SEOUL, May 6 (Korea Bizwire) — Volatility in the foreign exchange (FX) market will likely persist for some time amid uncertainties in the global economy and domestic politics, South Korea’s top central banker said Tuesday, while reiterating the need for monetary easing to boost the local economy. “It is still too early to say whether [...]
SEOUL, May 2 (Korea Bizwire) — Inflation remains generally stable, but uncertainties surrounding consumer prices remain high due to U.S. President Donald Trump’s administration’s new tariff scheme, the central bank said Friday. Bank of Korea (BOK) Deputy Gov. Kim Woong made the assessment during a meeting to review price trends, following government data that showed [...]
WASHINGTON, April 25, (Korea Bizwire) — The International Monetary Fund has halved its 2025 growth outlook for South Korea, citing the combined effects of escalating U.S. tariffs and domestic political instability. It marks the steepest downgrade among major economic forecasts for the country to date. Rahul Anand, head of the IMF’s Korea mission, explained the [...]
SEOUL, April 24 (Korea Bizwire) — South Korea’s top central banker has said global trade tensions sparked by the United States’ sweeping tariff policy are a major headwind for the country’s export-driven economy, and the issue will likely accelerate its efforts to diversify supply chains. Bank of Korea (BOK) Gov. Rhee Chang-yong made the assessment [...]
SEOUL, April 24 (Korea Bizwire) — South Korea’s domestic consumption has entered a prolonged downward trend, driven not by short-term disruptions like COVID-19 or inflation, but by deep-rooted structural issues such as demographic aging, employment patterns, and industrial shifts, according to a new report released on April 23, 2025, by the Korea Chamber of Commerce and [...]
SEOUL, April 24 (Korea Bizwire) — The South Korean economy posted negative growth for the first time in about a year in the first quarter of 2025, central bank data showed Thursday, amid a domestic political crisis and uncertainties stemming from the Donald Trump administration’s sweeping tariff scheme. The country’s real gross domestic product (GDP) [...]
SEOUL, April 22 (Korea Bizwire) — The International Monetary Fund (IMF) on Tuesday sharply downgraded its growth forecast for South Korea’s economy to 1 percent for 2025, citing heightened global economic uncertainty stemming from newly imposed U.S. tariff measures. In its latest World Economic Outlook report, the IMF cut its projection for Asia’s fourth-largest economy [...]
SEJONG, April 20 (Korea Bizwire) — South Korea’s national debt without available payment resources is projected to near 900 trillion won (US$634 billion) this year, the government said Sunday. The country’s national debt is expected to reach 885.4 trillion won in 2025, up 11.8 percent from a year earlier, according to the Ministry of Economy [...]
SEOUL, April 13 (Korea Bizwire) — Volatility in South Korea’s foreign exchange market surged to its highest level last week since the country extended trading hours for the won–U.S. dollar market, data showed Sunday. The weekly fluctuation in the won–dollar exchange rate reached 67.6 won during the second week of April, which marked the highest [...]
SEOUL, April 11 (Korea Bizwire) — The Finance Ministry said Friday that the government will extend the tariff-rate quota system on pork and egg product imports in an effort to stabilize food prices. Starting May 1, emergency tariff quotas will be applied to 10,000 tons of raw pork for processed foods and 4,000 tons of [...]