SEOUL, Jan. 3 (Korea Bizwire) — Advertising industry experts predict a significant downturn in South Korea’s advertising market this year, citing growing political uncertainties and deteriorating economic conditions. The absence of major sporting events like the Olympics or World Cup has further dampened prospects for market recovery. As concerns mount over economic growth potentially dropping to [...]
SEOUL, Jan. 3 (Korea Bizwire) — A credit rating agency has warned that South Korea could face downward pressure on its sovereign credit rating toward the end of the year due to the government’s decision to expand treasury bond issuance. While global credit rating agencies have indicated that political uncertainties, including martial law and impeachment proceedings, [...]
SEOUL, Jan. 2 (Korea Bizwire) — South Korea’s economy is forecast to expand 1.8 percent this year, the government said Thursday, emphasizing “stable management” as its primary policy focus amid unprecedented levels of uncertainty. The latest projection for Asia’s fourth-largest economy falls below the Bank of Korea’s forecast of 1.9 percent and the estimates of [...]
SEOUL, Jan. 2 (Korea Bizwire) — Acting President Choi Sang-mok said Thursday the government will consider implementing additional measures to stimulate the economy in the first quarter, if necessary, amid projections of slow growth for the year. “Considering significant domestic and international uncertainties, (the government) will reassess overall economic conditions during the first quarter, including [...]
SEOUL, Dec. 31 (Korea Bizwire) — South Korea will implement a new trade rule this week focusing on offering broader support for companies impacted by free trade agreements (FTAs) and other trade pacts, the industry ministry said Tuesday. The Act on Addressing Changes in Trade Environment, an upgraded version of the Act on Trade Adjustment [...]
SEJONG, Dec. 30 (Korea Bizwire) — South Korea’s economy has entered uncharted waters as Deputy Prime Minister Choi Sang-mok assumes the role of acting president following the impeachment of Prime Minister Han Duck-soo, who had been serving as acting president. The markets, which had barely weathered the shock of the December 3 martial law declaration by [...]
SEOUL, Dec. 30 (Korea Bizwire) — As the won-dollar exchange rate soars to nearly 1,500 won, small and medium-sized enterprises (SMEs) in South Korea are grappling with mounting challenges, including volatile currency markets and the looming enforcement of stricter labor regulations. The steep rise in the exchange rate—up from the 1,300-won range earlier this year—has [...]
SEOUL, Dec. 27 (Korea Bizwire) — South Korea’s 10 largest conglomerates have nearly doubled their corporate bond issuance over the past two years to manage increasing financial burdens. However, with rising interest rates and tighter liquidity conditions, these firms face significant challenges in refinancing their debt, raising concerns about potential ripple effects in the country’s [...]
SEOUL, Dec. 27 (Korea Bizwire) — The government and the ruling People Power Party (PPP) agreed Friday to provide 11.6 trillion won (US$7.86 billion) next year to stabilize consumer prices and ease the financial burden on low-income households. The two sides made the agreement during a consultative meeting among government officials, PPP lawmakers and private [...]
SEOUL, Dec. 26 (Korea Bizwire) — Insurance payouts for small business closures in South Korea have reached a historic high of 1.3 trillion won in 2024, reflecting the deepening impact of the economic slowdown, according to the Korea Federation of SMEs. The federation reported on December 25 that payments under the “Yellow Umbrella” business closure insurance [...]