SEOUL, Aug. 26 (Korea Bizwire) – The combined debt of the South Korean government and households has surged past 3 quadrillion won for the first time, according to recent data from the Ministry of Economy and Finance and the Bank of Korea. This milestone, reached at the end of the second quarter, equates to 127% of [...]
SEOUL, Aug. 14 (Korea Bizwire) — South Korea’s fiscal deficit surpassed 100 trillion won (US$73.51 billion) during the first half of 2024 amid weak corporate performances and rising state expenditures, data showed Wednesday. The managed fiscal balance, a key gauge of fiscal health calculated on a stricter term, posted a deficit of 103.4 trillion won [...]
SEOUL, Aug. 8 (Korea Bizwire) – As South Korea’s aging population rapidly expands, a government-funded research institute is warning that the country’s age-friendly industry is failing to keep pace, potentially missing out on a significant economic opportunity. The Korea Institute for Industrial Economics and Trade (KIET) released a report on August 7 highlighting the disconnect between [...]
SEOUL, Aug. 5 (Korea Bizwire) – South Korean stocks tumbled by the most on record to a near nine-month low Monday amid intensifying fears over a U.S. economic slowdown, with big tech coming under heavy selling. The Korean won fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) plummeted a record [...]
SEOUL, Aug. 2 (Korea Bizwire) — South Korea’s inflation picked up pace in July on high prices of fruits and petroleum products, though it stayed below 3 percent for the fourth consecutive month, data showed Friday. Consumer prices, a key gauge of inflation, rose 2.6 percent on-year last month, compared with a 2.4 percent increase [...]
SEOUL, Jul. 12 (Korea Bizwire) — The economic recovery in South Korea has strengthened on solid exports, the manufacturing sector, and domestic demand showing signs of recovering, the finance ministry said Friday. The Ministry of Economy and Finance made the assessment in the Green Book, its monthly economic assessment report, while pointing to prolonged geopolitical [...]
SEOUL, Jul. 11 (Korea Bizwire) –The Organization for Economic Cooperation and Development (OECD) called on South Korea on Thursday to introduce tighter fiscal rules and maintain a restrictive policy as its budget is projected to remain in deficit through next year and rapid aging would add longer-term pressure. “The budget is projected to remain in [...]
SEOUL, Jul. 9 (Korea Bizwire) — The chief of the South Korean central bank said Tuesday the country is expected to see a gradual easing of inflation, while market volatility has grown amid high interest rates and political uncertainties in major nations. Bank of Korea (BOK) Gov. Rhee Chang-yong made the assessment during a parliamentary [...]
SEOUL, Jul. 5 (Korea Bizwire) – The widening interest rate gap between Japan and the United States has led to a “super weak yen” phenomenon, creating an unexpected hurdle for South Korea’s previously robust export sector. As the U.S. maintains high interest rates, the dollar continues to strengthen, but the yen’s value has fallen more sharply [...]
SEOUL, Jul. 2 (Korea Bizwire) — South Korea’s consumer prices slowed to an 11-month low in June, though prices of fresh food items and petroleum products remained high, data showed Tuesday. Consumer prices, a key gauge of inflation, rose 2.4 percent on-year last month, compared with a 2.7 percent on-year rise a month earlier, according [...]