Since the 1950s, South Korea has seen rapid economic growth. In 1953, the GDP per capita of South Korea was $67 and in 2021 it was just north of 35,168. However, despite this growth and continuing prosperity, many South Korean citizens have a rather grim outlook on the future.
The article in The Korean Times offers a couple of interviews with very different types of people from South Korea. All of the interviewees describe feelings of anxiety and hopelessness. These somber feelings of the interviewed individuals are also reflected in data. South Korea scored a 5.9/10 on OECD life satisfaction scale is below the average 6.7/10.
The author of the article offers a few reasons why South Koreans are feeling grim about the future. One main concern is a lack of a social safety net. Many countries have strong institutions in place to take care of their elderly citizens post-retirement. Many Koreans citied the fact that the current safety net makes them skeptical about the idea of being able to take care of themselves and their families when they retire.
Another concern of Korean citizens is intense competition and comparison with others. Several people have said that for too long, the country has prioritized economic growth. Many of the older citizens often measure their success only in economic terms, but this is likely due to the fact that growing up, they often experienced intense poverty. The prior generation was forced by circumstance to work long, hard hours and jobs. Many people today however, would like to live in a society with a better work-life balance.
Many say they would like to see the country shift its policy focuses away from economic growth and more towards the support of the people.
https://www.koreatimes.co.kr/www/biz/2023/02/488_345943.html
6 comments:
This is a really interesting topic. It makes sense that the people living in South Korea are struggling with the idea of their future and retirement if there is no support for them once they decide to leave the workforce. The growth that South Korea has had in GDP is big and therefore it would make sense that they would have support for people who are retiring. Overall, this was a good topic to touch upon because of the impact that current and future generations will have in regards to retirement.
South Korea is well regarded for the huge economic growth they have endured over the last 30 years. It comes to no surprise that people are unhappy because South Koreans have to work long hours and efficiently to maintain the growth the leaders desire. Competition forces the South Korean employees to do everything they can to outwork each other which is a reason why so many South Koreans are burnt out. Overall, they need the government to step in and slightly suggest social protection to make sure that employees are more satisfied. We had a lot of people quit jobs before the economy got as bad as it has in the US and this might be the reason why.
As someone who has visited South Korea and lived in Asia, it is interesting to compare what this article says with what I know about Korea's economic culture. Many countries in Asia have extreme respect and care a lot for their elders which this article touches on as it highlights the uncertainty in people on a social safety net. Compared to the U.S. Korea doesn't have as much of a concern about being rich as they do about caring for others and being happy, this is obviously not true for all people in Korea but it is definitely shown in their culture. This is shown in this article which shows that money isn't everything to everyone, that is just what the U.S. specifically cares about more than almost anything.
I do think some countries choose economics over their people. Of course, those two can be intertwined, but ultimately as long as the people in your country are happy, you can be a successful country. The society of South Korea is so much different than it is here in the US. Citizens of South Korea seemingly value family a lot more and not place so much value on work. Being constantly compared to your peers strictly off the economic value you provide could impact this thought process as you always have to be performing better than the person next to you. There needs to be a better balance between work and life, not just in South Korea, but everywhere throughout the world.
This is very interesting. I wonder if there is an unspoken pressure from North Korea onto the success of South Korea economically. Although they are completely separate nations, I wonder if some of this anxiety and dissatisfaction comes from an internal fear of communist living, which prevents them from making their own economic strides out of fear.
Overall, great post! I think it is interesting because I feel as though the United States went through something similar in terms of acknowledging mental health. I believe that due to success culture and the need to be great constantly, makes these feelings of worry are heightened. I do hope that for their sake, there can be some safety nets put in place to protect them.
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