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South Korea 32nd out of 35 OECD Countries on Family Spending

South Korea 32nd out of 35 OECD Countries on Family Spending

SEOUL, Sept. 11 (Yonhap) — South Korea was one of the smallest investors in families among member states of the Organization for Economic Cooperation and Development (OECD) in 2013, a report showed Monday. The country allocated 1.13 percent of its gross domestic product (GDP) to family benefits spending, and therefore ranks 32nd among 35 OECD [...]

South Korean GDP to Decline by 2050

South Korean GDP to Decline by 2050

SEOUL, Sept. 11 (Korea Bizwire) – According to Simon Baptist, Chief Economist at the Economist Intelligence Unit, by 2050, South Korea, Canada and Italy may find themselves firmly entrenched outside the global GDP top-10 list. Baptist attributes this change partly to the projected rise of India, with its growing population and migration to urban areas [...]

Experts Divided On Whether 10-Day Holiday Period Will Increase Consumer Spending

Experts Divided On Whether 10-Day Holiday Period Will Increase Consumer Spending

SEOUL, Sept. 8 (Korea Bizwire) — The 10-day holiday starting late September will likely have mixed effects on South Korea’s economy struggling to cope with trade sanctions imposed by China over a missile row, growing protectionism from the United States and geopolitical risks caused by North Korea. The government designated October 2 as a one-off [...]

S. Korea’s Tax Burden Remains One of the Lowest in OECD: Data

S. Korea’s Tax Burden Remains One of the Lowest in OECD: Data

SEOUL, Apr. 17 (Korea Bizwire) — South Korea’s tax burden, which has steadily risen over the years, still remains among the lowest among the group of developed market economies with high income, data showed Sunday. Data by the Paris-based Organization for Economic Cooperation and Development (OECD) showed that the tax burden ratio of Asia’s fourth-largest [...]

S. Korea’s Economy Grows in Q2: BOK

S. Korea’s Economy Grows in Q2: BOK

SEOUL, Sept. 2 (Korea Bizwire) – South Korea’s economy grew at a faster-than-expected pace in the second quarter from three months earlier on increased local demand and exports, central bank data showed Friday.  In the April-June period, the country’s gross domestic product (GDP) expanded 0.8 percent from the previous quarter, accelerating from a 0.5 percent [...]