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 [...]
SEOUL, Jul. 1 (Korea Bizwire) – With the summer vacation season approaching, many South Koreans are finding themselves priced out of their usual holiday plans, opting instead for “staycations” or scaled-back trips due to persistent inflation and high interest rates. Lee, a 29-year-old office worker in Seoul who asked to be identified only by their surname, [...]
SEOUL, Jul. 1 (Korea Bizwire) — Over 60 percent of large companies in South Korea predict the country’s exports to see on-year growth during the second half of the year, according to a poll released Monday. According to the survey conducted recently by polling agency Mono Research on the top 1,000 domestic companies in terms [...]
SEOUL, Jul. 1 (Korea Bizwire) — The agricultural ministry said Monday it has launched steps to purchase 50,000 tons of rice in order to stabilize its price. The latest move comes in line with efforts to reduce the 150,000 tons of rice in storage, which was harvested in 2023, in the market this year, according [...]
SEOUL, Jul. 1 (Korea Bizwire) — South Korea’s industry ministry said Monday it has hosted a business forum with Vietnam to seek new opportunities for partnerships in chips, artificial intelligence and other areas. Around 500 government and business officials from both countries attended the event, which took place during Vietnamese Prime Minister Pham Minh Chinh’s [...]
SEOUL, Jun. 27 (Korea Bizwire) — South Korea’s business sentiment improved for a fourth consecutive month in July amid a steady recovery in exports, which offsets a slowdown in private spending, a central bank poll showed Thursday. Local companies’ business sentiment index (BSI) stood at 93.1 for the coming month, up from 91.8 the previous [...]
SEOUL, Jun. 26 (Korea Bizwire) — Finance Minister Choi Sang-mok said Wednesday it will take longer for the people to feel a recent economic recovery due mainly to still-high interest rates and inflation, vowing policy priority on supporting small businesses and other vulnerable classes. Choi made the remarks during an economy-related ministers’ meeting in Seoul, [...]