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Is South Korea’s economic miracle over?
Decades of growth are tapering off as the country struggles to reform its model and reduce its dependence on manufacturing
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Worries about future growth have been exacerbated by an impending demographic crisis.
PHOTO: EPA-EFE
Christian Davies
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Outside the town of Yongin, 40km south of Seoul, an army of diggers is preparing for what South Korea’s President has described as a global “semiconductor war”.
The diggers are moving 40,000 cubic metres of earth a day, cutting a mountain in half as they lay the foundations for a new cluster of chipmaking facilities that will include the world’s largest three-storey fabrication plant.
