SEOUL, May 8 (Korea Bizwire) — With President Yoon Suk Yeol set to begin his third year in office, South Korea has presented sluggish economic growth amid stubborn inflation unseen in decades, experts said Wednesday, calling for a clear, detailed policy mix to spur growth while maintaining its restrictive fiscal stance and structural reforms. Growth [...]
SEOUL, May 3 (Korea Bizwire) — Companies will be fined for reducing packet contents while maintaining retail prices without notice in South Korea as the government seeks to eradicate “shrinkflation” practices to better ensure consumer rights, the antitrust regulator said Friday. Under the envisioned revision of relevant regulations, manufacturers of daily necessities, including milk, coffee, [...]
SEOUL, May 2 (Korea Bizwire) — Finance Minister Choi Sang-mok vowed Thursday to stay vigilant on uncertainties regarding interest rate decisions by major economies and the Middle East crisis and to take bold market stabilization steps when necessary. Choi made the remarks during an emergency macroeconomic meeting meant to assess the Federal Reserve’s rate-setting meeting [...]
SEOUL, May 2 (Korea Bizwire) — South Korea’s inflation rose 2.9 percent in April on-year, marking the first time in three months that the index fell below 3 percent, data showed Thursday. Consumer prices, a key gauge of inflation, fell 0.2 percentage point last month from the reading in March, according to the data from [...]
SEOUL, April 30 (Korea Bizwire) – South Korean public firms’ liabilities reached another high in 2023 as they borrowed more money for projects meant to ease housing problems and build infrastructure, the finance ministry said Tuesday. The combined debt of 324 public companies came to 709 trillion won (US$572.17 billion) last year, up 5.7 percent [...]
SEOUL, April 30 (Korea Bizwire) – Global credit appraiser S&P Global Ratings said Tuesday it has maintained its credit rating on South Korea at “AA,” with a stable outlook. S&P has kept South Korea’s long-term sovereign credit rating at the third-highest level on the company’s table since August 2016, when it upgraded the rating by [...]
SEOUL, Apr. 26 (Korea Bizwire) — Trade Minister Cheong In-kyo said Friday he expects exports to rise for the seventh consecutive month in April, helped by a recovery of chip shipments. “In April, exports are expected to maintain growth for the seventh consecutive month on the back of robust shipments to the U.S., China and [...]
SEOUL, Apr. 26 (Korea Bizwire) — The finance ministry said Friday the government will lower tariffs levied on seven farm products and other food imports, including cabbages and grapes, starting May to curb still-high inflation. The planned move through the tariff-rate quota is part of the country’s flexible tariff system, where the government temporarily adjusts [...]
SEOUL, Apr. 25 (Korea Bizwire) — South Korea’s economy grew at the fastest pace in over two years in the first quarter of the year on the back of a continued recovery in exports and a rise in construction investment, central bank data showed Thursday. The country’s real gross domestic product — a key measure [...]
SEOUL, Apr. 25 (Korea Bizwire) — An economic surveillance organization in Asia on Thursday expected the South Korean economy to expand 2.3 percent this year on rising exports, calling for maintaining tight monetary policy to safeguard macroeconomic stability amid uncertainties, Seoul’s finance ministry said. The ASEAN+3 Macroeconomic Research Office (AMRO) made the assessment in a [...]