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S. Korea to Closely Monitor Economic Uncertainties, Including U.S. Rates

S. Korea to Closely Monitor Economic Uncertainties, Including U.S. Rates

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. [...]

OECD Maintains South Korea’s 2023 Growth Outlook at 1.5%

OECD Maintains South Korea’s 2023 Growth Outlook at 1.5%

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 [...]

Demographic Changes Might Lead to a Slowdown in Job Growth and Potential Growth Rate

Demographic Changes Might Lead to a Slowdown in Job Growth and Potential Growth Rate

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 [...]

Kakao’s Decision to Halt Recruiting Reflects Frozen IT Sector

Kakao’s Decision to Halt Recruiting Reflects Frozen IT Sector

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 [...]

China’s Reopening Likely to Help S. Korean Economy Rebound: Report

China’s Reopening Likely to Help S. Korean Economy Rebound: Report

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 [...]

Inflation, Weak Exports Weigh Down Post-pandemic Recovery in 2022

Inflation, Weak Exports Weigh Down Post-pandemic Recovery in 2022

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 [...]

Faltering Exports Hurt S. Korea’s Growth Momentum, No Improvement in Sight

Faltering Exports Hurt S. Korea’s Growth Momentum, No Improvement in Sight

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 [...]

Experts Worry About Financial Crisis Due to Spiking Borrowing Costs: BOK Survey

Experts Worry About Financial Crisis Due to Spiking Borrowing Costs: BOK Survey

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) [...]

Yoon Calls for Protecting Ordinary Citizens from High Inflation, Interest Rates

Yoon Calls for Protecting Ordinary Citizens from High Inflation, Interest Rates

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 [...]