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  • Cyanea
  • Hero of Waygookistan

    • 1368

    • September 04, 2016, 01:48:24 pm
    • Las Vegas
Quote
Jakarta Post July 23

The South Korean economy plunged into recession in the second quarter in its worst decline in more than two decades as the coronavirus pandemic battered exports and social distancing curbs paralyzed factory output.


One saving grace has been a 1.4% gain in private consumption from three months earlier, thanks to government cash handouts that boosted spending on restaurants, clothes and leisure activities.

https://www.thejakartapost.com/news/2020/07/23/south-korea-enters-recession-as-exports-plunge-by-most-since-1963.html
Catch my drift?


  • VanIslander
  • Moderator LVL 1

    • 1913

    • June 02, 2011, 10:12:19 am
    • Seogwipo, Jeju Island
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Re: South Korea enters recession as exports plunge by most since 1963
« Reply #1 on: July 29, 2020, 01:21:56 am »
No surprise here.



  • hangook77
  • Hero of Waygookistan

    • 1825

    • September 14, 2017, 09:10:12 am
    • Near Busan
Re: South Korea enters recession as exports plunge by most since 1963
« Reply #2 on: July 29, 2020, 12:12:03 pm »
Korea's an exporting country.  2008 hit Korea hard too.  Now many other economies are shut due to covid 19.  The 1997 crash was far worse but recovery came very quickly.  (Though it was the beginning of large companies pressuring 45 or 50 year old men to quit to save on salaries.) 

Once countries open, Korea should be able to export again.  Though some Koreans claimed that Korea was never the same after 1997  even with a recovery.  I can tell you that the English teaching market here was awesome until 2009 saw a flood of teachers.  There has been a partial recovery from that but nothing like what it was. 

Prior to 2009, folks actually came here to make money and you could make money here.  Now apparently kids come here for BTS love and will accept near minimum wage to try to get their love fantasies.  Korea sure has changed. 

A recovery will happen but what will it look like? 


  • VanIslander
  • Moderator LVL 1

    • 1913

    • June 02, 2011, 10:12:19 am
    • Seogwipo, Jeju Island
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Re: South Korea enters recession as exports plunge by most since 1963
« Reply #3 on: July 29, 2020, 12:24:41 pm »
I can tell you that the English teaching market here was awesome until 2009 saw a flood of teachers.
I can tell you the biggest flood of teachers was when the elementary schools each got a waygook in 2006.

I took a 4-day, 3pm-7pm Monday to Thursday position at a hagwon in a small town for 2.6 mill... and that spring there were plenty of other surprising sudden lucrative offers!

The town I was in went from two foreigners at local hagwobs to 14 foreigners, a dozen of them in public schools for the first time.


  • hangook77
  • Hero of Waygookistan

    • 1825

    • September 14, 2017, 09:10:12 am
    • Near Busan
Re: South Korea enters recession as exports plunge by most since 1963
« Reply #4 on: July 29, 2020, 02:09:00 pm »
I can tell you the biggest flood of teachers was when the elementary schools each got a waygook in 2006.

I took a 4-day, 3pm-7pm Monday to Thursday position at a hagwon in a small town for 2.6 mill... and that spring there were plenty of other surprising sudden lucrative offers!

The town I was in went from two foreigners at local hagwobs to 14 foreigners, a dozen of them in public schools for the first time.

Demand was pretty high from what I saw at the time.  Even a couple of years later in 2008, my town tried to expand the number of foreigners.  March 2008, they wanted to grow the foreigners a lot.  They tried to get up to 5 more foreigners.  Well, only one showed up.  It took them months and months to fill the other positions and it was people who were quite old at the time.  (The first couple of years, it was just two of us.  Before me, it was just one person as a token foreigner.  Maybe during the prior 10 years they would have one foreigner sometimes.   (From what I heard went sometimes with no foreigner).  1997 crash, some place lost the one foreigner they got and was 2 or 3 years before getting another one.  I heard they had one around 2000 for a year or so.  Then a couple of years without one.   Then from 2002 to 2004 a Korean American.  Then from 2004 to when I got there an Chinese American.  Then I came and there were two of us in late 2006.  I was the only white dude except for an American who lived there part time with his Korean wife but was gone much of the year.  Many folks rarely met or saw a white person at the time.  Kids would flip out and scream hello and get really excited to see you.  Many adults were more distant and didn't speak English.  But many people would stare at you. 

Most of the 2008 teachers except one left.  So, March 2009 8 new teachers flooded in and started on time.  No more taking months and months to get anyone.  The education office was no longer desperate for foreigners and everything changed overnight.  Me and the Asian dude who were still originally there were in shock and didn't yet fully understand the effects the Great Recession took on the Korean market.  Things have never been the same since.   

 I went back to my country town 3 weeks back and no one stared at me.  Even kids didn't give a crap.  They no longer scream weigookin and chase you down the street.  No one stares or maybe just for a split second or cares.  There has been along with the English Village the education office opened fall 2009 too many teachers there for years.  What is also different is seeing many other types of foreigners from Pakistani Muslim looking dudes to white Russians and etc.  I was surprised myself to see so many other types of foreigners there.  Me and this American married dude who lived there part time were the only "foreign" looking persons there years ago.  Now it is so different.  Even for factories and construction jobs.  (Though strangely enough I do occasionally have a Russian or eastern European slavic type come up and speak to me thinking I am Russian or one of them too until I speak English and they are surprised.  I am western European ancestry btw. )

The big flood was in 2009 for most of Korea though they had been trying for a couple of years prior and couldn't get anyone unless it was central Seoul or Gyeong gi or Busan.  Outside of those places foreigners were sparse.  Now, I do remember being up in Seoul in 2008 and kids there didn't scream weigookin or hello at me.  But other regional cities and metropolitan cities they did.  Also, in Seoul, you had to ride multiple subway stops to find a McDonald or go to Itaewon just to find Subway sandwiches.  Was much less foreign than now.  Independent ethnic food outside of Itaewon, forget it.  This was not that long ago. 


  • Cyanea
  • Hero of Waygookistan

    • 1368

    • September 04, 2016, 01:48:24 pm
    • Las Vegas
Re: South Korea enters recession as exports plunge by most since 1963
« Reply #5 on: August 01, 2020, 12:58:22 am »
The 1997 crash was far worse but recovery came very quickly.  (Though it was the beginning of large companies pressuring 45 or 50 year old men to quit to save on salaries.) 

Interesting point.

So before that Koreans were not so ageist?
« Last Edit: August 01, 2020, 01:10:22 am by Cyanea »
Catch my drift?


Re: South Korea enters recession as exports plunge by most since 1963
« Reply #6 on: August 01, 2020, 09:25:56 am »
At what point are we going to acknowledge that while underreacting ala Italy was bad, countries are now overreacting and the damage from this long-term is greater than what we're trying to prevent?


Re: South Korea enters recession as exports plunge by most since 1963
« Reply #7 on: August 01, 2020, 11:47:12 am »
At what point are we going to acknowledge that while underreacting ala Italy was bad, countries are now overreacting and the damage from this long-term is greater than what we're trying to prevent?

Erm, hasn’t this been the standard Republican line since April? Wasn’t that the Herman Cain line until his death. His covid death. Where’s America’s economic advantage from resisting a shut down until they got things under control?


  • Kyndo
  • Moderator LVL 1

    • 5151

    • March 03, 2011, 09:45:24 am
    • Gyeongsangbuk-do
Re: South Korea enters recession as exports plunge by most since 1963
« Reply #8 on: August 01, 2020, 08:08:25 pm »
I'm still alive. There's a small chance that I might not have been if the Covid curve in Korea looked like the one currently in the USA -- and, more importantly, there's a significantly bigger chance that my immuno-compromised infant with stubbornly resistant bronchiolitis might not have made it.
Seems worth a dip in the GDP if you ask me.  :undecided:




Re: South Korea enters recession as exports plunge by most since 1963
« Reply #10 on: August 01, 2020, 11:31:55 pm »
I'm still alive. There's a small chance that I might not have been if the Covid curve in Korea looked like the one currently in the USA -- and, more importantly, there's a significantly bigger chance that my immuno-compromised infant with stubbornly resistant bronchiolitis might not have made it.
Seems worth a dip in the GDP if you ask me.  :undecided:
It's not just a dip, it's a borderline crash with mass unemployment and deficit spending that at some point will lead to significant cutbacks. At what point do we trade one set of deaths for another?

What if this becomes endemic? Are we going to live like this forever?


Re: South Korea enters recession as exports plunge by most since 1963
« Reply #11 on: August 02, 2020, 12:45:59 am »
Should be pretty clear by now; it’s not either or. You have to get the virus under control if you have any hopes of reviving your economy. Endemic? A “new normal” will have to emerge. This is probably not it.


  • gogators!
  • The Legend

    • 4179

    • March 16, 2016, 04:35:48 pm
    • Seoul
Re: South Korea enters recession as exports plunge by most since 1963
« Reply #12 on: August 02, 2020, 02:46:22 am »
Korea's an exporting country.  2008 hit Korea hard too.  Now many other economies are shut due to covid 19.  The 1997 crash was far worse but recovery came very quickly.  (Though it was the beginning of large companies pressuring 45 or 50 year old men to quit to save on salaries.) 

Once countries open, Korea should be able to export again.  Though some Koreans claimed that Korea was never the same after 1997  even with a recovery.  I can tell you that the English teaching market here was awesome until 2009 saw a flood of teachers.  There has been a partial recovery from that but nothing like what it was. 

Prior to 2009, folks actually came here to make money and you could make money here.  Now apparently kids come here for BTS love and will accept near minimum wage to try to get their love fantasies.  Korea sure has changed. 

A recovery will happen but what will it look like? 
LOL.
The exchange rate before the IMF crisis was in the high 500s before it started inching up. That's for one Yankee dollar. 


  • T.J.
  • Veteran

    • 236

    • June 09, 2011, 11:07:16 am
    • 서울 은평구 연신내
Re: South Korea enters recession as exports plunge by most since 1963
« Reply #13 on: August 02, 2020, 09:21:30 am »
No. The exchange rate circa 90-97 was in the 750 to 800 won to one USD. It was never in the 500 range in the nineties.
"An ignorant person is one who doesn't know what you have just found out."

"Diplomacy is the art of saying 'Nice doggie' until you can find a rock."

-Will Rogers


  • Kyndo
  • Moderator LVL 1

    • 5151

    • March 03, 2011, 09:45:24 am
    • Gyeongsangbuk-do
Re: South Korea enters recession as exports plunge by most since 1963
« Reply #14 on: August 02, 2020, 01:24:00 pm »
It's not just a dip, it's a borderline crash with mass unemployment and deficit spending that at some point will lead to significant cutbacks. At what point do we trade one set of deaths for another?

What if this becomes endemic? Are we going to live like this forever?
Thankfully, South Korea is not a hyper capitalist country. The medical system is a nice balance between socialized and pay as you go. Korea will not see the same kind of deaths that the US will: nobody here is going to need to ration insulin, or refuse to go to the clinic because they can't afford getting sick.
   And before you say it, economic driven suicide barely registers as a blip, even in the states.

    As for timelines, if things go according to plan (big if, I know), the first vaccines should be rolling out by the end of the year. They won't be 100% effective, of course, but it should help lift a fair portion of  the fear that is currently paralyzing the economy.

As for "borderline crash", the Korean economy is still growing. True, there's been a severe contraction, but there was still a 1.3% growth over the last quarter. Sucks if you're rich and have a lot of money in stocks, but otherwise Covid has certainly not eben the disaster the media would have you believe. Here in Korea, at least.

Exports decreased by 2%, and consumer spending by about 6%. Not bad considering how aggressively Korea tackled the pandemic issue.
Actually, the biggest economic issue for Korea right now is that the proliferation of Covid in other countries will mean a declining demand for exports.
Basically, the fact that the US did not take adequate measures against Covid19 will hurt the *Korean* economy.  :sad:


  • L I
  • The Legend

    • 4995

    • October 03, 2011, 01:50:58 pm
Re: South Korea enters recession as exports plunge by most since 1963
« Reply #15 on: August 02, 2020, 02:18:41 pm »


  • Kyndo
  • Moderator LVL 1

    • 5151

    • March 03, 2011, 09:45:24 am
    • Gyeongsangbuk-do
Re: South Korea enters recession as exports plunge by most since 1963
« Reply #16 on: August 02, 2020, 06:37:53 pm »
That's actually pretty interesting. I never thought about links between obesity and increased Covid19 mortality rates.

New Covid19 slogan: "Eat a salad, survive the plague!"


  • L I
  • The Legend

    • 4995

    • October 03, 2011, 01:50:58 pm


  • CO2
  • Waygook Lord

    • 6038

    • March 02, 2015, 03:41:14 pm
    • Uiwang
Re: South Korea enters recession as exports plunge by most since 1963
« Reply #18 on: August 02, 2020, 07:29:18 pm »
Bill Maher rocks!

https://www.youtube.com/watch?v=Dm4TAdiEFn0

Yeah, he's big on eating right, exercise train and that's great. Say what you will about him, he looks amazing for 64 years old. I mean, yeah, he's wealthy as hell, but that only goes so far.

The fat shaming he's talking about is not jeering at overweight people in the stores or in public, it's calling out the vocal minority of big is beautiful, fat is normal crowd.

This goes along with masks, to a degree. It's my freedom to do x, it's my body. Like, sure. But don't pretend anything other than what it is. Be as fat as you want, I'm not for authorities to limit your weight. But we can't pretend that it's not a global issue.

This is the one medical issue that can be solved in 6 months if everyone worked together. I'm not saying that that is realistic, but it's true. We could change the entire Western spectrum on health in such a short time and we'd save soooooo much bloody taxes in Canada, good god.
The first thing to say is that this is definitely not pyramid selling, OK?


  • gogators!
  • The Legend

    • 4179

    • March 16, 2016, 04:35:48 pm
    • Seoul
Re: South Korea enters recession as exports plunge by most since 1963
« Reply #19 on: August 02, 2020, 09:20:29 pm »
No. The exchange rate circa 90-97 was in the 750 to 800 won to one USD. It was never in the 500 range in the nineties.
I was told that had been the rate, but was no longer, when I arrived in SK. It had already started to go up but was in the 600s, although quickly went up to 700. Since only 1/3 of salary could be sent out of the country at that time, money was not always exchanged in banks.