SEOUL, Jan. 20 (Korea Bizwire) — The Bank of Korea (BOK) said Monday its outlook for South Korea’s economic growth this year may be lowered to as low as 1.6 percent due to a political crisis sparked by suspended President Yoon Suk Yeol and weak domestic demand. The BOK had presented 1.9 percent growth outlook [...]
SEOUL, Jan. 17 (Korea Bizwire) — South Korea’s economy is grappling with deeper-than-expected shocks stemming from President’s declaration of martial law on December 3, 2024, according to a new analysis from the Bank of Korea (BOK). The political instability has forced the central bank to reconsider its economic growth projections for both 2024 and 2025, raising the [...]
SEOUL, Jan. 16 (Korea Bizwire) — For the first time since the 1997-1998 Asian financial crisis, South Korea’s imported car market has experienced a two-year consecutive decline in sales. According to the Korea Automobile Importers & Distributors Association (KAIDA) on January 15, the number of newly registered imported passenger vehicles in 2024 totaled 263,288 units, marking [...]
SEOUL, Jan. 14 (Korea Bizwire) — South Korea continues to face mounting dining costs for the third consecutive year as high inflation, currency volatility, and rising interest rates drive food prices upward. From popular dining options to workplace cafeterias and convenience store meals, prices have surged, intensifying the so-called ‘lunchflation’ phenomenon. According to data from Statistics [...]
SEOUL, Jan. 13 (Korea Bizwire) — The South Korean won experienced a sharp decline last month, mirroring the drop in Russia’s ruble amid ongoing conflict, according to recent data. This currency depreciation, driven by the December 3 martial law incident, has heightened concerns over inflation in a country heavily reliant on imports. As the high exchange [...]
SEOUL, Jan. 13 (Korea Bizwire) — The debt burden among South Korea’s self-employed in their 50s and 60s has surged to unprecedented levels, raising concerns over financial stability amid sluggish domestic demand and persistently high interest rates. According to data submitted by the Financial Supervisory Service (FSS) to Democratic Party lawmaker Lee Kang-il, as of November [...]
SEJONG, Jan. 13 (Korea Bizwire) — South Korea’s export landscape with China has undergone a significant transformation over the past decade, with traditional intermediate goods exports such as displays, computers, auto parts, steel sheets, and petroleum products sharply declining. Conversely, South Korea’s imports of Chinese intermediate goods, particularly battery materials, batteries, and auto parts, have [...]
SEOUL, Jan. 9 (Korea Bizwire) — A new survey reveals that one in three small business owners in Korea increased their borrowing in 2024, highlighting the ongoing financial challenges faced by the sector. According to a study released on January 8 by the Korea Federation of SMEs (KBIZ), 34.9% of small business owners who hold loans [...]
SEOUL, Jan. 8 (Korea Bizwire) — Global investment banks are increasingly sounding alarm bells over South Korea’s unprecedented low growth trajectory amid continuing political instability, with attention turning to a potential interest rate cut in January. JP Morgan has issued the most pessimistic outlook, projecting just 1.3% growth for the country in 2025, as domestic economic [...]
SEOUL, Jan. 7 (Korea Bizwire) — Chey Tae-won, Chairman of the Korea Chamber of Commerce and Industry and SK Group, highlighted the pressing challenges of global economic shifts during the “2025 Seoul New Year’s Meeting” on January 6. Speaking at the Seoul Chamber of Commerce in Jung-gu, he identified three major disruptions—U.S.-led tariff hikes, inflationary [...]