SEOUL, July 5 (Korea Bizwire) — South Korea’s economy is widely expected to suffer its first annual contraction in over a decade this year but may expand, depending on how swiftly and effectively the government implements its budget spending and how quickly the COVID-19 pandemic is brought under control, a think tank said Sunday. “Considering [...]
SEJONG, June 1 (Korea Bizwire) — South Korea’s economic policies to deal with the post-pandemic recovery will be backed by its “Korean-version New Deal” project that will help the nation create new growth engines and jobs once the COVID-19 outbreak wanes. The project is one of the key components in the country’s economic policy for [...]
SEJONG, May 28 (Korea Bizwire) — South Korea will set up a guarantee fund of 500 billion won (US$405 million) to provide more loans to auto parts companies that have been hit by the coronavirus pandemic, Finance Minister Hong Nam-ki said Thursday. The fund, which will be financed by the government and carmakers, will provide [...]
SEOUL, May 18 (Korea Bizwire) — The number of jobless South Koreans hit a record high in the first four months of the year due mainly to the coronavirus impact, a report showed Monday. Roughly 2.08 million people in the country remained unemployed during the January-April period, according to the report from Rep. Choo Kyung-ho [...]
SEJONG, May 10 (Korea Bizwire) — South Korea’s per capita national debt has surpassed 14 million won (US$11,500) and is expected to go up due to a spending hike meant to mitigate the economic fallout from the coronavirus outbreak, data showed Sunday. The data posted on the website of the National Assembly Budget Office showed [...]
SEOUL, April 20 (Korea Bizwire) – The government should take aggressive measures to prevent a possible jump in unemployment due to the outbreak of the novel coronavirus, a private think tank said Monday. The Korea Economic Research Institute (KERI) said it has proposed a list of 10 labor policy tasks to the labor ministry in [...]
SEOUL, April 20 (Korea Bizwire) — South Korea’s economy is expected to report a 1.81 percent on-quarter contraction in the first quarter of the year, a poll showed Monday, as the coronavirus pandemic crippled industrial output, consumer spending and job markets in Asia’s fourth-largest economy. It would be the sharpest quarterly contraction since the fourth [...]
SEOUL, April 13 (Korea Bizwire) — South Korea’s economy may start to get back on the normalization track next month at the earliest, recovering from the economic fallout from the novel coronavirus, a report suggested Monday. The report from the Hana Institute of Finance said the number of new coronavirus infection cases in China peaked [...]
SEOUL, April 10 (Korea Bizwire) — North Korea’s economy has become increasingly marketized in the past two decades with the emergence of local markets and a newly affluent class of traders, the Organization for Economic Cooperation and Development said in a recent working paper. The OECD also said in the paper, titled “North Korea: The [...]
SEOUL, Feb. 24 (Korea Bizwire) — The outbreak of the novel coronavirus, which began in China, the “World’s Factory”, has cast dark clouds over the global economy. In particular, the South Korean auto industry was directly hit by the failure to obtain wiring harnesses, which has led to disruptions and shutdowns on automobile production lines. [...]