South Korea’s Economy 2018: Setbacks of Moon Jae-In’s Reform

South Korea’s economy in 2018 grew by 2.7%, down from 3.1% in 2017. The slow progress of private consumption and plunge in domestic investment offset the positive effects of the government’s stimulus measures and the country’s moderate export expansion. The increase in minimum wage resulted in greater unemployment. The economic sluggishness pulled down President Moon Jaein’s approval rating from nearly 77% in Q3 2017 to below 50% at the end of 2018.