ICCK

The Indian Chamber of Commerce in Korea (ICCK) organized a breakfast seminar featuring Dr. Chong Hoon Park, head of Research at Standard Chartered Bank, held at The Plaza Hotel Seoul on February 23^rd, 2024. The seminar attracted attendees with a keen interest in Korea's Economic Outlook for 2024, including notable figures such as the former Vice Minister of Foreign Affairs, Mr. Jong Mun Choi, and senior executive vice president of AVAADA, Mr. Deepak Agrawala from India.

During the seminar, Dr. Park provided an insightful analysis of Korea's economic landscape, drawing comparisons with other major economies such as Japan, the United States, and China.

Dr. Park underscored the substantial involvement of government control in the Korean economy. He addressed demographic trends, noting the continued presence of baby boomers in the workforce alongside challenges posed by a lower fertility rate and the necessity for enhanced social systems to support an aging population.

Furthermore, He emphasized the significant role of factors like oil prices, particularly highlighting China's slowing economy as a key influencer, given its status as a major consumer of commodities.

The seminar also shed light on Korea's heavy reliance on the semiconductor sector and the accompanying challenges in the labor market. Dr. Park highlighted the need for innovative solutions to navigate these complexities and sustain economic growth effectively.

Dr. Park also remarked on the strength of the US dollar despite challenges in the US economy. He noted the relative resilience of the Korean Won compared to currencies such as the Yen and Yuan, despite its recent depreciation.

The event concluded with an engaging Q&A session, allowing attendees to glean further insights from Dr. Park's expertise, followed by networking opportunities to foster collaboration and exchange of ideas.