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Is Korea Fully Aware Of Crisis Clock?

Maeil Business Newspaper’s analysis on a crisis prediction model constituted of 17 economic variables found the Korean economy’s crisis clock pointing at 21:10. The crisis clock had earlier pointed at 19:00 in July this year, yet blinking the warning signals, but the clock has now entered into the crisis warning time (21:00~23:00). However, it is questionable whether our society is being fully conscious of the warning signals. The reason behind such doubt is spread psychologies to try to endure the crisis bearing groundless optimism that the nation won’t face the worst case or obscure expectations that the government will be eventually put in a position where it should inevitably resolve problems in the nation. The government is continuously urging local banks to aid domestic constructors and small- and medium-sized enterprises, and support exports and households. Such action of strongly including additional support rather than eradicating the fundamental factors of insolvency shows that the government still didn’t recognize the seriousness of the current crisis. Given the situation where foreign investors are closely monitoring the Korean market due the possible spread of a liquidity crisis into a capital shortage incident, the government’s loose reactions are likely to spark up the foreigners’ already escalated fears. Consequently, now is time for everyone to mull over why foreign investors are incessantly leaving the Korean market. Unless Korea firmly implements actual counteractions that can surmount the current crisis, foreign investors’ feelings of insecurity on the Korean economy won’t be alleviated. Everyone should brace themselves once more in order to block the crisis clock pointing towards the moment where the nation is on the verge of collapse