economy Archives | Be Korea-savvy
S. Korea Grapples with Weak Growth Momentum, Stubborn Inflation

S. Korea Grapples with Weak Growth Momentum, Stubborn Inflation

SEOUL, May 8 (Korea Bizwire) — With President Yoon Suk Yeol set to begin his third year in office, South Korea has presented sluggish economic growth amid stubborn inflation unseen in decades, experts said Wednesday, calling for a clear, detailed policy mix to spur growth while maintaining its restrictive fiscal stance and structural reforms. Growth [...]

AMRO Projects S. Korean Economy to Grow 2.3 Pct, Calls for Tight Monetary Policy

AMRO Projects S. Korean Economy to Grow 2.3 Pct, Calls for Tight Monetary Policy

SEOUL, Apr. 25 (Korea Bizwire) — An economic surveillance organization in Asia on Thursday expected the South Korean economy to expand 2.3 percent this year on rising exports, calling for maintaining tight monetary policy to safeguard macroeconomic stability amid uncertainties, Seoul’s finance ministry said. The ASEAN+3 Macroeconomic Research Office (AMRO) made the assessment in a [...]

S. Korea Vows Thorough Market Monitoring, Immediate Responses to Middle East Crisis

S. Korea Vows Thorough Market Monitoring, Immediate Responses to Middle East Crisis

SEOUL, Apr. 23 (Korea Bizwire) — Finance Minister Choi Sang-mok met with experts of economic and international affairs Tuesday and discussed responses to growing uncertainties in the Middle East, the finance ministry said. During a meeting of the international economic advisory panel in Seoul, experts called on the government to “check developments and assess potential [...]

Uneven Pace of Economic Recovery among Sectors Continues in S. Korea: Finance Ministry

Uneven Pace of Economic Recovery among Sectors Continues in S. Korea: Finance Ministry

SEOUL, Apr. 12 (Korea Bizwire) — The South Korean economy has largely been on a recovery track on the back of robust growth of exports and manufacturing production, but domestic demand remains weak and uncertainties have grown over global prices of raw materials, the finance ministry said Friday. “Our economy has seen an economic recovery [...]

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 [...]