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S. Korea’s Household Debt Growth Accelerates in June

S. Korea’s Household Debt Growth Accelerates in June

SEOUL, July 9 (Korea Bizwire) — South Korea’s household debt grew at an increased speed in June, while the rise in corporate loans slowed sharply from a month earlier following the government’s stimulus measures aimed at supporting the pandemic-hit economy, central bank data showed Thursday. Fresh bank loans extended to local households came to 8.1 [...]

S. Korean Economy Tipped to Contract This Year, but Positive Growth Still Possible

S. Korean Economy Tipped to Contract This Year, but Positive Growth Still Possible

SEOUL, July 5 (Korea Bizwire) — South Korea’s economy is widely expected to suffer its first annual contraction in over a decade this year but may expand, depending on how swiftly and effectively the government implements its budget spending and how quickly the COVID-19 pandemic is brought under control, a think tank said Sunday. “Considering [...]

Employment Insurance May Face Depletion This Year on Virus

Employment Insurance May Face Depletion This Year on Virus

SEOUL, June 4 (Korea Bizwire) — South Korea’s state employment insurance scheme could run out of money this year if the novel coronavirus continues to hit the country’s job market until year-end, a report said Thursday. The report from the National Assembly Budget Office estimated that the number of unemployment benefit recipients could reach 1.84 [...]

Household Income Grows, but Wealth Gap Widens in Q1

Household Income Grows, but Wealth Gap Widens in Q1

SEJONG, May 21 (Korea Bizwire) — South Korea’s household income rose in the first quarter from a year earlier, but the income gap between the haves and have-nots widened, as the employment situation of the low-income bracket worsened amid the coronavirus pandemic, a report showed Thursday. The average household earned 5.35 million won (US$4,357) per [...]

Q1 Household Debt Growth Slowest in 1 Year Due to Virus Outbreak

Q1 Household Debt Growth Slowest in 1 Year Due to Virus Outbreak

SEOUL, May 20 (Korea Bizwire) – South Korea’s household debt grew at the slowest pace in one year in the first quarter, central bank data showed Wednesday, amid a sharp decline in spending apparently caused by the new coronavirus outbreak that is expected to hurt the whole economy. Outstanding household credit came to 1,611.3 trillion [...]