Christopher Nolan's film 'Odyssey' surpassed 10 million viewers in South Korea on September 6, just 33 days after its release. This marks the director's second film to reach this milestone following 'Interstellar' and makes it the 10th foreign film in South Korea's history to achieve over 10 million admissions.
The film's 172-minute runtime captivated audiences, perhaps due to its narrative that extends beyond the victory of the Trojan War. Odysseus wins a decade-long war, becoming a hero by devising the Trojan Horse to breach an impenetrable fortress. However, his true journey begins upon returning to his hometown of Ithaca, which takes another 10 years. He encounters the one-eyed giant Cyclops, the sorceress Circe, and must resist the temptations of the Sirens. While he triumphed in war, the journey home proved just as perilous.
Recently, South Korea's economy has also been receiving positive news. The most notable is the surge in exports. As of 1 p.m. on September 5, the cumulative export figure for this year reached $709.4 billion, surpassing last year's record of $709.3 billion by early September. This achievement was reached 117 days earlier than last year's total.
The momentum is strong. From January to August this year, exports totaled $693.3 billion, a 52.8% increase compared to the same period last year. In June, monthly exports exceeded $100 billion for the first time, followed by $99 billion in July and $98.25 billion in August, marking three consecutive months above $90 billion. If this trend continues, South Korea is likely to join the ranks of countries with annual exports exceeding $1 trillion, alongside the United States, China, and Germany.
Improved exports and corporate performance are driving growth, leading to a rapid increase in tax revenue. Based on these economic conditions, the government has proposed a total expenditure of 820.9 trillion won for next year, a 12.8% increase from this year's budget, marking the largest budget in history.
The government plans to allocate an additional 162.3 trillion won from next year's national tax revenue, which exceeds the trend line of domestic tax revenue over the past decade, to a future response fund. Of this, 45.4 trillion won will be invested in youth, growth drivers, local development, education, and talent, while 12.5 trillion won will be used to reduce new bond issuance. This strategy aims to utilize the surplus generated during the economic boom for future growth and fiscal stability.
As the fund's name suggests, what is needed now is to 'respond to the future.' No one can guarantee how long the current economic boom will last.
Examining the record exports reveals the reasons behind this surge. From January to August, semiconductor exports reached $281.2 billion, a staggering 169.6% increase compared to the same period last year, accounting for 40.6% of total exports. In August alone, semiconductor exports were $46.65 billion, nearly half of all exports. Much of the impressive export figures are built on the global investment in artificial intelligence (AI) and the semiconductor supercycle.
However, the larger the boom, the more prepared we must be for the adjustments that follow. If semiconductor prices decline and global AI investments slow, corporate profits may decrease, impacting both exports and tax revenue. If we treat the current surplus as a permanent income and increase long-term expenditures, the fiscal burden will grow when the economy slows.
Odysseus faced the temptation of the Sirens on his journey home. The sailors enchanted by their song lost their way. Knowing he would be unable to resist the temptation, Odysseus bound himself to the mast of the ship.
Similarly, the economy faces its own Siren's song. During prosperous times, mechanisms to restrain ourselves are necessary. We must distinguish between temporarily increased tax revenue and structurally increased revenue, ensuring we retain fiscal capacity to draw upon during downturns.
We must use the profits generated by semiconductors to create new growth drivers. This includes enhancing the competitiveness of AI and advanced industries while boosting productivity in the service sector, increasing youth employment, supporting local industries, and developing new export opportunities.
If the victory in the Trojan War marked the end of Odysseus's story, the epic 'Odyssey' would not exist. What proved more challenging than victory was the journey home without losing one's way.
A boom is not the destination. The semiconductor cycle will eventually decline, and the growth in tax revenue will also plateau. The key to turning the current boom into a true victory lies in how resilient our economy is and what new growth drivers we possess when that time comes.
* This article has been translated by AI.
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