SEOUL, Dec. 18 (Korea Bizwire) — South Korea’s economy grew at an annualized rate of nearly 7 percent after a change in the base year for economic growth data compilation, central bank data showed Wednesday. According to the data from the Bank of Korea, Asia’s fourth-largest economy expanded at an average 6.9 percent per year [...]
SEOUL, Dec. 17 (Korea Bizwire) — Growth projections for South Korea’s export-dependent economy in 2024 have been revised downward, despite robust semiconductor exports, reflecting slower-than-expected recovery in domestic demand amid high interest rates and lingering effects of the COVID-19 pandemic. Earlier in the year, both the South Korean government and major international financial organizations projected [...]
SEOUL, Dec. 16 (Korea Bizwire) — Finance Minister Choi Sang-mok reiterated Monday that uncertainties from the recent martial law debacle have eased following the impeachment of President Yoon Suk Yeol, emphasizing the country’s robust economic system. Choi made the remarks during the opening session of a regional economic forum in Seoul attended by domestic and [...]
SEOUL, Dec. 10 (Korea Bizwire) – The growth in South Korea’s employment insurance registrations reached its lowest point in nearly four years, highlighting a slowdown in the labor market as the country faces a range of economic headwinds. According to the Ministry of Employment and Labor, the number of regular employment insurance subscribers increased by [...]
SEOUL, Dec. 10 (Korea Bizwire) – South Korea’s economy is grappling with mounting challenges, as domestic construction downturns and global trade uncertainties weigh heavily on growth prospects, according to a report by the Korea Development Institute (KDI) on December 9. While the report notably avoided direct mention of the ongoing political turmoil surrounding President Yoon [...]
SEOUL, Dec. 2 (Korea Bizwire) – South Korea’s economy is expected to operate below its potential capacity for six consecutive years through 2025, according to new projections from the Organization for Economic Cooperation and Development (OECD), raising concerns about structural weakness in what was once one of Asia’s fastest-growing economies. Among the Group of 7 nations [...]
SEOUL, Nov. 27 (Korea Bizwire) – A new survey has revealed that more than three-quarters of South Korean mid-sized companies anticipate increased economic uncertainty when Donald Trump returns to the White House, highlighting growing concerns about potential shifts in U.S. trade and economic policies. The Federation of Middle Market Enterprises of Korea (FOMEK) released the findings [...]
SEJONG, Nov. 27 (Korea Bizwire) – South Koreans experience their largest per-capita financial deficit of 40.78 million won at age 17 and reach their maximum surplus of 17.53 million won at age 43, according to new government data. Labor income begins declining after peaking at 43, leading to a return to deficit spending at age 61. [...]
SEOUL, Nov. 26 (Korea Bizwire) – “All cosmetic samples for just 10,000 won.” Such listings have become increasingly common on Danggeun Market, South Korea’s popular secondhand trading platform, reflecting a growing divide in the nation’s beauty market amid persistent inflation. While some consumers hunt for bargain cosmetics and sample-size products, others flock to luxury brands like [...]
SEJONG, Oct. 29 (Korea Bizwire) – South Korea’s exports, long considered the backbone of its economy, are showing signs of weakness, amplifying concerns about the country’s economic outlook. The possibility of a Donald Trump victory in the U.S. presidential election, with his promises of aggressive tariff policies, is raising additional concerns about the recovery of exports [...]