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Published on Aug 22, 2016
It's been two months since Britain voted to leave the European Union.
There have been worries about both its short- and long-term economic prospects ever since, but an op-ed in the Guardian newspaper says the UK can take heart from South Korea's example.
Oh Soo-young reports.
South Korea is the perfect model for post-vote Britain, according to Christian Spurrier, a journalist writing for the UK's Guardian newspaper.
In an opinion article published Monday, Spurrier presents Korea as a beacon of hope that can quell pessimistic forecasts on the UK's economy.
Spurrier lauds the country's rapid modernization process, as well as its global standing today as an "export-led, hi-tech, skills-based economy" that overcame various crises, such as the Asian Financial Crisis and the slowdown of the U.S. economy.
Korea has a similar land mass and population to the UK and, according to recent data from the World Bank, is now the world's eleventh largest economy.
Amid fears that Britain's economy will fall behind after its divorce from the regional market, the article highlights the fact that Korea achieved its economic success without any major trading bloc and without direct access to any natural resources of its own.
Korea's success is, first, attributed to its investment in education
but the emphasis lies on its impressive track record in negotiating bilateral trade agreements with the world's major economies.
Noting that the broad terms of the Korea-U.S. agreement was wrapped up in 14 months,... Spurrier says those who fear a long stretch of negotiations for its own trade deals can take heart.
He also notes that Korea even struck up an FTA with the EU,... calling it the most comprehensive and liberal free trade deal since NAFTA.
However, some points of difference remain.
While Korea is a mostly homogenous nation, the UK is much more ethnically diverse.
Though millions of British voters may see Brexit as a chance to recreate a monoculture, Spurrier says this is now unfeasible.
He says the key challenge for Britain now... is how to strike out on its own, while remaining outward-facing.
Oh Soo-young, Arirang News.
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