[Insight & Opinion] The Economic Message of Hope in the Number 33

The Auspicious Number '33' Across East and West
Economic Growth Relies on Psychology and National Unity

The number 33 holds special significance for Christians. Jesus ascended at the age of 33, making 33 a lucky number. In Latin America, where many are Catholics, people try to include the number 33 when buying lottery tickets. In the East, 33 is also considered an auspicious number. It symbolizes gathering energy and moving forward, interpreted as growth in the economy and a positive signal in life. In Eastern philosophical thought, the number 3 is profound. The basic cosmic structure of heaven (天), earth (地), and human (人), as well as the cosmic principle of yin (陰), yang (陽), and their union (合), are based on the number 3. The time system of past, present, and future is also three generations (世). Adding one more to this 3 gives the number 33 a significant meaning.

After 33 years, the Nikkei index reached its highest point. Despite US-China conflicts and global economic sluggishness, domestic demand has strengthened growth. In Japan, private consumption and investment account for over 70% of GDP, resulting in low external dependence. It will be interesting to see if Japan’s economic growth rate, driven by a weak yen, surpasses that of South Korea. Japan’s current account surplus has expanded for 11 consecutive months. The preliminary current account surplus for August increased by 48.9% compared to the same period last year. The cumulative current account surplus from January to August this year reached $74.3 billion.

On the 3rd (local time) in the New York foreign exchange market, the yen-dollar exchange rate briefly rose to 150.16 yen per dollar. The yen-dollar rate surpassing 150 yen per dollar is the first time in about a year since last October. Despite the weak won, our economy finds it difficult to fully enjoy export competitiveness due to the won-yen exchange rate. Earlier this year, it hovered around 950 won per 100 yen. After falling to the 800 won range, it recently moves around the 900 won level. The global strong dollar phenomenon is reappearing. Both the Korean won and Japanese yen have depreciated, with the yen’s decline being steeper than the won’s.

In 1995, 33 years after the establishment of the first Five-Year Economic Development Plan in 1962, South Korea’s per capita gross national income (GNI) exceeded $10,000. Exports also surpassed $100 billion. After GDP exceeded 10 trillion won in 1975, it reached 1,000 trillion won, 100 times more, in 2008, 33 years later.

In 2020, due to the COVID-19 pandemic, the US stock market fell about 10% for the first time in 33 years. Despite such exceptional circumstances, 33 remains a meaningful number for us. There were 33 representatives of the nation in the Declaration of Independence. The Bosingak bell is rung 33 times at the end of the year. Those with 33 years of continuous service become national merit recipients.

South Korea’s total fertility rate sharply declined from 4.53 in 1970. Thirty-three years later, the total fertility rate was 1.19, lower than Japan’s, which is known for its aging population. This year, the total fertility rate plummeted to 0.7 in the second quarter. The annual total fertility rate is likely to enter the 0.6 range. Oh no! By 2033, the number of deaths will exceed births outside of Sejong City.

In June, the monthly trade balance turned positive for the first time in 16 months. The trade balance had recorded the longest deficit period since the foreign exchange crisis. Fortunately, the trade balance has returned to surplus, and the September trade balance increased at the largest rate in two years. We cannot allow national power to decline. Last year, the Korea Institute of Finance issued a warning in its report “Estimation of South Korea’s Potential Growth Rate Path,” stating that the domestic potential growth rate will fall to 1.57% in 2025 and enter the zero percent range by 2030 (0.97%). The entire nation, regardless of political party, must devote itself to increasing potential growth.

I think of the 33 Chilean miners who survived after being trapped in a mine in 2010. With the hopeful message carried by the number 33, our economy must steadily walk its path despite difficulties. The economy is psychology. It is time to sing such hope.

Jo Won-kyung, Professor at UNIST, Director of the Global Industry-Academia Cooperation Center