SEOUL, Nov. 20 (Korea Bizwire) — An International Monetary Fund (IMF) team said Wednesday that South Korea’s economy is forecast to grow 2 percent next year, citing downside risks including a slowdown in trade and heightened geopolitical tensions. The latest forecast by the IMF team marked a 0.2 percentage-point drop from an earlier projection presented [...]
SEOUL, Feb. 3 (Korea Bizwire) — The shrinking population driven by low birthrate and aging will cut South Korea’s economic growth by close to 1 percent each year in the long term, a research paper showed Thursday. Lee Jong-wha, an economics professor at Korea University and chief of the Korean Economic Association, estimated a forecast [...]
SEOUL, March 9 (Korea Bizwire) — Major global investment banks (IBs) have revised up their forecasts for South Korea’s 2021 economic growth for the third consecutive month amid growing expectations for a recovery, a report showed Tuesday. As of end-February, nine major global IBs, including Barclays, BoA-Merrill Lynch and Citi, forecast Asia’s fourth-largest economy to [...]
SEOUL, Feb. 23 (Korea Bizwire) — South Korea’s economic growth rate ranked third among major economies across the globe in 2020 despite an on-year contraction due to the coronavirus pandemic, data showed Tuesday. Asia’s fourth-largest economy contracted 1 percent last year from a year earlier, but it posted the third-best performance among 15 major nations, [...]
SEOUL, Sept. 14 (Korea Bizwire) — South Korea’s negative economic growth is expected to be inevitable for this year in the wake of the coronavirus outbreak, officials have said. Local bureaucrats’ growing pessimism about Asia’s fourth-largest economy comes as economic activity has been battered by tougher social distancing measures in the greater Seoul area in [...]
SEOUL, March 9 (Korea Bizwire) — The outbreak of the new coronavirus here may further undermine South Korea’s economic growth if it is lasts for a significant amount of time, reports suggested Monday, while some said the virus may already have nearly halved the country’s economic growth. “Household spending in Japan and Korea are set [...]
SEOUL, Jan. 24 (Korea Bizwire) — The Bank of Korea (BOK) again cut its growth forecast for the 2019 economy to 2.6 percent Thursday, following a 0.1 percentage point slash in October, in a clear sign of gloomy growth prospects going forward. The number is 0.3 percentage point lower than the central bank’s original forecast [...]
SEOUL, Dec. 28 (Korea Bizwire) — A recent study has argued that accepting refugees en masse can incur short-term financial risk, but helps economic growth in the long run. Park Bok-yeong, a professor at Kyunghee University’s Graduate School of International Studies, claimed that despite the short-term financial risk that comes with an inflow of refugees, [...]
SEOUL, Dec. 9 (Korea Bizwire) — South Korea’s per capita income is likely to surpass US$30,000 this year, though the economy is forecast to record its lowest growth rate in six years, observers said Sunday. Gross national income (GNI) is expected to reach $31,243 in 2018, up from last year’s $29,745, according to market observers, [...]
SEOUL, Oct. 28 (Korea Bizwire) – The South Korean economy is expected to post a weak annual growth for this year due to the country’s high unemployment rate coupled with the falling corporate investment, industry watchers said Sunday. The Bank of Korea recently revised down the growth target for 2018 to 2.7 percent from 2.9 [...]