All is not well for S. Korea economy

THE new global competitiveness ranking by the World Economic Forum (WEF) revealed that all is not well in South Korea’s export-dependent economy. Having already been pushed down to 23rd place in 2013, the new figures show that the country now stands in 26th place, just ahead of China (28th) and far behind other Asian Tiger economies (Singapore –2nd, Hong Kong –7th, Taiwan–14th).

This is a major wakeup call for the country that had long prided itself on its economic achievements and a signal that major structural changes are needed to revitalize growth.