UK feels like it's been in recession for years. London seems to be improving though so hopefully it lifts the rest of the country.
Usually this was thought to apply only to poor countries, where inequality was very high as the industrial sectors (where GDP growth mostly came from) were heavily concentrated in a few hands. It wasn't as much the case in rich countries where labour was better organized and had a stronger bargaining position when negotiating pay, so GDP growth did feed through to higher wages.
That seems to have stopped in the rich world since the late 2000s. FTSE 100 company profits are up, yet they're pulling out every trick in the book to keep wages at poverty levels.
It's just more pronounced in the UK (and I'd expect South Korea) because London is such a dominant city in the UK.
It was one of the first cities in the world, and 30-ish years ago I was taught it was the first.
(often quoted to make a point about the parochialism of a lot of English politics and its inability to compare against other, distant, foreign places such as Manchester)
Given it's been at a low ebb since the pandemic, there is a bit more buzz about the city again.
That said, there could be a huge collapse coming later this year but after so much negativity for so long, things may change. The new government should help that (even if they don't do anything!).