SEOUL, Jan. 20 (Korea Bizwire) — The Bank of Korea (BOK) said Monday its outlook for South Korea’s economic growth this year may be lowered to as low as 1.6 percent due to a political crisis sparked by suspended President Yoon Suk Yeol and weak domestic demand. The BOK had presented 1.9 percent growth outlook [...]
SEOUL, Jan. 8 (Korea Bizwire) — Global investment banks are increasingly sounding alarm bells over South Korea’s unprecedented low growth trajectory amid continuing political instability, with attention turning to a potential interest rate cut in January. JP Morgan has issued the most pessimistic outlook, projecting just 1.3% growth for the country in 2025, as domestic economic [...]
SEOUL, Jan. 3 (Korea Bizwire) — Advertising industry experts predict a significant downturn in South Korea’s advertising market this year, citing growing political uncertainties and deteriorating economic conditions. The absence of major sporting events like the Olympics or World Cup has further dampened prospects for market recovery. As concerns mount over economic growth potentially dropping to [...]
SEOUL, Jan. 2 (Korea Bizwire) — South Korea’s economy is forecast to expand 1.8 percent this year, the government said Thursday, emphasizing “stable management” as its primary policy focus amid unprecedented levels of uncertainty. The latest projection for Asia’s fourth-largest economy falls below the Bank of Korea’s forecast of 1.9 percent and the estimates of [...]
SEJONG, Dec. 30 (Korea Bizwire) — South Korea’s economy has entered uncharted waters as Deputy Prime Minister Choi Sang-mok assumes the role of acting president following the impeachment of Prime Minister Han Duck-soo, who had been serving as acting president. The markets, which had barely weathered the shock of the December 3 martial law declaration by [...]
SEOUL, Dec. 26 (Korea Bizwire) — Insurance payouts for small business closures in South Korea have reached a historic high of 1.3 trillion won in 2024, reflecting the deepening impact of the economic slowdown, according to the Korea Federation of SMEs. The federation reported on December 25 that payments under the “Yellow Umbrella” business closure insurance [...]
SEOUL, Dec. 26 (Korea Bizwire) — Kim Jin-ha, a 78-year-old small clothing shop owner in Seoul’s Yeomni-dong, begins his day arranging clothing displays and preparing his store for the day’s customers. Despite his dedication of 25 years to the store, Kim says he has seen his profits steadily decline, as sluggish consumer spending has made [...]
SEOUL, Dec. 24 (Korea Bizwire) — A recent Bank of Korea survey reveals that one in three major South Korean export companies anticipates a decrease in exports next year, citing intensifying competition from China and potential impacts from a second Trump administration among key concerns. According to the central bank’s regional economic report released on December [...]
SEOUL, Dec. 18 (Korea Bizwire) — South Korea’s economy grew at an annualized rate of nearly 7 percent after a change in the base year for economic growth data compilation, central bank data showed Wednesday. According to the data from the Bank of Korea, Asia’s fourth-largest economy expanded at an average 6.9 percent per year [...]
SEOUL, Dec. 17 (Korea Bizwire) — Growth projections for South Korea’s export-dependent economy in 2024 have been revised downward, despite robust semiconductor exports, reflecting slower-than-expected recovery in domestic demand amid high interest rates and lingering effects of the COVID-19 pandemic. Earlier in the year, both the South Korean government and major international financial organizations projected [...]