Economy Archives | Be Korea-savvy

Archive by category Economy

Major Foreign IBs Cut S. Korea’s Growth Outlook on Virus Resurgence

Major Foreign IBs Cut S. Korea’s Growth Outlook on Virus Resurgence

SEOUL, Oct. 12 (Korea Bizwire) — Major foreign investment banks (IBs) have downgraded their forecasts for South Korea’s economic growth following the resurgence of the coronavirus here, a report showed Monday. As of end-September, nine major global IBs, including Barclays and Goldman Sachs, forecast Asia’s fourth-largest economy to shrink 1.4 percent this year, compared with [...]

S. Korea Fares Better than Other OECD Members in Q2

S. Korea Fares Better than Other OECD Members in Q2

SEOUL, Oct. 4 (Korea Bizwire) — South Korea performed relatively better in terms of economic growth over the second quarter of the year compared to other members of the Organization for Economic Cooperation and Development (OECD), data showed Sunday. South Korea’s economy contracted 3.2 percent on-year in the April-June period, which marked the smallest decrease [...]

Gov’t Signals Negative Economic Growth Inevitable for 2020

Gov’t Signals Negative Economic Growth Inevitable for 2020

SEOUL, Sept. 14 (Korea Bizwire) — South Korea’s negative economic growth is expected to be inevitable for this year in the wake of the coronavirus outbreak, officials have said. Local bureaucrats’ growing pessimism about Asia’s fourth-largest economy comes as economic activity has been battered by tougher social distancing measures in the greater Seoul area in [...]

OECD Raises S. Korea’s 2020 Growth Outlook

OECD Raises S. Korea’s 2020 Growth Outlook

SEJONG, Aug. 11 (Korea Bizwire) — South Korea’s economy is likely to shrink less than expected this year thanks to its successful response to the coronavirus pandemic, the Organization for Economic Cooperation and Development (OECD) said Tuesday. In its latest report on South Korea, the Paris-based club of major economies predicted Asia’s fourth-largest economy will [...]

S. Korea Sees Growing Signs of Economic Recovery

S. Korea Sees Growing Signs of Economic Recovery

SEOUL, Aug. 9 (Korea Bizwire) — South Korea’s economic sluggishness has eased on diminishing negative effects of the coronavirus pandemic, a state-run think tank said Sunday. South Korea’s daily new virus cases spiked more than 900 in late February, but the COVID-19 curve has since flattened sharply in recent months. The decline in infections has [...]

S. Koreans’ Nonessential Spending Plummets amid Coronavirus

S. Koreans’ Nonessential Spending Plummets amid Coronavirus

SEOUL, Aug. 2 (Korea Bizwire) — South Korean consumers purchased far fewer nonessential items in the first quarter than normal due to economic uncertainty sparked by the coronavirus pandemic, data showed Sunday. The combined essential spending came to 84.81 trillion won (US$71 billion) in the January-March period, accounting for 40.56 percent of total household expenditures, [...]

S. Korea’s Growth Rate Second Highest Among 14 Major Countries

S. Korea’s Growth Rate Second Highest Among 14 Major Countries

SEOUL, Aug. 2 (Korea Bizwire) — South Korea’s economy contracted 3.3 percent in the second quarter from a quarter earlier, but it fared well compared with other major economies, data showed Sunday. South Korea’s gross domestic product (GDP) growth rate was the second highest among the 14 countries that included the United States, China, Germany [...]