SEJONG, Dec. 15 (Korea Bizwire) – North Korea’s per capita income was unchanged at 1.39 million won (US$1,179.10) last year, about one twenty-secondth of South Korea’s, government data showed Thursday. According to data by Statistics Korea, North Korea’s nominal gross national income (GNI) came to 34.5 trillion won in 2015, with its moribund economy contracting [...]
SEJONG/SEOUL, Dec. 15 (Korea Bizwire) – South Korea’s finance minister said Thursday that Asia’s fourth-largest economy has strong economic and financial fundamentals to overcome the current headwinds stemming from the domestic political turmoil and a global economic slowdown. The recent political turbulence sparked by the impeachment of President Park Geun-hye is feared to weigh on [...]
SEOUL, Dec. 7 (Korea Bizwire) – The turnaround in South Korea’s exports is expected to continue at a steady pace next year, helped by moderate growth in the world economy, according to forecasts by foreign investment banks on Wednesday. Solid growth in emerging markets and a sustained rise in commodity prices are likely to increase [...]
SEOUL, Dec. 5 (Korea Bizwire) – South Korea’s restaurant industry is suffering from worsening business conditions due to market saturation and a prolonged economic slowdown, government data showed Monday. The number of restaurants and pubs in Asia’s fourth-largest economy stood at 650,000 as of end-2014, up 2.4 percent from a year earlier, according to Statistics [...]
SEOUL, Nov. 29 (Korea Bizwire) – Eight out of ten Korean small and medium-sized companies have a very unfavourable view of the current state of economic affairs in Korea. A recent survey related to the current financial environment, targeting employees in three hundred SMEs, showed that 85.7 percent thought the country was in a financial [...]
SEJONG, Nov. 22 (Korea Bizwire) – Third-quarter household spending shows a persistent slump in consumption, including in basic foodstuffs, the state statistics office said Tuesday. Expenditures for foodstuffs and non-alcoholic beverages by households of two persons or more fell 3.2 percent in the July-September period compared to the same months last year, according to Statistics [...]
SEOUL, Nov. 18 (Korea Bizwire) – The quality of life for South Koreans ranks 47th in the world, as the country’s economic stature is undercut by long working hours and unemployment, a local report said Friday. The annual report from the Institute for International Trade (IIT), a research arm of the Korea International Trade Association, [...]
SEOUL, Nov. 9 (Korea Bizwire) – South Korea’s top financial regulator said Wednesday the related authorities will do their best for market stabilization with an “utmost sense of tension,” as Americans caught the world off guard by choosing Donald Trump as their next president. “Following the U.S. presidential elections, the expansion of swings at South [...]
SEOUL, Nov. 9 (Korea Bizwire) – South Korea and India on Wednesday launched a joint investment platform to deepen economic ties and corporate investments between the two nation. The investment facilitation team, called “Korea Plus,” was established after President Park Geun-hye and Indian Prime Minister Narendra Modi agreed to expand bilateral economic relations in their [...]
SEOUL, Nov. 2 (Korea Bizwire) – South Korea’s top financial regulator, nominated to lead the finance ministry, on Wednesday vowed to make all-out efforts to address the household debt problem. Yim Jong-yong, chairman of the Financial Services Commission (FSC), described it as a potential “core risk factor” especially as South Korea may have to raise [...]