SEOUL, May 3 (Korea Bizwire) — Leading business groups of South Korea and Iran agreed Tuesday to promote commercial and industrial partnerships by establishing consultative bodies. The Korea Chamber of Commerce and Industry (KCCI) said it has signed a memorandum of understanding with Iran’s Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA). The KCCI will [...]
SEOUL, March 15 (Korea Bizwire) - South Korea’s high youth unemployment could persist for a while, as Japan’s did, a local think tank warned Tuesday. Asia’s fourth-biggest economy seems to be following in Japan’s footsteps when it comes to the growth trend and demographics, according to a report authored by Ryu Sang-yoon, a senior analyst [...]
SEOUL, Feb.17 (Korea Bizwire) – Even as the economy is suffering, Koreans seem to be ready to open their wallets for their children. Due to the ‘eight-pocket’ phenomenon, which refers to eight people – parents (2), grandparents (4), uncle and aunt – spending money on one child, products and services related to children are showing [...]
SEOUL/SEJONG, Feb. 11 (Korea Bizwire) – South Korea’s new economic policy team led by Finance Minister Yoo Il-ho is facing tough challenges as domestic and overseas developments threaten to drag down growth down the road, local observers said Thursday. The warning comes as slowdowns in China and emerging markets, contracting exports and weakening domestic consumption [...]
SEOUL, Feb. 10 (Korea Bizwire) – The South Korean government said Wednesday the local economy remains intact despite the latest provocations made by North Korea, adding it will roll out market stabilization measures in case of any contingencies. “There have been no special trends after North Korea’s missile launch during the holiday,” Vice Finance Minister [...]
SEJONG, Feb. 3 (Korea Bizwire) – South Korea plans to jack up its fiscal spending by an additional 21 trillion won (US$17.4 billion) in the first quarter in an effort to pump-prime the economy struggling with faltering exports, the finance ministry said Wednesday. It will also extend a consumption tax cut program on passenger cars, [...]
SEJONG, Jan. 14 (Korea Bizwire) – The government said Thursday that it will put its top economic policy priority on jump-starting the country’s economy by focusing fiscal spending on a faster recovery of domestic demand and revitalizing sagging exports. In a joint report to President Park Geun-hye on the government’s economic policy goals for this [...]
SEOUL, Jan. 7 (Korea Bizwire) – The South Korean economy, which has been struggling with exports and flaccid domestic demand over the past year, is facing a triple whammy of weakening growth in China, geopolitical uncertainties surrounding North Korea and stubbornly weak international crude prices, watchers said Thursday. South Korea’s economy, which was rocked by [...]
SEOUL, Dec. 27 (Yonhap) – South Korea needs to revive its economic dynamics to achieve sustainable growth, as it may face a drop in growth potential due to the rapidly aging population, a director of the International Monetary Fund (IMF) said Sunday. “The Bank of Korea (BOK) estimated that South Korea’s growth potential is around 3 to 3.2 percent, but it will likely drop to below 3 percent in the long-term due to structural [...]
SEJONG, Dec. 21 (Korea Bizwire) – South Korea’s government will push to reorganize the country’s numerous special economic zones that have failed to meet expectations, the finance ministry said Sunday. The ministry said plans by 14 regional administrations to build more than 200 free economic zones, industrial innovation centers, and research and development zones have not moved forward as planned. Of these, the country has some 90 special regions dedicated to attracting foreign [...]