NABO Global Economic Trends & Issues (No. 5)


 

Published on March 20, 2026
Published by Economic Analysis Coordination Division


 

■ Global economic trends
   The global economy continues to show a modest recovery in general, despite divergent economic trends among major economies. Amongst advanced economies, the US and the euro area have experienced tepid growth, while Japan has shifted to positive growth. In emerging economies, overall growth momentum has slowed, although a number of countries including India and Vietnam have maintained strong growth.
   However, global economic headwinds are intensifying as the escalation of geopolitical tensions in the Middle East drives volatility in global energy prices and financial market conditions. In addition, the current trends of investment concentrated in specific sectors, such as artificial intelligence and semiconductors, may pose systemic risks to the financial market if profitability and productivity in these sectors do not materialize significantly in the future.
   In the global financial market, sovereign bond yields have dropped in major economies due to expectations for Fed rate cuts and slower inflation. Stock prices showed range-bound performance in advanced economies, while emerging markets have outperformed them, buoyed by the robust inflow of global capital. In the foreign exchange market, the US dollar has strengthened due to the US trade policy and geopolitical risks. That being said, volatility in the global financial market has exacerbated following the attack on Iran by the US and Israel, which has led to heightened economic uncertainty.
 

■ Global economic issue: Adoption of UAM in major economies and its implications
   Amid the growing need for sustainable mobility to address traffic congestion and environmental problems caused by urban population growth, urban air mobility (UAM) is emerging as a potential solution. UAM, a three-dimensional urban air transportation network, is widely recognized as a high value-added technology sector and a key strategic industry creating significant spillover effects across relevant sectors.
   Major economies see UAM as a future strategic industry and are bolstering policy frameworks while intensifying the race for global leadership. The US is fostering the UAM industry to fortify domestic supply chains and stimulate employment; Europe is commercializing the UAM technology by introducing an integrated regulatory framework. China is accelerating commercialization under its 'low-altitude economy' strategy; Korea is laying the foundation for commercialization through relevant laws, regulations, and roadmaps.
   UAM is expected to develop into a convergent ecosystem covering services as well as upstream and downstream industries. However, challenges such as delays in technology certification, lack of institutional frameworks, uncertainty about profitability, and low public acceptance may hinder the pace of commercialization. Under such circumstances, Korea needs to focus on strengthening the technology and certification base, securing supply chains centered on core components and technologies, providing targeted fiscal and financial support to develop an early-stage market, and expanding service-oriented industries to enhance the competitiveness of the UAM sector.