In December 2021, the Korean Economic Association selected seven major challenges of Korean economy through a ballot of all its members. The selected challenges in order of the votes obtained are: 1) productivity improvement and innovation, 2) low fertility problem, 3) stabilization of housing market and a soft landing of housing price, 4) low potential growth rate, 5) household debt, 6) income inequality, 7) government debt. Overall, these challenges imply that Korean economy is in a serious crisis. Low productivity and low fertility seriously deteriorate the potential growth rate. Household debt and government debt due to housing price hike and high liquidity pose a substantial risk to the whole economy. As economic bipolarization worsens income inequality, Korean economy faces equity problem in addition to its efficiency decline. This paper evaluates these challenges and surveys the literature.