Professor Kim Gwangseok: "A Strategy to Address Stagflation Must Be Prepared"

Kim Kwang-seok, an adjunct professor at Hanyang University known as the "Man Who Reads the Economy," emphasized the need to develop strategies to respond to administrative "stagflation (high inflation and economic stagnation)."

On the 13th, Professor Kim gave a lecture titled "2024 Economic Outlook, Our Strategy" at the third economic special lecture organized by Gwangsan-gu.

Professor Kim referred to Pieter Bruegel's painting "The Blind Leading the Blind" (1568) to highlight the importance of the "active power to interpret the economy."

He stated, "In this work where the blind lead the blind, we learn that if we keep our eyes closed, we inevitably lose direction and accuracy, leading to a fall," and emphasized, "The economy also requires us to open our eyes ourselves to make clear decisions about where we are going and where we should go."

Professor Kim identified the key words for the 2024 economy as ▲stagflation ▲hyperinflation shock (chronic inflation shock) ▲the rise of Altasia, an Asian supply chain replacing China ▲and digital transformation.

He particularly stressed the urgency of preparing strategies to respond to stagflation caused by high inflation and high interest rates in administration, saying, "We must urgently prepare strategies to respond to 'stagflation' caused by high prices and high interest rates in administration," and advised, "We need to support the digital transformation of small business owners in preparation for the rapid increase in market share of Chinese e-commerce companies such as Ali, Temu, and Shein."