The Minute to Read (Weekdays) series provides a quick overview of significant events in Korea everyday, conveniently condensed into a one-minute read. Here’s a recap of what happened yesterday: July 2.
Fatal accident near Seoul City Hall sparks debate on elderly driver safety
A tragic traffic accident near Seoul City Hall at approximately 9:30 p.m. on July 1 resulted in nine fatalities and four injuries. The driver, a 68-year-old man apprehended at the scene, admitted to experiencing sudden unintended acceleration. Authorities are investigating whether the driver was under the influence of alcohol or drugs. While the exact cause of the accident remains unclear, this incident is part of a series of recent accidents involving elderly drivers, fueling the debate over their qualifications.
The rise in traffic accidents among elderly drivers has prompted calls for stronger safety measures. According to the Korea Road Traffic Authority, traffic accidents involving drivers aged 65 and older increased by 27.5% over three years, from 31,072 in 2020 to 39,614 last year. The National Assembly’s Legislative Research Service estimates there will be 4.98 million drivers aged 65 and over next year.
South Korea’s 10-year rise in household debt tops advanced countries
South Korea’s gross national debt, including household, business, and government liabilities, surpassed 6,000 trillion won ($4.3 trillion) by the end of last year, amounting to 2.7 times the country’s GDP. Corporate debt was the largest component at 2,734 trillion won, household debt at 2,246 trillion won, and government debt at 1,053 trillion won. The nation’s total debt first surpassed 3,000 trillion won in the first quarter of 2013, doubling in less than 11 years.
The rapid increase in debt is particularly concerning as it has grown faster than in other countries. At the end of last year, Korea’s total debt was 269.8% of GDP, ranking fifth among G20 countries, up from ninth place a decade ago. Unlike other industrialized nations that have reduced their debt since the COVID-19 pandemic, Korea’s debt has continued to rise, with the debt-to-GDP ratio increasing by 4.7 percentage points by the end of last year compared to the end of 2021.
Samsung introduces new foldable smartphones as market competition heats up
The foldable smartphone market is ready for a change, and the second half of this year might bring just that. Since Samsung launched its first foldable smartphone, the Galaxy Z Fold, in 2019, the market has been dominated by Samsung. However, foldable smartphones have struggled with being bulkier and not significantly different from regular smartphones in terms of functionality. Additionally, this year, BOE has overtaken Samsung Display in foldable display panel production, and Huawei claimed the top spot in foldable smartphone sales in the first quarter with its new products.
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