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 [...]
SEOUL, Dec. 16 (Korea Bizwire) — Finance Minister Choi Sang-mok reiterated Monday that uncertainties from the recent martial law debacle have eased following the impeachment of President Yoon Suk Yeol, emphasizing the country’s robust economic system. Choi made the remarks during the opening session of a regional economic forum in Seoul attended by domestic and [...]
SEOUL, Dec. 10 (Korea Bizwire) – The growth in South Korea’s employment insurance registrations reached its lowest point in nearly four years, highlighting a slowdown in the labor market as the country faces a range of economic headwinds. According to the Ministry of Employment and Labor, the number of regular employment insurance subscribers increased by [...]
SEOUL, Dec. 10 (Korea Bizwire) – South Korea’s economy is grappling with mounting challenges, as domestic construction downturns and global trade uncertainties weigh heavily on growth prospects, according to a report by the Korea Development Institute (KDI) on December 9. While the report notably avoided direct mention of the ongoing political turmoil surrounding President Yoon [...]