SEOUL, Feb. 7 (Korea Bizwire) — The scale of the company one works for (labor demand), not individual experience or level of educational attainment (labor supply), plays a significant role in widening the wage inequality gap among salaried workers, a research paper has found. The paper revealed that wage inequality attributable to labor supply began [...]
SEOUL, Jan. 24 (Korea Bizwire) – Global rating agency Standard & Poor’s said Wednesday it has raised the outlook for South Korea’s growth rate to 2.8 percent this year from its previous forecast of 2.55 percent, citing the global economic recovery and rising exports of South Korean goods. The Bank of Korea (BOK) said last week that South Korea’s gross [...]
SEOUL, Jan. 10 (Korea Bizwire) — Of all banknotes in circulation in South Korea last year, 50,000 won (US$46.70) bills accounted for just over 80 percent of the total value, as demand for the largest-denominated note jumped, according to the central bank Tuesday. There was 85.5 trillion won worth of outstanding 50,000 won notes in [...]
SEJONG, Jan. 3 (Korea Bizwire) – The poverty level among South Koreans in their 30s and 40s has risen on the back of growing household debt. According to a joint report on household financial assets released by Statistics Korea, the Financial Supervisory Service and the Bank of Korea, the poverty rate among those in their 30s [...]
SEOUL, Jan. 2 (Korea Bizwire) – South Korea’s central bank chief said Tuesday that he will make a prudent decision on a further rate hike by taking into account all economic data. “The Bank of Korea raises the rate based on data, economic indices and other conditions,” BOK Gov. Lee Ju-yeol told reporters. “The board [...]
SEOUL, Dec. 19 (Korea Bizwire) – The South Korean central bank will take a more prudent stance on tightening its monetary policies in the future by checking the pace of economic recovery and inflation pressure, minutes from the latest rate-hike meeting showed Tuesday. The Bank of Korea’s (BOK) monetary policy board meeting for November raised [...]
SEOUL, Dec. 14 (Korea Bizwire) — An interest rate rise in South Korea will increase the debt repayment burdens of vulnerable households who over-extended themselves on mortgages during the low rate period, the central bank said Thursday. “In general, household and corporate borrowers will be able to afford an increase in debt repayment incurred by [...]
SEOUL, Nov. 30 (Korea Bizwire) — South Korea’s central bank on Thursday raised the key rate by a quarter percentage point for the first time in more than six years amid clear signs of an economic recovery. In a widely expected move, the monetary policy board of the Bank of Korea (BOK) voted to increase [...]
SEOUL, Nov. 24 (Korea Bizwire) – South Korea’s terms of trade deteriorated slightly in October from a year earlier, as a rise in export prices was offset by a hike in import costs, central bank data showed Friday. The terms of trade index for products came to 101.74 in October, down 1.5 percent from a [...]
SEOUL, Nov. 23 (Korea Bizwire) – Loans extended to local businesses rose slightly in the July-September period from a quarter earlier on increased operating expenses and facility investments, central bank data showed Thursday. Outstanding corporate loans came to 1,036.6 trillion won (US$952 billion) in the third quarter, up 2 percent from the preceding three months, according to data compiled by the Bank of Korea (BOK). In terms of [...]