If only K-pop and cinema would get out of the way. South Korea has a ringside seat to the world economy, but struggles to get the attention it deserves. That's a pity because the view is promising and says much about upbeat global prospects. In some ways, developments are almost too positive.

The country is often overlooked relative to mighty neighbors Japan and China. South Korea has become more famous for cultural exports — and the ebb and flow of tensions with Pyongyang — than the key components of 21st century commerce that leave its ports in encouraging numbers. Growth is surging, largely on the strength of demand from abroad. The bulk of the credit goes to the resilience of the U.S. economy and, to a lesser degree, signs that China might be past the worst of its slowdown. Washington’s ringfencing of investments deserves a shoutout as well, given Seoul is a close American ally.

What could be wrong with this? There will be no relief on interest rates soon. This, too, is a reversal. The central bank laid down an early marker in August 2021, becoming the first industrialized economy to tighten, way ahead of the Federal Reserve and before neighborhood inflation obsessives like New Zealand. With the current bullish conditions, borrowing costs will be slow to retreat.