economy Archives | Be Korea-savvy
Inflation, Weak Exports Weigh Down Post-pandemic Recovery in 2022

Inflation, Weak Exports Weigh Down Post-pandemic Recovery in 2022

SEOUL, Dec. 16 (Korea Bizwire) — South Korea took advantage of post-pandemic recovery through early 2022, but this year was overall challenging for the export-dependent nation as it felt the pinch of inflation sparked by the Russia-Ukraine war resulting in monetary tightening moves and slowed exports. Earlier this year, the South Korean government painted a [...]

Faltering Exports Hurt S. Korea’s Growth Momentum, No Improvement in Sight

Faltering Exports Hurt S. Korea’s Growth Momentum, No Improvement in Sight

SEOUL, Dec. 4 (Korea Bizwire) — South Korea is experiencing sluggish exports and record trade deficit over a global economic slowdown, and intertwined challenges both at home and abroad further dimmed prospects for a turnaround anytime soon, experts said Sunday. The country’s exports fell 14 percent on-year to come to US$51.91 billion in November, the [...]

Experts Worry About Financial Crisis Due to Spiking Borrowing Costs: BOK Survey

Experts Worry About Financial Crisis Due to Spiking Borrowing Costs: BOK Survey

SEOUL, Nov. 27 (Korea Bizwire) — Nearly 60 percent of economic and financial experts worry that South Korea could face a financial crisis in the short term amid concerns that spiking borrowing costs could weigh on businesses and households, a central bank survey showed Sunday. According to the survey that the Bank of Korea (BOK) [...]

Yoon Calls for Protecting Ordinary Citizens from High Inflation, Interest Rates

Yoon Calls for Protecting Ordinary Citizens from High Inflation, Interest Rates

SEOUL, July 14 (Korea Bizwire) — President Yoon Suk-yeol instructed officials Thursday to find ways to protect ordinary citizens from the financial pressures of high inflation and high interest rates. Yoon made the remark a day after the Bank of Korea delivered an unprecedented 0.5 percentage-point rate hike in a preemptive bid to fight fast-growing [...]

N. Korean Economy Unlikely to Face Imminent Crisis Despite Sanctions, COVID-19: Experts

N. Korean Economy Unlikely to Face Imminent Crisis Despite Sanctions, COVID-19: Experts

SEOUL, Dec. 22 (Korea Bizwire) — North Korea’s economy is unlikely to face an imminent crisis despite struggles stemming from crippling sanctions and border restrictions due to anti-virus efforts, experts said Wednesday. The North has continued imports of essential economic materials, such as crude oil and fertilizers, which lessens the chances of its industries becoming [...]

S. Korean Economy Forecast to Grow 2.8 pct in 2022: Think Tank

S. Korean Economy Forecast to Grow 2.8 pct in 2022: Think Tank

SEOUL, Dec. 12 (Korea Bizwire) — The South Korean economy is expected to expand 2.8 percent on-year in 2022, slower than this year’s projected 3.9 percent growth, amid weaker private consumption and global demand, a local think tank said Sunday. The projection by the LG Economic Research Institute (LGERI) is lower than that by the [...]

S. Korean Economy Faces Growing Downside Risks: KDI

S. Korean Economy Faces Growing Downside Risks: KDI

SEOUL, Oct. 7 (Korea Bizwire) — The South Korean economy is facing increasing downside risks as the uptick in COVID-19 cases is delaying the recovery of private spending amid heightened uncertainty about the global economic recovery, a state-run think tank said Thursday. Asia’s fourth-largest economy is on a recovery track driven by solid exports, but [...]

OECD Ups 2021 Growth Outlook for S. Korean Economy to 4 pct

OECD Ups 2021 Growth Outlook for S. Korean Economy to 4 pct

SEOUL, Sept. 21 (Korea Bizwire) — The Organization for Economic Cooperation and Development (OECD) on Tuesday raised its 2021 growth outlook for the South Korean economy to 4 percent, amid the country’s strong exports and fiscal support. The latest outlook is a 0.2 percentage-point rise from its May estimate of 3.8 percent growth for Asia’s [...]