Two years ago, this nation was held up as a paragon of reform and liberalization as stock markets surged upwards, reflecting a new optimism. How quickly times change before our eyes. The indicators now are flashing red, yellow and green simultaneously. Everybody is behaving as though we are experiencing a second crisis. Take a look at the local market.
Investors are wary about the prospects for the year, following last year's precipitous drop.
What we really need to do is to take a close look. Answers to these are long and varied. Some fear that the country has been upgraded too fast. Others fear that Korea has become reform-weary and is on the verge of another financial crisis because of inadequate progress. Not only that, it seems that Korea, the most aggressive reformer in Asia, is already judged to have fallen short of fixing the problems that challenge the different sectors.