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 [...]
SEOUL, Sept. 21 (Korea Bizwire) — The Organization for Economic Cooperation and Development (OECD) on Tuesday raised its 2021 growth outlook for the South Korean economy to 4 percent, amid the country’s strong exports and fiscal support. The latest outlook is a 0.2 percentage-point rise from its May estimate of 3.8 percent growth for Asia’s [...]
SEOUL, Aug. 9 (Korea Bizwire) — Combined service output rose in all 16 provinces and major cities for the first time in six quarters in the April-June period with the South Korean economy on a recovery track, data showed Monday. Service output grew 5.7 percent in the second quarter from a year earlier, the fastest [...]
SEOUL, Aug. 8 (Korea Bizwire) — The South Korean economy is facing heightened uncertainty as the recovery of domestic demand is likely to slow amid a recent spike in COVID-19 cases, a state-run think tank said Sunday. Asia’s fourth-largest economy is on a recovery track amid solid exports, but the toughest-ever virus curbs, in effect [...]
SEOUL, May 9 (Korea Bizwire) — Nearly 70 percent of South Koreans believe that the use of a vaccination passport, which proves that a person has been fully vaccinated against the virus, will help the economy, a poll showed Sunday. The poll from the Federation of Korean Industries, a major business lobbying group here, showed [...]
SEOUL, March 17 (Korea Bizwire) — In a sign of a mild improvement in the job market hit hard by the pandemic, South Korea’s job losses eased last month compared to the previous month, but it would take longer than expected time for employment in Asia’s fourth-largest economy to show a meaningful recovery. The number [...]
SEOUL, Feb. 23 (Korea Bizwire) — South Korea’s economic growth rate ranked third among major economies across the globe in 2020 despite an on-year contraction due to the coronavirus pandemic, data showed Tuesday. Asia’s fourth-largest economy contracted 1 percent last year from a year earlier, but it posted the third-best performance among 15 major nations, [...]