Lessons from S. Korea’s lucky economic escape

Small growth: Light trails left by moving traffic in the Yeouido financial district of Seoul. GDP gained 0.6% in the third quarter from the prior three months, a bit better than economists forecast and matching the expansion from April to June. — Bloomberg

THE recession handwringing that has become a big part of life in the United States and Europe unfortunately skips over a useful proxy for global growth.

South Korea’s economy doesn’t get the respect it deserves, which is a pity because the news has been good recently: Crucial exports are recovering, the labour market is resilient, and the expansion is still very much alive.