SEOUL, Nov. 20 (Korea Bizwire) — An International Monetary Fund (IMF) team said Wednesday that South Korea’s economy is forecast to grow 2 percent next year, citing downside risks including a slowdown in trade and heightened geopolitical tensions. The latest forecast by the IMF team marked a 0.2 percentage-point drop from an earlier projection presented [...]
SEOUL, Nov. 19 (Korea Bizwire) – South Korea’s inheritance tax system, among the highest in developed nations, is hampering business continuity and economic dynamism, according to a new report released on November 18 by the Korea Chamber of Commerce and Industry (KCCI). The report, “Five Reasons Why Inheritance Tax Reform is Necessary,” comes as the government’s [...]
SEOUL, Nov. 15 (Korea Bizwire) – In response to ongoing inflation, South Korean consumers are expected to evolve beyond simple cost-cutting measures to adopt more sophisticated “wiser wallets” spending patterns in the coming year, according to a new global consumer trends report. The “2025 Global Consumer Trends Report,” released on November 14 by global data analytics [...]
SEOUL, Nov. 7 (Korea Bizwire) — Donald Trump’s return to the White House is expected to have a significant impact on the export-driven South Korean economy and increase market volatility as he has warned of protectionist policies, decoupling from China and other drastic policy shifts across the board, experts said Thursday. “If the policy stance [...]
SEOUL, Nov. 5 (Korea Bizwire) – South Korea’s economy could face severe long-term consequences if it fails to adequately address the climate crisis, with projections showing an annual growth rate decline of 0.3 percentage points and a 21% drop in GDP by 2100, according to a new report from the Bank of Korea. The central bank [...]
SEOUL, Nov. 2 (Korea Bizwire) – A South Korean government research institute has warned that if Donald Trump returns to the presidency and implements his proposed tariff policies, South Korea could see its exports decline by as much as $44.8 billion (61.7 trillion won). According to a report released on October 31 by the Korea Institute [...]
SEOUL, Oct. 30 (Korea Bizwire) — An annual conference of South Korean business leaders from around the world is successfully under way in Vienna after its opening ceremony at the Austria Center Vienna earlier this week, organizers said Wednesday. The World Federation of Overseas Korean Traders Association (World-OKTA) opened its 28th leaders’ convention in the [...]
SEJONG, Oct. 29 (Korea Bizwire) – South Korea’s exports, long considered the backbone of its economy, are showing signs of weakness, amplifying concerns about the country’s economic outlook. The possibility of a Donald Trump victory in the U.S. presidential election, with his promises of aggressive tariff policies, is raising additional concerns about the recovery of exports [...]
SEOUL, Oct. 27 (Korea Bizwire) – South Korea’s Finance Minister Choi Sang-mok vowed to minimize the pace of its government debt growth through stricter budget restructuring in a meeting with a manager of Moody’s Investors Service, the finance ministry said Sunday. Choi made the remarks when he met with Marie Diron, managing director of Moody’s [...]
SEOUL, Oct. 25 (Korea Bizwire) – South Korea is set to maintain its economic edge over Japan and Taiwan in per capita GDP this year, according to recent International Monetary Fund projections, with forecasts suggesting it will surpass the $40,000 milestone by 2027. In its World Economic Outlook report released on October 22, the IMF projected [...]