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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 Faces Heightened Uncertainty amid 4th Wave of Pandemic

S. Korean Economy Faces Heightened Uncertainty amid 4th Wave of Pandemic

SEOUL, Aug. 8 (Korea Bizwire) — The South Korean economy is facing heightened uncertainty as the recovery of domestic demand is likely to slow amid a recent spike in COVID-19 cases, a state-run think tank said Sunday. Asia’s fourth-largest economy is on a recovery track amid solid exports, but the toughest-ever virus curbs, in effect [...]

67 pct of S. Koreans Say Vaccination Passports Will Help Economy: Poll

67 pct of S. Koreans Say Vaccination Passports Will Help Economy: Poll

SEOUL, May 9 (Korea Bizwire) — Nearly 70 percent of South Koreans believe that the use of a vaccination passport, which proves that a person has been fully vaccinated against the virus, will help the economy, a poll showed Sunday. The poll from the Federation of Korean Industries, a major business lobbying group here, showed [...]

S. Korea’s 2020 Growth Ranks 3rd Among Major Nations

S. Korea’s 2020 Growth Ranks 3rd Among Major Nations

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, [...]