Korea suffered an economic collapse back in 1996 where it saw it's GDP decline, due to the Asian financial crisis, by 38% to 1998. But Korea is suffered a major decline of it's GDP during the financial crisis. From 2007 to 2009 Korea saw it's GDP contract by around 19%. The latest contraction is large enough, in my opinion to warrant as an economic collapse, but Korea has recovered very quickly, unlike Japan, and it's GDP now surpasses it's high back in 2007. However, Korea is a very dependent on exports, and hence the global economy. It's TAPG is over 80%, so expect Korea to be hit hard by the next wave of the crisis.