It's time for On-Point, where we speak to experts to delve deeper into some of the key issues in the spotlight now right. Along with many other countries, South Korea is also seeing a slowdown in its economy, as it faces a number of issues like rising consumer prices, rising interest rates, and a supply chain disruption.
With the country also seeing it's currency weakening against the greenback, what are some of the short and long term effects? To get an expert's take on the situation, we connect with Oh Joon-seok, Professsor of Economics at the Sookmyung Women's University. Good morning.
First off, we saw the Korean won weaken to 1,300 won against the US dollar last week. Is it solely because of higher interest rates in the U.S., or are there other factors?
How much more do you think the Korean won will weaken against the greenback? There are some saying that it could even reach 1,400 won soon?
Can you tell us what kind of major effects we'll see as the Korean won continues to weaken against the greenback?
Some experts are saying the U.S. is facing recession, should South Korea be worried about a similar economic slump? What are the prospects for the South Korea economy moving forward?
Thank you for your insights today. Looking forward to speaking to you again.