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With approximately $40 billion pulled from South Korean stock markets over recent months and the won down about 8% against the U.S. dollar, fears of further declines persist, particularly against a backdrop of sluggish economic growth. Analysts predict that the won may continue underperforming throughout this tumultuous period, marking it as the worst-performing currency in Asia for the year.
The Effects on Tourism
Amidst ongoing financial turbulence, tourism remains a critical sector for South Korea, particularly with the resurgence of Chinese travelers. Despite a staggering 160% increase year-on-year in Chinese tourists visiting Korea in 2024, recent developments raise concerns about potential impacts on travel during the holiday season.