SEOUL, Oct. 13 (Korea Bizwire) — South Korea experienced a gradual softening of an economic downturn on signs of improvement in production and exports of semiconductors and the upbeat service sector though external uncertainties linger, the finance ministry said Friday. “The economic slowdown has been gradually easing as the production and exports in the manufacturing [...]
SEOUL, Sept. 21 (Korea Bizwire) — Finance Minister Choo Kyung-ho said Thursday the government will closely monitor rising global economic uncertainties, after the U.S. central bank decided to hold its key rates overnight. The U.S. Federal Reserve on Wednesday (local time) announced the decision to hold the rate steady between 5.25 percent and 5.50 percent. [...]
SEOUL, Sept. 19 (Korea Bizwire) – The Organization for Economic Cooperation and Development (OECD) on Tuesday maintained South Korea’s growth outlook and inflation forecast for 2023 at 1.5 percent and 3.4 percent, respectively. The latest figure is just above a 1.4-percent growth projection suggested by the South Korean government in July. The Paris-based organization had [...]
SEOUL, March 7 (Korea Bizwire) – Korea faces a slowdown in job growth due to changes in its demographic structure, which will reduce the country’s potential growth rate in the coming years. According to Park Yang-soo, head of the Bank of Korea’s Economic Research Institute, the average annual increase in the number of employed people [...]
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 [...]