SEOUL, Feb. 18 (Korea Bizwire) — Gold and dollar deposits at South Korea’s major banks have reached record highs as investors seek safe-haven assets amid global economic uncertainty and a strong U.S. dollar. According to financial industry data released on February 18, the combined balance of dollar deposits at the country’s five largest banks—KB Kookmin, Shinhan, [...]
SEOUL, Feb. 18 (Korea Bizwire) — Seoul’s retail sector is entering a slowdown phase as economic stagnation and reduced consumer spending take hold, according to a recent market analysis. Cushman & Wakefield Korea released its Q4 2024 Retail Market Report on Monday, forecasting that persistent inflation, a strong U.S. dollar, and rising household debt burdens [...]
SEOUL, Feb. 16 (Korea Bizwire) — The number of self-employed individuals in South Korea who failed to repay their debts increased by 35% in 2024, as high interest rates and prolonged domestic economic stagnation deepened financial distress, new data shows. The burden was particularly severe for those aged 60 and older, with defaults in this group [...]
SEOUL, Feb. 7 (Korea Bizwire) — The International Monetary Fund (IMF) has cautioned that downside risks to South Korea’s economy remain significant, citing prolonged political uncertainty as a key factor that could dampen investment and consumer sentiment while heightening financial volatility. In its 2024 Annual Consultation Report on South Korea, released on February 7, the IMF [...]
SEOUL, Feb. 7 (Yonhap) – Acting President Choi Sang-mok on Friday emphasized the importance of close communication with parliament to expedite the passage of a bill designed to enhance the country’s capital markets. The revised bill, which recently failed to pass, includes provisions for corporate tax reductions for high-performing companies and a separate taxation scheme [...]
SEOUL, Feb. 6 (Korea Bizwire) – South Korea logged a current account surplus for the eighth straight month in December, backed by strong exports and an increased trade surplus, central bank data showed Thursday. The country’s current account surplus reached US$12.37 billion in December, following the surplus of $10.05 billion a month earlier, according to [...]
SEOUL, Feb. 5 (Korea Bizwire) - The South Korean central bank said Wednesday that uncertainties remain high regarding prices of global oil and farm produce, the local currency and domestic demand, which could affect inflation down the road. Bank of Korea (BOK) Deputy Gov. Kim Woong made the assessment during a meeting meant to check [...]
SEOUL, Feb. 2 (Korea Bizwire) — South Korea’s gross domestic product (GDP) per person is estimated to have exceeded the US$36,000 mark last year, data showed Sunday. The GDP per capita for 2024 is estimated at $36,024, up $454, or 1.28 percent, from a year earlier, according to the data compiled by the Ministry of [...]
SEOUL, Jan. 31 (Korea Bizwire) — South Korea’s Financial Stress Index (FSI) spiked in December 2024 to levels last seen during the Legoland crisis in September 2022, reflecting mounting economic instability amid political uncertainty. According to data submitted by the Bank of Korea (BOK) to lawmaker Lim Kwang-hyun of the National Assembly’s Strategy and Finance Committee, [...]
SEJONG, Jan. 30 (Korea Bizwire) — South Korea saw sharp price increases in food items last year, with fruits and vegetables making up the majority of the top 10 most inflation-affected goods, according to data from Statistics Korea. Among 458 consumer price index items, Asian pears recorded the steepest price hike, soaring 71.9% in 2024 due [...]