SEOUL, Dec. 28 (Korea Bizwire) – In the face of persistent high inflation and interest rates, South Korean consumers have been navigating the economic landscape with markedly polarized spending habits. This trend, underscored by recent studies from Lotte Home Shopping and WiseApp, reveals a complex interplay of ‘value-seeking consumption’ and ‘revenge spending’, shaping the country’s retail [...]
SEOUL, Dec. 28 (Korea Bizwire) – The recent ’2023 Survey on North Korean Defectors’ conducted by the Korea Hana Foundation reveals significant improvement in the economic activities and settling environment of North Korean defectors residing in South Korea. The survey, published on December 27, indicates an increase in the employment rate of defectors to 60.5% this [...]
SEOUL, Dec. 26 (Korea Bizwire) — The South Korean economy is expected to be on track for a recovery in 2024 on rising exports, but sluggish growth looms large as higher-for-longer interest rates and sticky inflation could further hamper global growth and domestic demand, experts said Tuesday. South Korea has faced multiple economic challenges in [...]
SEOUL, Dec. 12 (Korea Bizwire) — Nearly three-fourths of local economic experts expect South Korea’s economic growth to remain stuck in a low range over the long term amid overseas risks, a poll showed Tuesday. The survey of 211 professors of economics and business administration showed 73.2 percent of the respondents predict the economy to grow [...]
SEOUL, Dec. 11 (Korea Bizwire) – In the midst of a prolonged global economic downturn, South Korean companies are tightening their belts as they prepare next year’s business plans, focusing on cost-saving initiatives and voluntary retirements. SK Group recently adopted a cost-effective approach by organizing dinner meetings at company cafeterias instead of dining out, reducing expenses [...]
SEOUL, Dec. 4 (Korea Bizwire) – As “godoksa,” or solitary death, becomes a pressing social concern, a recent survey unveils that the average South Korean believes there is a 32 percent chance of facing such a fate. Godoksa refers to an isolated demise, where an individual passes away alone, disconnected from family, relatives, and others, with [...]
SEOUL, Nov. 15 (Korea Bizwire) – The delinquency rate for bank credit card loans, encompassing both cash advances and card loans, has experienced a notable surge in recent times. As per a report from the Bank of Korea on Tuesday, the delinquency rate for credit card loans at general banks—encompassing both commercial and regional banks—reached 2.9 [...]
SEOUL, Oct. 25 (Korea Bizwire) — South Korea’s consumer sentiment slid for the third straight month in October amid woes over an economic slowdown, slumping exports and weakened spending power, a central bank poll showed Wednesday. The composite consumer sentiment index stood at 98.1 in October, down from 99.7 the previous month, marking the lowest [...]
SEOUL, Oct. 20 (Korea Bizwire) — The South Korean economy is forecast to be on a recovery track next year but the pace will be “very gradual” as China’s significant economic slowdown and a recession in the United States would hinder the growth of its exports, a senior Fitch Ratings analyst said Friday. Jeremy Zook, [...]
SEOUL, Oct. 16 (Korea Bizwire) – The repercussions of the economic downturn have reverberated in the imported electric vehicle market, drawing attention to the widening wealth gap often described as “The rich get richer, the poor get poorer.” While sales of domestic electric vehicles (EVs) have been lackluster this year, there has been a notable surge in [...]