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 [...]
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 [...]
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 [...]
SEOUL, Sept. 6 (Korea Bizwire) – A research report from the Department of Social Welfare at Ehwa Womans University detailing the financial costs of child poverty to society has garnered the attention of the public for its bold claims. The report states that 363,973 South Korean children are living in absolute poverty. In addition, the [...]
SEOUL, Aug. 6 (Korea Bizwire) — South Korea’s per capita gross domestic (GDP) is expected to edge past Italy’s in 2018, the government predicted Sunday, based on growth forecast data. The prediction, if it is met, will place the country’s per capita GDP at slightly more than US$30,000 and just over that of the European [...]
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 [...]
SEOUL, Feb. 8 (Korea Bizwire) – South Korea’s economic outlook looks rather disappointing, at least from a PwC projection in its latest report, The Long View (How will the global economic order change by 2050?). According to the consulting company, South Korea’s GDP ranking will drop from 13th in 2016 to 14th in 2030, and [...]
SEJONG, Sept. 20 (Korea Bizwire) – South Korea will likely see its gross domestic product (GDP) per capita touch the landmark US$30,000 level in 2018, a parliamentary report predicted Tuesday. If the $30,000 plateau is attained in two years, it will have taken 12 years since South Korea reached the $20,000 level in 2006. Other [...]
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 [...]
SEOUL, June 6 (Korea Bizwire) – South Korea’s weakening export growth may hurt the country’s growth by 0.2 percentage point this year as global demand remains sluggish and uncertainties involving a possible U.S. rate hike this month remain high, a parliamentary agency said Monday. The country’s weak export growth will continue to weigh on its [...]