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Despite 6-year Low Growth, S. Korea’s GNI to Surpass US$30,000 This Year

Despite 6-year Low Growth, S. Korea’s GNI to Surpass US$30,000 This Year

SEOUL, Dec. 9 (Korea Bizwire) — South Korea’s per capita income is likely to surpass US$30,000 this year, though the economy is forecast to record its lowest growth rate in six years, observers said Sunday. Gross national income (GNI) is expected to reach $31,243 in 2018, up from last year’s $29,745, according to market observers, [...]

Drop in Economic Activity Among S. Koreans Between the Ages of 30 and 54

Drop in Economic Activity Among S. Koreans Between the Ages of 30 and 54

SEOUL, Dec. 5 (Korea Bizwire) — Individuals between the ages of 30 and 54, typically known as the principal breadwinners in South Korean society, are participating less in economic activities. This trend raises concerns that this disruption to the labor market could develop into a serious social issue which may negatively impact South Korea’s overall [...]

Moon Proposes APEC Digital Economy Fund

Moon Proposes APEC Digital Economy Fund

PORT MORESBY, Nov. 18 (Korea Bizwire) — President Moon Jae-in on Sunday proposed the creation of an Asia-Pacific fund for digital economy to help promote regional cooperation and build capacity in developing countries. In an address to the Asia Pacific Economic Cooperation (APEC) summit in Papua New Guinea, Moon also presented his economic and social [...]

Turnover Rate of Deposits Nears 32-year Low

Turnover Rate of Deposits Nears 32-year Low

SEOUL, Nov. 15 (Korea Bizwire) — The turnover rate of deposits in South Korea hit a near 32-year low in September, central bank data showed Thursday, indicating that money circulation is clogged in Asia’s fourth-largest economy. The turnover rate of demand deposits came to 16.4 times for September, the lowest since January 1987, when the [...]

S. Korea’s Industrial Output for September Posts Sharpest Drop in 19 Months

S. Korea’s Industrial Output for September Posts Sharpest Drop in 19 Months

SEJONG, Oct. 31 (Korea Bizwire) — South Korea’s industrial output for September posted its biggest drop in 19 months due to a fall in auto and electronic parts production, government data showed Wednesday, raising concerns that the economy is on the brink of a slowdown. Production in the mining, manufacturing, gas and electricity industries backtracked [...]

Large Companies Stuck in a “Tunnel of Uncertainty” Due to Bleak Future Outlook

Large Companies Stuck in a “Tunnel of Uncertainty” Due to Bleak Future Outlook

SEOUL, Oct. 29 (Korea Bizwire) — A number of industries that propelled South Korea to its economic “miracle” are now headed downhill. The China-U.S. trade war, rising interest rates in the U.S., lowered labor productivity and other hurdles have large Korean corporations stuck in a “tunnel of uncertainty” in which companies are unable to accurately [...]

S. Korea’s Economic Growth Being Hurt by Weak Employment, Falling Investment

S. Korea’s Economic Growth Being Hurt by Weak Employment, Falling Investment

SEOUL, Oct. 28 (Korea Bizwire) – The South Korean economy is expected to post a weak annual growth for this year due to the country’s high unemployment rate coupled with the falling corporate investment, industry watchers said Sunday. The Bank of Korea recently revised down the growth target for 2018 to 2.7 percent from 2.9 [...]

S. Korea’s per-capita GDP Expected to Exceed US$40,000 in 2023

S. Korea’s per-capita GDP Expected to Exceed US$40,000 in 2023

SEOUL, Oct. 25 (Korea Bizwire) — South Korea’s per-capita gross domestic product (GDP) is on track to surpass US$30,000 this year and expected to exceed $40,000 in 2023, a parliamentary report showed Thursday. According to the report by the National Assembly Budget Office (NABO), South Korea’s per-capital GDP is expected to reach $31,862 this year, [...]