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Private Think Tank cuts S. Korea’s 2016 Growth Forecast to 2.5 Percent

SEOUL, Dec. 21 (Korea Bizwire) – South Korea’s economic growth rate will likely slow to 2.5 percent in 2016 due to a continued export slump and weakening domestic consumption, a leading private think tank forecast Sunday. The prediction by the LG Economic Research Institute (LGERI) marks a 0.2 percentage point drop from its earlier estimate made in September. LGERI’s revised growth projection is also lower than the government’s 3.1 percent estimate for [...]

S. Korea’s Inflation Hits One-Year High in Nov.

SEJONG, Dec. 1 (Korea Bizwire) – South Korea’s consumer inflation inched up to a one-year high in November as a drop in oil prices slowed, a government report showed Tuesday, a positive development for Asia’s fourth-largest economy struggling to shake off deflation concerns. The country’s consumer price index gained 1 percent last month from [...]

FTA with China to Help Boost S. Korean Exports, Fuel Growth

SEOUL/SEJONG, Nov. 30 (Korea Bizwire) – The ratification of the free trade pact with China is expected to breathe new life into South Korea’s sagging exports and fuel the country’s growth, local observers said Monday. The bilateral free trade agreement (FTA), signed on June 1 and now passed by the National Assembly, will make South [...]

S. Korea to Focus on New Growth Strategies

SEOUL, Nov. 20 (Korea Bizwire) - South Korea will focus on building new growth strategies in drawing up its economy management plan for next year that could help the country tide over the fast-changing economic environment at home and aboard, the top economic policymaker said Friday. In a meeting with heads of major economic research institutes [...]

S. Korean Economy to Take Hit From China’s Slowdown

SEOUL, Nov. 9 (Korea Bizwire) – China’s economic slowdown is feared to have a significant negative impact on the South Korean economy that is highly dependent on the neighboring country for its exports, a leading state think tank said Monday. In a report on the world’s second-largest economy, the Korea Development Institute (KDI) said that [...]

First Korean Black Friday Gets Better Grades Than Expected

SEJONG, Oct. 15 (Korea Bizwire) – The first Korean ‘Black Friday’ shopping event, which was initiated by the government and promoted across the country over the past two weeks, ended on October 14. The event was a desperate attempt by the government to boost consumption, with domestic demand frozen and exports low. The promotion benchmarked [...]

Korea, Where the Rich Get Richer and the Poor Have No Hope

SEOUL, Sept. 11 (Korea Bizwire) – Korea has been evaluated as making the lowest efforts to solve the problem of income inequality. It was also pointed out that structural corruption was severe, as those who had the upper hand were getting all the benefits that resulted from the protection of regulatory systems. The World Economic [...]

Japan’s ‘Lost Years’ Found in Korea

SEOUL, Sept. 9 (Korea Bizwire) – Analysts from Korea Investment & Securities have said that by analyzing Japan’s ‘lost’ decades, Korea can find answers about the business fields that could show structural growth. Lee Su-jeong, a researcher at Korea Investment & Securities, explained that under similar national income levels and population structures, similar lifestyles occur. [...]

Chinese Economic Slowdown Could Spell Trouble for Korea

SEOUL, Sept. 8 (Korea Bizwire) – As the prospect that China will go through a much more severe economic slowdown than expected is spreading, concerns about the impact this will have on the Korean economy are growing. Korea has a bigger dependency on China compared to other countries. According to a report issued by The [...]

Revitalizing Spending: Korean ‘Black Friday’ to the Rescue

SEJONG, Aug. 27 (Korea Bizwire) – ‘Spending Festivals’ targeting both Korean and foreigners are set to open nationwide. They are expected to be the Korean version of ‘Black Friday’ in the US. Department stores, grocery stores, traditional markets and even online shopping malls will participate in the event. In order to energize spending to revitalize [...]