Countries responsible for global leadership, among others, need to promote collaboration and cooperative competition, since the weakening of trade and global growth stemming from fragmentation can have negative impacts on all countries. In retrospect, China's rapid growth over the last two decades allowed the Korean economy to delay painful restructuring, while reaping the benefits of trade expansion with China.
We no longer have that luxury. Korea cannot any more avoid restructuring reforms, even though painful, in diversifying its supply chains and concentration of key industries to achieve more balanced and equitable economy. Ladies and gentlemen! The Korean economy is currently faced with many challenges and opportunities amid an accelerated global monetary tightening after the pandemic.