SEOUL, Oct. 7 (Korea Bizwire) — The South Korean economy is facing increasing downside risks as the uptick in COVID-19 cases is delaying the recovery of private spending amid heightened uncertainty about the global economic recovery, a state-run think tank said Thursday. Asia’s fourth-largest economy is on a recovery track driven by solid exports, but [...]
SEOUL, Sept. 21 (Korea Bizwire) — The Organization for Economic Cooperation and Development (OECD) on Tuesday raised its 2021 growth outlook for the South Korean economy to 4 percent, amid the country’s strong exports and fiscal support. The latest outlook is a 0.2 percentage-point rise from its May estimate of 3.8 percent growth for Asia’s [...]
SEOUL, Aug. 9 (Korea Bizwire) — Combined service output rose in all 16 provinces and major cities for the first time in six quarters in the April-June period with the South Korean economy on a recovery track, data showed Monday. Service output grew 5.7 percent in the second quarter from a year earlier, the fastest [...]
SEOUL, Aug. 8 (Korea Bizwire) — The South Korean economy is facing heightened uncertainty as the recovery of domestic demand is likely to slow amid a recent spike in COVID-19 cases, a state-run think tank said Sunday. Asia’s fourth-largest economy is on a recovery track amid solid exports, but the toughest-ever virus curbs, in effect [...]
SEOUL, May 9 (Korea Bizwire) — Nearly 70 percent of South Koreans believe that the use of a vaccination passport, which proves that a person has been fully vaccinated against the virus, will help the economy, a poll showed Sunday. The poll from the Federation of Korean Industries, a major business lobbying group here, showed [...]
SEOUL, March 17 (Korea Bizwire) — In a sign of a mild improvement in the job market hit hard by the pandemic, South Korea’s job losses eased last month compared to the previous month, but it would take longer than expected time for employment in Asia’s fourth-largest economy to show a meaningful recovery. The number [...]
SEOUL, Feb. 23 (Korea Bizwire) — South Korea’s economic growth rate ranked third among major economies across the globe in 2020 despite an on-year contraction due to the coronavirus pandemic, data showed Tuesday. Asia’s fourth-largest economy contracted 1 percent last year from a year earlier, but it posted the third-best performance among 15 major nations, [...]
SEOUL, Jan. 27 (Korea Bizwire) — Several foreign investment banks (IBs) have revised up their forecasts for South Korea’s 2021 economic growth following the economy’s relatively good performance last year, a report showed Wednesday. Out of six foreign IBs and one research institute that published reports on Asia’s fourth-largest economy Tuesday, three upgraded their growth [...]
HONG KONG and SINGAPORE, Dec. 28 (Korea Bizwire) — 2020 has been an eventful year which saw some of the toughest social, economic and political challenges in recent times. While stabilization of markets seems to be within reach with the introduction of new COVID-19 vaccines and new leadership in the US, investors should expect the [...]
SEOUL, Oct. 12 (Korea Bizwire) — Major foreign investment banks (IBs) have downgraded their forecasts for South Korea’s economic growth following the resurgence of the coronavirus here, a report showed Monday. As of end-September, nine major global IBs, including Barclays and Goldman Sachs, forecast Asia’s fourth-largest economy to shrink 1.4 percent this year, compared with [...]