SEOUL, Aug. 2 (Korea Bizwire) — South Korea’s per-capita gross domestic product (GDP) fell by the most among major economies after Japan and Sweden last year, data showed Wednesday. The country’s per-capita GDP dropped 8.2 percent on-year to come to US$32,142 in 2022, according to the data analyzed by the Bank of Korea based on [...]
SEOUL, March 4 (Korea Bizwire) — The debt owed by households and small businesses in South Korea rose at one of the world’s fastest rates in 2019 in terms of its ratio to the country’s gross domestic product (GDP), data showed Wednesday. According to the data from the Bank for International Settlement, outstanding debt extended [...]
SEOUL, June 16 (Korea Bizwire) – The property value of South Korean homes has risen sharply in recent years, data showed Thursday, amid the previous government’s policy to prop up the country’s housing market. The value of homes in the country stood at over 3,732 trillion won (US$3.32 trillion) as of late last year, up [...]
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, Sept. 4 (Korea Bizwire) — Nearly half of South Korea’s top businesses are expected to see their sales shrink this year due to a global economic slowdown and weak domestic demand, market observers said Friday. According to market analysts, only 56 percent of the country’s 300 largest firms by stock market capitalization are expected to [...]
SEOUL, Aug. 24 (Korea Bizwire) – Tempur Korea has commented that their rapid success in Korea is due to the high number of locals longing for a good night’s sleep. Ju Jong-gyu, the head of Tempur Korea, explained the new interest Koreans have on quality sleep. “Usually, people have a tendency to seek good quality sleep [...]
SEOUL, April 28 (Korea Bizwire) – South Korea’s top central bank said Tuesday the country’s economic recovery is gaining momentum despite external risks but stressed that structural reform is necessary for long-term growth. Bank of Korea (BOK) data released last week showed that the country’s gross domestic product (GDP) grew 0.8 percent on-quarter in the first three [...]
“The most important policy task is to keep the recovery momentum. The government must take a more prominent role in solidifying growth. The government is keeping close tabs on economic developments and will come up with policy measures that can best meet the country’s needs.” “Pushing back the retirement age will put more financial burden [...]