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S. Korea’s 2020 Growth Ranks 3rd Among Major Nations

S. Korea’s 2020 Growth Ranks 3rd Among Major Nations

SEOUL, Feb. 23 (Korea Bizwire) — South Korea’s economic growth rate ranked third among major economies across the globe in 2020 despite an on-year contraction due to the coronavirus pandemic, data showed Tuesday. Asia’s fourth-largest economy contracted 1 percent last year from a year earlier, but it posted the third-best performance among 15 major nations, [...]

Foreign IBs Raise S. Korea’s 2021 Growth Outlook

Foreign IBs Raise S. Korea’s 2021 Growth Outlook

SEOUL, Jan. 27 (Korea Bizwire) — Several foreign investment banks (IBs) have revised up their forecasts for South Korea’s 2021 economic growth following the economy’s relatively good performance last year, a report showed Wednesday. Out of six foreign IBs and one research institute that published reports on Asia’s fourth-largest economy Tuesday, three upgraded their growth [...]

Finance Ministry Faces Tough Calls over Further Spending amid Pandemic

Finance Ministry Faces Tough Calls over Further Spending amid Pandemic

SEOUL, Jan. 22 (Korea Bizwire) — South Korea’s finance ministry has increasingly found itself in hot water over growing calls to dig deeper into state coffers in response to the pandemic-caused economic slump, as it is wary of the country’s ballooning debt. A row over the finance ministry’s fiscal role reignited this week after Prime [...]

Major Foreign IBs Revise Up S. Korea’s 2021 Growth Outlook

Major Foreign IBs Revise Up S. Korea’s 2021 Growth Outlook

SEOUL, Jan. 7 (Korea Bizwire) — Major foreign investment banks (IBs) have slightly raised their forecasts for South Korea’s economic growth for 2021 despite the coronavirus pandemic, a report showed Thursday. As of end-December, nine major global IBs, including Barclays and Goldman Sachs, forecast the South Korean economy to grow 3.4 percent this year, up [...]

S. Korea’s Trade Deficit with Japan Inches Up amid Weaker Boycott

S. Korea’s Trade Deficit with Japan Inches Up amid Weaker Boycott

SEOUL, Nov. 26 (Korea Bizwire) — South Korea’s trade deficit with Japan edged up in the first 10 months of the year, data showed Thursday, as a local boycott of Japanese consumer goods shows signs of losing steam. Seoul posted a trade deficit of US$16.56 billion in the January-October period, compared with $16.42 billion during [...]

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 [...]