates are advocating anything like the kind of radical economic reforms the country needs. However, there is still a chance that the election will lead to some useful reforms, especially on reducing the power and influence of the country’s family-run chaebols.
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