in this case, the correct conclusion is probably "it's too early to tell". economies can take a while to equilibriate, and the article mention a 1-year timefram

in this case, the correct conclusion is probably "it's too early to tell". economies can take a while to equilibriate, and the article mention a 1-year timeframe from which they draw their conclusion. i'd also guess that south korea, while more developed than many countries, is not quite developed enough to extract surplus value from the various value chains its economy participates in. that would matter because their businesses would have less profit leeway to absorb costs like a higher minimum wage in the short term.