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Rising Exports Lead Economic Recovery Despite Weak Domestic Demand: Finance Ministry

Rising Exports Lead Economic Recovery Despite Weak Domestic Demand: Finance Ministry

SEOUL, Mar. 15 (Korea Bizwire) — The South Korean economy has been on a recovery track on the solid growth of exports, but disparities among sectors remain wide amid weak consumption and investment, the finance ministry said Friday. “As shown in manufacturing production and exports, the country has seen an economic recovery and a stable [...]

Study Reveals Rising Suicide Rate Linked to Economic Downturn, Drop in Youth Employment

Study Reveals Rising Suicide Rate Linked to Economic Downturn, Drop in Youth Employment

SEOUL, Mar. 11 (Korea Bizwire) – A recent study has highlighted the correlation between worsening economic conditions and higher suicide rates, emphasizing the significant impact of a 1% decrease in the employment rate on youth suicide fatalities, which rise by 1.7%. Conducted by the Korea Labor Institute, the research, titled “Economic Shocks and Suicide,” explores the [...]

Manufacturing Sector Leads Economic Recovery amid Weak Domestic Demand: Gov’t

Manufacturing Sector Leads Economic Recovery amid Weak Domestic Demand: Gov’t

SEOUL, Feb. 16 (Korea Bizwire) — The South Korean economy has recovered centering on the manufacturing field, but private consumption and construction investment remained weak leading to widening disparities among sectors, the finance ministry said Friday. “Growing production and exports of the manufacturing sector have led an economic recovery recently amid moderating inflationary pressure,” the [...]

S. Korea’s Total Revenue Down 77 Tln Won Amid Economic Challenges

S. Korea’s Total Revenue Down 77 Tln Won Amid Economic Challenges

SEOUL, Feb. 8 (Korea Bizwire) — South Korea’s total revenue, including tax gains, fell 77 trillion won (US$57.9 billion) on-year in 2023 due to economic challenges from home and abroad, government data showed Thursday. For fiscal 2023, the country’s total revenue amounted to 497 trillion won, falling from 573.9 trillion won tallied a year earlier, [...]

S. Korean Economy Shows Growing Signs of Recovery Despite Weak Domestic Demand: Gov’t

S. Korean Economy Shows Growing Signs of Recovery Despite Weak Domestic Demand: Gov’t

SEOUL, Jan. 12 (Korea Bizwire) — South Korea has shown growing signs of an economic recovery led by exports, though domestic demand remains weak, the finance ministry said Friday. “Signs of an economic recovery centering on exports have been rising, and inflationary pressure has been moderating. But the pace of recovery among sectors has been [...]

Economic Pressures Shape Divergent Spending Patterns Among South Korean Consumers

Economic Pressures Shape Divergent Spending Patterns Among South Korean Consumers

SEOUL, Dec. 28 (Korea Bizwire) – In the face of persistent high inflation and interest rates, South Korean consumers have been navigating the economic landscape with markedly polarized spending habits. This trend, underscored by recent studies from Lotte Home Shopping and WiseApp, reveals a complex interplay of ‘value-seeking consumption’ and ‘revenge spending’, shaping the country’s retail [...]

Improved Economic Activity and Settling Environment for North Korean Defectors in South Korea

Improved Economic Activity and Settling Environment for North Korean Defectors in South Korea

SEOUL, Dec. 28 (Korea Bizwire) – The recent ’2023 Survey on North Korean Defectors’ conducted by the Korea Hana Foundation reveals significant improvement in the economic activities and settling environment of North Korean defectors residing in South Korea. The survey, published on December 27, indicates an increase in the employment rate of defectors to 60.5% this [...]

External Risks, Weak Domestic Demand Stand in Way of S. Korea’s Exports-led Recovery in 2024

External Risks, Weak Domestic Demand Stand in Way of S. Korea’s Exports-led Recovery in 2024

SEOUL, Dec. 26 (Korea Bizwire) — The South Korean economy is expected to be on track for a recovery in 2024 on rising exports, but sluggish growth looms large as higher-for-longer interest rates and sticky inflation could further hamper global growth and domestic demand, experts said Tuesday. South Korea has faced multiple economic challenges in [...]

Survey Shows Nearly Three-Quarters of Economists Anticipate Prolonged Low Growth

Survey Shows Nearly Three-Quarters of Economists Anticipate Prolonged Low Growth

SEOUL, Dec. 12 (Korea Bizwire) — Nearly three-fourths of local economic experts expect South Korea’s economic growth to remain stuck in a low range over the long term amid overseas risks, a poll showed Tuesday. The survey of 211 professors of economics and business administration showed 73.2 percent of the respondents predict the economy to grow [...]

South Korean Conglomerates Implement Rigorous Cost-Cutting Measures in Response to Economic Downturn

South Korean Conglomerates Implement Rigorous Cost-Cutting Measures in Response to Economic Downturn

SEOUL, Dec. 11 (Korea Bizwire) – In the midst of a prolonged global economic downturn, South Korean companies are tightening their belts as they prepare next year’s business plans, focusing on cost-saving initiatives and voluntary retirements. SK Group recently adopted a cost-effective approach by organizing dinner meetings at company cafeterias instead of dining out, reducing expenses [...]