SEOUL, Feb. 16 (Korea Bizwire) — The number of self-employed individuals in South Korea who failed to repay their debts increased by 35% in 2024, as high interest rates and prolonged domestic economic stagnation deepened financial distress, new data shows. The burden was particularly severe for those aged 60 and older, with defaults in this group [...]
SEJONG, Feb. 17 (Korea Bizwire) — South Korea’s finance ministry said Friday the country’s economy has slowed amid higher inflation and sluggish exports. “South Korea’s inflation remains at a high plateau, and domestic consumption recovery is slowing down. A persistent slump in exports and deteriorating business sentiment indicate an economic downturn,” the Ministry of Economy [...]
SEJONG, Feb. 27 (Korea Bizwire) — The number of discouraged workers in South Korea touched an all-time high in 2019, data showed Thursday, pointing to a tough employment situation amid an economic slowdown. Asia’s fourth-largest economy registered a monthly average of 533,000 discouraged workers last year, up 1.6 percent from a year earlier, according to [...]
SEJONG, Mar. 20 (Korea Bizwire) — The number of South Koreans getting married fell to the lowest level in more than 40 years in 2018, government data showed Wednesday, as young people delay marriage amid a prolonged economic slowdown. The number of couples tying the knot came to 257,622 in 2018, compared with 264,455 in [...]
SEJONG, Oct. 7 (Korea Bizwire) – The number of South Korean employees in their 30s and 40s suffered the biggest fall since 2009, government data showed Sunday, in the latest sign of sluggish employment amid an economic slowdown. The data compiled by Statistics Korea showed that the average number of employed people in their 30s [...]
SEOUL, Nov. 28 (Korea Bizwire) — The ratio of South Korean savings banks’ loans extended to households hit a record amid shrinking corporate investment, data showed Sunday. Their outstanding loans totaled 41.1 trillion won (US$34.9 billion) as of end-September, up 15.77 percent from the end of last year, according to the Bank of Korea’s economic [...]
SEOUL, April 13 (Korea Bizwire) – Through the ongoing economic slowdown, consumption has decreased in almost every sector, but baby products have continued to sell well, hinting that Koreans do not reduce consumption for their children even when faced with economic hardship. According to a statement from Lotte Mart on April 12, overall revenue in the [...]