SEOUL, Feb. 27 (Korea Bizwire) — Kakao Corp.’s recent decision to stop recruiting experienced developers is a reflection of the frozen IT industry amid the slumping economy. The South Korean tech giant’s spending on wages surged from 911.9 billion won (US$691 million) in 2020 to 1.68 trillion won last year. Due to the increased cost [...]
SEOUL, Feb. 12 (Korea Bizwire) — China’s reopening from COVID-19 restrictions and its economic recovery are expected to help boost South Korea’s economic growth and exports, which are highly related to the neighboring country, a report showed Sunday. According to the report published by the Korea International Trade Association (KITA), global institutions have predicted that [...]
SEOUL, Dec. 16 (Korea Bizwire) — South Korea took advantage of post-pandemic recovery through early 2022, but this year was overall challenging for the export-dependent nation as it felt the pinch of inflation sparked by the Russia-Ukraine war resulting in monetary tightening moves and slowed exports. Earlier this year, the South Korean government painted a [...]
SEOUL, Dec. 4 (Korea Bizwire) — South Korea is experiencing sluggish exports and record trade deficit over a global economic slowdown, and intertwined challenges both at home and abroad further dimmed prospects for a turnaround anytime soon, experts said Sunday. The country’s exports fell 14 percent on-year to come to US$51.91 billion in November, the [...]
SEOUL, Nov. 27 (Korea Bizwire) — Nearly 60 percent of economic and financial experts worry that South Korea could face a financial crisis in the short term amid concerns that spiking borrowing costs could weigh on businesses and households, a central bank survey showed Sunday. According to the survey that the Bank of Korea (BOK) [...]
SEOUL, Nov. 21 (Korea Bizwire) — South Korea’s nationwide consumer prices rose 5.9 percent on-year in the third quarter of the year due to higher energy and dining-out costs, data showed Monday. The figure marked an expansion from the 5.4 percent on-year growth tallied a quarter earlier, according to the data from Statistics Korea. By [...]
SEOUL, July 14 (Korea Bizwire) — President Yoon Suk-yeol instructed officials Thursday to find ways to protect ordinary citizens from the financial pressures of high inflation and high interest rates. Yoon made the remark a day after the Bank of Korea delivered an unprecedented 0.5 percentage-point rate hike in a preemptive bid to fight fast-growing [...]
SEOUL, Dec. 22 (Korea Bizwire) — North Korea’s economy is unlikely to face an imminent crisis despite struggles stemming from crippling sanctions and border restrictions due to anti-virus efforts, experts said Wednesday. The North has continued imports of essential economic materials, such as crude oil and fertilizers, which lessens the chances of its industries becoming [...]
SEOUL, Dec. 12 (Korea Bizwire) — The South Korean economy is expected to expand 2.8 percent on-year in 2022, slower than this year’s projected 3.9 percent growth, amid weaker private consumption and global demand, a local think tank said Sunday. The projection by the LG Economic Research Institute (LGERI) is lower than that by the [...]
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 [...]