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BOK Chief Says Country Will Maintain Monetary Easing Policy to Support Growth

BOK Chief Says Country Will Maintain Monetary Easing Policy to Support Growth

SEOUL, June 13 (Korea Bizwire) – The chief of South Korea’s central bank on Tuesday renewed his stance to maintain the current monetary easing policy to support growth despite a possible U.S. rate hike this week. “As I mentioned yesterday, we will maintain the accommodative monetary policy to help out with economic recovery. We cannot [...]

S. Korea Vows to Take Concentrated Measures Against U.S. Trade Barriers

S. Korea Vows to Take Concentrated Measures Against U.S. Trade Barriers

SEJONG, June 13 (Korea Bizwire) – The South Korean government vowed Tuesday to take all necessary measures to deal with growing U.S. barriers against its trade surplus and steel products. “As the U.S. government has been moving to strengthen trade restrictions and raise barriers, all government ministries need to formulate countermeasures against such developments,” Deputy [...]

S. Korea’s Accumulated Investment in Vietnam Tops US$50 Billion

S. Korea’s Accumulated Investment in Vietnam Tops US$50 Billion

SEOUL, June 13 (Korea Bizwire) – The accumulated investment made by South Korean companies in Vietnam topped the US$50 billion mark as of 2016, with local businesses emerging as the No. 1 foreign investors in the Southeast Asian economy, industry data showed Monday. According to the data compiled by the Korea Trade-Investment Promotion Agency (KOTRA), [...]

South Korea’s Path to a 10,000 won Minimum Wage in 2020

South Korea’s Path to a 10,000 won Minimum Wage in 2020

SEOUL, June 10 (Korea Bizwire) – Earlier this week, the special advisory committee of state affairs planning — a presidential transition team appointed by President Moon Jae-in — reaffirmed one of Moon’s campaign pledges to raise the minimum wage to 10,000 won by 2020 at a press briefing held in central Seoul. The spokesperson of [...]

S. Korea’s Exports Remain Upbeat, Gains Weighed down by Lukewarm Domestic Demand

S. Korea’s Exports Remain Upbeat, Gains Weighed down by Lukewarm Domestic Demand

SEJONG, June 9 (Korea Bizwire) – An upturn in global trade and exports has been helping the South Korean economy recover to some extent, but the gains are weighed down by flaccid domestic demand, including investment and private consumption, a government report said Friday.  “The South Korean economy has been on a upside cycle thanks [...]

Real Income Growth Outpaced by Economic Expansion

Real Income Growth Outpaced by Economic Expansion

SEJONG, June 8 (Korea Bizwire) – The growth of real income of South Koreans has risen at a slower pace than that of economic growth over the past five years, government data showed Wednesday. The average real income of local businesses with at least five employees was 3.39 million (US$3,000) per month last year, up 2.8 percent from a year earlier, according to the data by the Ministry of Strategy and [...]