In this episode of The Korea Pro Podcast, co-hosts Jeongmin and John begin by discussing the Bank of Korea’s decision to maintain its interest rate for the 13th consecutive time, the longest streak to date, amid record-high household debt of $1.4 trillion. The hosts explore the paradox of increasing real estate investments despite personal debt levels, touching on practices like gap investment and the misuse of the government’s housing lottery system.

The conversation then shifts to the resurgence of COVID-19 cases in the country, noting that even prominent figures like main opposition Democratic Party leader Lee Jae-myung have been affected. Jeongmin and John analyze the government’s response, including the expectation of a peak by month’s end and the challenges posed by a shortage of treatment drugs. They discuss the focus on treating vulnerable populations in the absence of previous pandemic mandates.

Lastly, the hosts delve into the changing hiring practices of South Korean conglomerates in response to the country’s aging population. They examine the shift from traditional mass exam-style open recruitment to hiring older, more experienced workers, and consider the implications for costs and innovation, especially in high-tech companies.

Looking ahead, Jeongmin and John preview several upcoming events, including a potential visit by Japanese Prime Minister Fumio Kishida to South Korea in September, the National Assembly plenary session focusing on non-controversial public welfare issues, the postponement of Lee Jae-myung’s meeting with Han Dong-hoon, and the continuation of the Ulchi Freedom Shield military exercise.

About the podcast: The Korea Pro Podcast is a weekly 15-minute conversation hosted by Editorial Director Jeongmin Kim (@jeongminnkim) and Editor John Lee (@koreanforeigner), diving deep into the most pressing stories shaping South Korea — and dissecting the most complicated ones for professionals monitoring ROK politics, diplomacy, culture, society and technology. Uploaded every Friday.

This episode was recorded on Aug. 22, 2024

Audio edited by Gaby Magnuson