Industrial hub Ulsan a warning signal for cooling South Korea
Policymakers have called for greater focus on developing domestic demand and service
Ulsan, South Korea
THE port of Ulsan was the cradle of South Korea's breakneck industrialisation. Now, the main production site for big manufacturers such as Hyundai Motor and oil refiner SK Innovation risks becoming the country's rust belt.
In effect, Ulsan is a real-time warning signal for South Korea, a nation that has the world's fastest-ageing society and an economy struggling to shake its dependence on manufacturing and exports in favour of a model base…
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Sunak says UK to raise defence spending amid global threats
China’s central bank hints it may add treasury bond trades to policy toolkit
US business activity cools in April; inflation measures mixed
India’s inflation at risk from extreme weather, geopolitical issues: central bank
Thailand to replace military-appointed Senate, reduce its powers
Bankers lose hope of London IPO revival for another year