Economy Archives | Be Korea-savvy

Archive by category Economy

South Korean Economy Exposed to Dangers of Easy Credit

South Korean Economy Exposed to Dangers of Easy Credit

SEOUL, Oct. 16 (Korea Bizwire) — South Korea’s financial industry may have reached the point of excess where its growth will only undermine further economic development. According to the Korea Institute of Finance, credit lines at South Korean financial institutions tend to concentrate on unproductive household loans and small businesses that combine to hamper financial [...]

Accumulated P2P Lending Sharply Increases to Top 4 tln Won

Accumulated P2P Lending Sharply Increases to Top 4 tln Won

  SEOUL, Oct. 3 (Korea Bizwire) – Accumulated peer-to-peer (P2P) loans in South Korea are estimated at over 4 trillion won (US$3.57 billion) as of the end of August, data showed on Wednesday. P2P lending refers to a new type of loan extended to individuals or businesses through social network services and the Internet, covering [...]

Sharp Rise in S. Korea’s Home Prices Poses Economic Risks: Report

Sharp Rise in S. Korea’s Home Prices Poses Economic Risks: Report

SEOUL, Sept. 30 (Korea Bizwire) – South Korea’s soaring housing prices, like those in other Asian countries, can cause downside risks for the broader economy, a report by the Asian Development Bank (ADB) said Sunday. In the updated version of the Asian Development Outlook, the international development financial institution warned that elevated housing prices threaten [...]

S. Korea’s Consumption Propensity Hits 13-year Low in 2017

S. Korea’s Consumption Propensity Hits 13-year Low in 2017

SEOUL, Sept. 27 (Korea Bizwire) — South Korea’s propensity to consume fell to a 13-year low in 2017 as households tightened their purse strings amid a sluggish economy, central bank data showed Thursday. The average consumption propensity, or the ratio of total private and government spending to disposable income, stood at 78.9 percent, down 0.2 [...]

Richest People Make 1,000 Times More than Poorest

Richest People Make 1,000 Times More than Poorest

SEOUL, Sept. 2 (Korea Bizwire) — The richest people in South Korea earned nearly 1,000 times more than the lowest wage earners last year, a parliamentary report said Sunday, highlighting the country’s widening income disparity. The average earned income of the top 0.1 percent bracket reached 660 million won (US$590,000) per person last year, according [...]

Income Gap Reaches New 10-Year High

Income Gap Reaches New 10-Year High

SEOUL, Aug. 24 (Korea Bizwire) — The nominal income of South Koreans belonging to the lower 40 percent of income earners in the second quarter of the year indicated the worst-ever drop recorded in the nation’s history when considering all previous second quarter data. Meanwhile, the nominal income belonging to the top 20 percent of [...]