SEOUL, Apr. 25 (Korea Bizwire) — South Korea’s economy grew at the fastest pace in over two years in the first quarter of the year on the back of a continued recovery in exports and a rise in construction investment, central bank data showed Thursday. The country’s real gross domestic product — a key measure [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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, [...]
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 [...]
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 [...]