SEOUL, Oct. 2 (Korea Bizwire) — South Korea’s consumer prices slowed to the lowest level in 3 1/2 years in September, falling below 2 percent for the first time since early 2021, data showed Wednesday. Consumer prices, a key gauge of inflation, rose 1.6 percent on-year last month, compared with a 2 percent increase a [...]
SEOUL, Sept. 27 (Korea Bizwire) – South Korea should realign its export structure by boosting the portion of the service sector while reducing dependence on the manufacturing segment amid digital transformation and the artificial intelligence era, a central bank report said Friday. The Bank of Korea (BOK) said the country’s manufacturing sector accounted for 27 [...]
SEOUL, Sept. 25 (Korea Bizwire) – The Organization for Economic Cooperation and Development (OECD) slashed the growth outlook for the South Korean economy to 2.5 percent this year, Seoul’s finance ministry said Wednesday. The latest figure marked a 0.1 percentage point fall from its projection presented in May and is on a par with the [...]
SEOUL, Sept. 13 (Korea Bizwire) — The South Korean economy continues to show signs of recovery, driven by strong exports and manufacturing output, with consumer prices showing signs of stabilization, the finance ministry said Friday. The Ministry of Economy and Finance made the assessment in the Green Book, its monthly economic report, noting that domestic [...]
SEOUL, Sept. 6 (Korea Bizwire) – As inflation continues to squeeze household budgets, South Korean consumers are increasingly turning to budget-friendly options at convenience stores. CU, one of the country’s leading convenience store chains, reported a significant surge in sales of products priced under 1,000 won on September 5. The trend reflects a broader shift in [...]
SEOUL, Sept. 3 (Korea Bizwire) — South Korea’s consumer prices slowed to the lowest level in nearly 3 1/2 years in August on easing prices of farm produce and global oil, data showed Tuesday. Consumer prices, a key gauge of inflation, rose 2 percent on-year last month, compared with a 2.6 percent on-year rise a [...]
SEJONG, Sept. 3 (Korea Bizwire) — South Korea’s economy is showing signs of a downturn, with domestic demand struggling to gain momentum. Analysts attribute this trend to the reduction in household discretionary income, a consequence of high interest rates and inflation. According to data from the Korean Statistical Information Service (KOSIS) released on September 2, the [...]
SEOUL, Sept. 2 (Korea Bizwire) — The finance ministry said Monday it will push to reduce 32.1 trillion won (US$24.01 billion) of debt incurred by 14 financially troubled public companies combined by 2026 through asset sales and organization restructuring. According to the revised financial management plan, the government set the target debt amount for Korea [...]
SEOUL, Aug. 31 (Korea Bizwire) –As menu prices in South Korea’s restaurant industry continue to climb, a heated debate has erupted between the country’s leading food delivery app, Baedal Minjok (Baemin), and restaurant owners over who bears responsibility for the increases. Restaurant chains point to the rising commission fees charged by delivery apps, particularly Baemin, [...]
SEOUL, Aug. 27 (Korea Bizwire) — The government’s proposal of maintaining a tight budget in 2025 illustrated its commitment to fiscal policy normalization amid the tax revenue shortfall, but calls for greater fiscal policy roles have also grown in the face of weak domestic demand and longer-term growth momentum, experts said Tuesday. The finance ministry [...]