How many of you have just browsed desserts at night on food delivery apps for over 10-15 minutes and never ordered anything? Well, I have done that n-number of times. There is some kind of satisfaction in doing this; sometimes this itself is more enjoyable than having the food, isn't it? Now imagine doing all of that and even ordering the food and tracking the delivery rider on the map, except the food never arrives. That is the idea behind 'FoodNeverComes', a viral South Korean website designed to recreate the dopamine rush of ordering food without spending a penny.
At first glance, it looks like a quirky Gen Z trend. However, if you look closely, it may show South Korea's biggest economic contradictions.
The AI and semiconductor boom has pushed the stock markets to record highs and lifted GDP growth. Yet many young Koreans are struggling with weak job prospects, rising housing costs and stagnant incomes. In a society where the symbols of prosperity are everywhere but access to them is becoming uneven, fake food-delivery apps may be less about business and technology and more about dopamine and economics.
Difference Between GDP & GDI
Let's go back to basics. Suppose South Korea sold 100 memory chips last year, and 100 chips this year. The real GDP growth is almost zero. But if the price of each chip rises from $1 to $2, its revenue jumps from $100 to $200. That is a 100% increase in nominal GDP. GDP, or Gross Domestic Product, measures the value of output in an economy. Nominal GDP uses current prices, while real GDP adjusts for inflation. In this example, nominal GDP changed while the real GDP remained unchanged because the quantity was the same as last year.
But there is another layer to the story. Assume it exports all the chips whose prices have doubled while import costs, mostly crude oil, remain unchanged. We can say that it can buy more imports with the same quantity of exports. Economists call this an improvement in the terms of trade.
This is where GDI, or Gross Domestic Income, comes into the story. While GDP tells us how much the economy produced, GDI measures the income generated from that production in the form of wages, profits, rents and taxes. That distinction is crucial for understanding today's South Korea. As memory-chip prices surged during the AI boom, the country's income rose much faster than its output. As a result, real GDP grew about 4% YoY in the first quarter of 2026, while real GDI jumped 13%.
In theory, GDP and GDI should be identical because every dollar of output eventually becomes income for someone. In practice, however, they are compiled from different data sources and are subject to different revisions and measurement errors. Small gaps are common. A gap of nearly 9 percentage points is not.
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What Does The GDP-GDI Wedge Suggest?
This gap can be interpreted in two ways. A more optimistic view is that the economy may be richer than what GDP suggests, and that the gains, currently concentrated in the semiconductor sector, will spread to the rest of the economy. The Bank of Korea's economic outlook report predicts that to happen. Governor Shin Hyun-song argued that the higher profits, salaries and bonuses from this industry will translate into higher tax collection, more capital spending, higher income growth, and eventually, stronger consumption across the economy.
However, a more cautious interpretation is that if the AI boom fizzles out and memory prices cool down, the current gains will fade immediately. In that scenario, the spillover effects anticipated by the central bank may prove weaker than expected, leaving much of the economy exposed. The key question, therefore, is whether today's semiconductor windfall evolves into sustained, economy-wide growth or remains a temporary boom concentrated in a handful of firms and sectors.
Higher Dependence On One Sector
Although many commentators remain optimistic about South Korea's economic trajectory, critics argue that the country's growth has become dependent on a handful of sectors. Professor Kim Gwang-suk of Hanyang University has even proposed publishing two sets of economic indicators — one including semiconductors and another excluding them — to prevent policymakers from misreading the economy's underlying health. The concern is not misplaced.
Chips and AI-related equipment now account for more than 40% of South Korea's exports, more than double their share two years ago, while Samsung Electronics and SK Hynix alone account for more than half of the Kospi's market capitalization. Meanwhile, The Economist highlights that non-AI exports have stagnated, battery plants are operating below capacity, and chemical output remains well below its 2022 levels.
The bigger concern is where the semiconductor windfall ends up. Kim Yong-beom, South Korea's presidential policy chief, warned that such gains have historically flowed into real estate rather than the broader economy. Much of the income accrues to shareholders and employees of large firms such as Samsung and SK Hynix, while nearly 60% of Korean workers are employed by small businesses, and irregular workers earn roughly half as much as regular employees.
As a result, the boom risks becoming concentrated at the top of the income ladder, where money is more likely to flow into assets than consumption. This could push property prices up while leaving the broader economy behind. Seoul apartment prices have already risen for 72 consecutive weeks.
Final Take
South Korean policymakers are increasingly worried about a K‑shaped economy. At the top are semiconductor workers, property owners and Kospi investors riding the AI boom. At the bottom are small businesses, informal workers and young renters stuck with weak wage growth and rising living costs.
That makes me think if there is more to read in the latest trend of the dopamine sites mentioned at the beginning. Agreed that these sites didn't appear because of inequality. They sit at the intersection of Korean digital culture and consumer psychology.
What the current moment adds is amplification — and a touch of irony. The semiconductor boom that is lifting national income and pushing stock markets to new highs is also leaving others left out of this prosperity. The coexistence of those two realities may be the most revealing indicator of all.
Disclaimer: The views expressed in this article are solely those of the author and do not necessarily reflect the opinion of NDTV Profit or its affiliates. Readers are advised to conduct their own research or consult a qualified professional before making any investment or business decisions. NDTV Profit does not guarantee the accuracy, completeness, or reliability of the information presented in this article.
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