South Korea

치솟은 환율에 韓 '달러 GDP' 올해 뒷걸음질

Hankyung | Local Language | News | Dec. 1, 2025 | UndeterminedEconomic Growth

South Korea's gross domestic product (GDP) converted into U.S. dollars is projected to contract by 0.9% this year, falling from $1.8754 trillion last year to an estimated $1.8586 trillion, according to the International Monetary Fund (IMF). This decrease is primarily due to the won–dollar exchange rate rising sharply, which has outweighed nominal GDP growth in won terms. Over the past two years, dollar GDP has essentially stagnated, increasing only 0.7% from $1.8448 trillion in 2023.

In local currency terms, nominal GDP is expected to grow by 2.1%, driven by real economic growth of 0.9% after adjusting for price factors. The average won-dollar exchange rate from January to November 2025 was 1,418 won per dollar, up 4% from 1,364 won the previous year. With the exchange rate nearing 1,500 won, the annual average might rise further by the year-end, exerting downward pressure on dollar GDP figures.

The exchange rate is becoming a critical factor for South Korea's economic metrics and targets, potentially delaying milestones such as reaching $2 trillion in GDP and attaining a per-capita GDP of $40,000, which were expected within the next few years. The won's depreciation is influenced by interest-rate differences with the U.S., excess market liquidity, and the weakening Japanese yen. On the supply side, foreign investments by Korean individual investors ("Seohak ants"), the National Pension Service's overseas investments, and exporters delaying dollar conversions are contributing to the higher exchange rate, which appears to be beyond the control of policy authorities.

누리호 4차 발사 성공, 韓 민간 우주개발 시대 활짝 [K-뉴스페이스·上]

Newsis | Local Language | News | Dec. 1, 2025 | UndeterminedTech Development/Adoption

The Korean launch vehicle Nuriho successfully completed its fourth flight on November 27, 2025, marking the first time a vehicle manufactured and assembled entirely by the private sector, specifically Hanwha Aerospace, carried out a nominal mission. This launch, conducted at night to meet specific orbital conditions, represents a significant milestone in Korea's transition from government-led to private-sector-led space development. Hanwha’s role expanded not only to vehicle manufacturing but also to participate in launch preparations alongside the Korea Aerospace Research Institute (KARI), which still led launch operations.

The government plans the fifth and sixth Nuriho launches in 2026 and 2027, respectively, as critical tests to verify the stability of private-sector-led launch operations. From the fifth launch onward, Hanwha’s involvement will increase, including expanded personnel presence in key launch control centers, with the expectation that by the sixth launch, Hanwha will handle most operations except for mission director and launch operations director roles. This gradual handover is designed to confirm the feasibility of a privately centered launch system through repeated successful launches.

Concerns remain about a potential gap in launch activity following the sixth launch in 2027, which could disrupt the emerging private-sector ecosystem. The government is working to secure funding for a seventh launch planned for 2028 under the ‘Nuriho Heritage’ project, intended to cover the gap until a next-generation launch vehicle is tested in 2031. However, this project faces delays due to ongoing preliminary feasibility study requirements, raising fears of another launch hiatus. Such interruptions risk weakening industry expertise, supply chains, and operational continuity, as experienced during the 2.5-year gap between the third and fourth launches.

To prevent this, the government intends to incorporate the seventh launch budget into the next fiscal year and aims to maintain annual launches from the eighth launch onward. Experts emphasize that sustaining the private transition requires continuous launch activity to maintain personnel proficiency, industry networks, and operational data. The future role and funding structure for Nuriho beyond the initial program phase remain key to securing Korea’s private space development momentum.

애플, 2027년부터 인텔에 ‘M칩’ 생산 맡긴다… 5년만의 재결합 [MOVIEW]

Digital Daily | Local Language | News | Dec. 1, 2025 | UndeterminedTech Development/Adoption

Apple plans to outsource the production of its entry-level M-series chips, likely the M6 or M7, to Intel starting in mid-2027. Unlike their previous relationship where Intel handled both design and production using x86 architecture, this new cooperation involves Apple designing ARM-based chips while Intel focuses solely on manufacturing using its advanced 18A process.

This shift is driven by U.S. government pressure to increase domestic semiconductor manufacturing and Apple's strategy to diversify its supply chain. Intel’s 18A process, a cutting-edge sub-2-nanometer technology, is capable of mass production in North America and aligns with U.S. initiatives to foster strategic semiconductor development. By partnering with Intel, Apple aims to mitigate risks associated with heavy reliance on TSMC, particularly concerns over geopolitical tensions in Taiwan and supply disruption vulnerabilities.

The volume of chips Intel is expected to produce is estimated at 15 to 20 million units annually, primarily for devices like the MacBook Air and iPads, which is not large enough to significantly impact TSMC's dominance but holds important symbolic value. Apple has shown confidence in Intel's foundry capabilities, especially due to innovations in Intel's 18A process such as PowerVia and Omni MIM capacitors. The announcement led to a more than 10% surge in Intel's stock, signaling market optimism about the revival of Intel's foundry business.

Despite this new collaboration, Apple will continue to rely mostly on TSMC for its high-performance M-series and A-series chips. The move marks the beginning of a transition from a single-foundry system to a dual-foundry approach involving both TSMC and Intel, potentially reshaping the global semiconductor market and influencing supply chain strategies industry-wide.