HONG KONG and SINGAPORE, Dec. 28 (Korea Bizwire) — 2020 has been an eventful year which saw some of the toughest social, economic and political challenges in recent times. While stabilization of markets seems to be within reach with the introduction of new COVID-19 vaccines and new leadership in the US, investors should expect the [...]
SEOUL, Oct. 12 (Korea Bizwire) — Major foreign investment banks (IBs) have downgraded their forecasts for South Korea’s economic growth following the resurgence of the coronavirus here, a report showed Monday. As of end-September, nine major global IBs, including Barclays and Goldman Sachs, forecast Asia’s fourth-largest economy to shrink 1.4 percent this year, compared with [...]
SEOUL, Oct. 4 (Korea Bizwire) — South Korea performed relatively better in terms of economic growth over the second quarter of the year compared to other members of the Organization for Economic Cooperation and Development (OECD), data showed Sunday. South Korea’s economy contracted 3.2 percent on-year in the April-June period, which marked the smallest decrease [...]
SEOUL, Sept. 14 (Korea Bizwire) — South Korea’s negative economic growth is expected to be inevitable for this year in the wake of the coronavirus outbreak, officials have said. Local bureaucrats’ growing pessimism about Asia’s fourth-largest economy comes as economic activity has been battered by tougher social distancing measures in the greater Seoul area in [...]
SEJONG, Aug. 11 (Korea Bizwire) — South Korea’s economy is likely to shrink less than expected this year thanks to its successful response to the coronavirus pandemic, the Organization for Economic Cooperation and Development (OECD) said Tuesday. In its latest report on South Korea, the Paris-based club of major economies predicted Asia’s fourth-largest economy will [...]
SEOUL, Aug. 9 (Korea Bizwire) — South Korea’s economic sluggishness has eased on diminishing negative effects of the coronavirus pandemic, a state-run think tank said Sunday. South Korea’s daily new virus cases spiked more than 900 in late February, but the COVID-19 curve has since flattened sharply in recent months. The decline in infections has [...]
SEOUL, Aug. 9 (Korea Bizwire) — The government is drawing up a budget for next year, with its size likely to top 550 trillion won (US$463 billion), up 8 percent from this year’s, as the country is drumming up efforts to boost the pandemic-hit economy, sources said Sunday. According to the sources, the finance ministry [...]
SEOUL, Aug. 2 (Korea Bizwire) — South Korea’s economy contracted 3.3 percent in the second quarter from a quarter earlier, but it fared well compared with other major economies, data showed Sunday. South Korea’s gross domestic product (GDP) growth rate was the second highest among the 14 countries that included the United States, China, Germany [...]
SEOUL, July 30 (Korea Bizwire) — South Korea has reported a surplus in trade with countries with which it signed free trade pacts, data showed Thursday, in a sign that such deals help Seoul cushion the negative impact of the coronavirus pandemic. According to the data by the Korea Customs Service (KCS), South Korea posted [...]
SEOUL, July 20 (Korea Bizwire) — South Korean households’ debt is one of the world’s highest when compared to the country’s economic size while its debt grew at one of the highest rates in the first three months of the year, a report showed Monday. As of end-March, South Korea’s household debt came to 97.9 [...]