SEOUL, Jan. 5 (Korea Bizwire) – The government will extend intensive policy support to bring inflation down below 3 percent in the first half of 2024 as prices are projected to ease slower than expected, the finance ministry said Friday. “Inflation is expected to moderate gradually to stay around 3 percent in the first half [...]
SEJONG, Jan. 4 (Korea Bizwire) –A recent study has revealed that housing prices are the most significant factor affecting the decision to have a first child, while the cost of private education becomes more influential for subsequent children. The study on future birth rates in South Korea showed that the factors most affecting the decision [...]
SEOUL, Jan. 4 (Korea Bizwire) – South Korea’s foreign reserves increased for the second straight month in December on the back of the increased conversion value of non-dollar assets and a rise in deposits, central bank data showed Thursday. The country’s foreign reserves had come to US$420.15 billion as of end-December, up $3.07 billion from [...]
SEOUL, Jan. 3 (Korea Bizwire) – Small business owners in South Korea are grappling with a burgeoning financial crisis, compounded by the aftermath of the COVID-19 pandemic, rising interest rates, and soaring inflation. As repayment deadlines for accumulated debts loom, there’s an increasing concern over potential defaults, leading to a spike in bankruptcies among these entrepreneurs. [...]
SEOUL, Dec. 29 (Korea Bizwire) — South Korea has continued to experience high inflationary pressure this year following the highest price growth in decades the previous year, but inflation in December ticked down for a second consecutive month in signs that price pressure is easing, data showed Friday. Consumer prices, a key gauge of inflation, [...]
SEOUL, Dec. 28 (Korea Bizwire) – In the face of persistent high inflation and interest rates, South Korean consumers have been navigating the economic landscape with markedly polarized spending habits. This trend, underscored by recent studies from Lotte Home Shopping and WiseApp, reveals a complex interplay of ‘value-seeking consumption’ and ‘revenge spending’, shaping the country’s retail [...]
SEOUL, Dec. 27 (Korea Bizwire) — South Korea’s consumer sentiment snapped its four-month decline in December amid moderating inflation, a recovery in exports and hopes for an end in the Federal Reserve’s rate hikes, a central bank poll showed Wednesday. The composite consumer sentiment index stood at 99.5 in December, up from 97.2 the previous [...]
SEOUL, Dec. 26 (Korea Bizwire) — The South Korean economy is expected to be on track for a recovery in 2024 on rising exports, but sluggish growth looms large as higher-for-longer interest rates and sticky inflation could further hamper global growth and domestic demand, experts said Tuesday. South Korea has faced multiple economic challenges in [...]
SEOUL, Dec. 12 (Korea Bizwire) — Nearly three-fourths of local economic experts expect South Korea’s economic growth to remain stuck in a low range over the long term amid overseas risks, a poll showed Tuesday. The survey of 211 professors of economics and business administration showed 73.2 percent of the respondents predict the economy to grow [...]
SEOUL, Dec. 11 (Korea Bizwire) – In the midst of a prolonged global economic downturn, South Korean companies are tightening their belts as they prepare next year’s business plans, focusing on cost-saving initiatives and voluntary retirements. SK Group recently adopted a cost-effective approach by organizing dinner meetings at company cafeterias instead of dining out, reducing expenses [...]