Story perspectives

Seoul Faces Economic Turmoil Amid Oil Dependency Crisis

3/31/2026

Summary

Story summary

Seoul residents rushed to buy pay-as-you-throw plastic bin bags, with daily sales reaching 2.7 million.
South Korea relies heavily on Middle Eastern oil, heightening vulnerability to disruptions.
The won fell to a 17-year low, while the Korea Composite Stock Price Index (KOSPI) declined by more than 12% in a day.
The Organisation for Economic Co-operation and Development (OECD) cut South Korea's 2026 growth forecast by 0.4 percentage points to 1.7%.

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Story summary

Seoul residents rushed to buy pay-as-you-throw plastic bin bags, with daily sales reaching 2.7 million.
South Korea relies heavily on Middle Eastern oil, heightening vulnerability to disruptions.
The won fell to a 17-year low, while the Korea Composite Stock Price Index (KOSPI) declined by more than 12% in a day.
The Organisation for Economic Co-operation and Development (OECD) cut South Korea's 2026 growth forecast by 0.4 percentage points to 1.7%.