SEOUL, Jan. 7 (Korea Bizwire) — South Koreans ate out less in 2018 than a year earlier as they tightened their belt amid a weak economy, a poll showed Monday. According to the survey of 3,014 people aged 20-69, South Koreans dined out an average of 20.8 times per month last year, compared with 21.8 [...]
SEOUL, Dec. 17 (Korea Bizwire) — An increasing number of South Koreans are opening their wallets to purchase plane tickets to go overseas. In fact, South Koreans spent a record-breaking amount of money overseas last year, and the total is only expected to increase in the future. Overseas consumption is gaining importance as a subset [...]
SEOUL, Dec. 17 (Korea Bizwire) — The South Korean economy has one of the highest portions of individuals running their own stores and shops, and they are getting pushed to the brink by a slumping economy and policy missteps, market watchers said Monday. Data from Statistics Korea put the number of self-employed people at some [...]
SEOUL, Dec. 9 (Korea Bizwire) — South Korea’s per capita income is likely to surpass US$30,000 this year, though the economy is forecast to record its lowest growth rate in six years, observers said Sunday. Gross national income (GNI) is expected to reach $31,243 in 2018, up from last year’s $29,745, according to market observers, [...]
SEOUL, Dec. 5 (Korea Bizwire) — Individuals between the ages of 30 and 54, typically known as the principal breadwinners in South Korean society, are participating less in economic activities. This trend raises concerns that this disruption to the labor market could develop into a serious social issue which may negatively impact South Korea’s overall [...]
SEOUL, Nov. 15 (Korea Bizwire) — The turnover rate of deposits in South Korea hit a near 32-year low in September, central bank data showed Thursday, indicating that money circulation is clogged in Asia’s fourth-largest economy. The turnover rate of demand deposits came to 16.4 times for September, the lowest since January 1987, when the [...]
SEJONG, Oct. 31 (Korea Bizwire) — South Korea’s industrial output for September posted its biggest drop in 19 months due to a fall in auto and electronic parts production, government data showed Wednesday, raising concerns that the economy is on the brink of a slowdown. Production in the mining, manufacturing, gas and electricity industries backtracked [...]
SEOUL, Oct. 29 (Korea Bizwire) — A number of industries that propelled South Korea to its economic “miracle” are now headed downhill. The China-U.S. trade war, rising interest rates in the U.S., lowered labor productivity and other hurdles have large Korean corporations stuck in a “tunnel of uncertainty” in which companies are unable to accurately [...]
SEOUL, Oct. 28 (Korea Bizwire) – The South Korean economy is expected to post a weak annual growth for this year due to the country’s high unemployment rate coupled with the falling corporate investment, industry watchers said Sunday. The Bank of Korea recently revised down the growth target for 2018 to 2.7 percent from 2.9 [...]
SEOUL, Oct. 23 (Korea Bizwire) – The government will come up with measures to improve a recently implemented shorter workweek, a presidential official said Tuesday, signaling possible changes to the mandatory reduction in working hours that many say is causing problems for both businesses and workers. The official made the remark after a meeting of [...]