SEOUL, May 27 (Korea Bizwire) – South Korea’s state-run think tank on Tuesday sharply cut its growth forecast for the local economy this year to 1 percent, citing a slowdown in exports and domestic consumption. The revised projection by the Korea Institute for Industrial Economics and Trade (KIET) represents a 1.1 percentage-point drop from its [...]
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, 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, April 14 (Korea Bizwire) — U.S.-based coworking space provider WeWork expects double-digit growth in South Korea this year on strong demand from corporate customers despite the COVID-19 pandemic, the chief of its South Korean unit has said. WeWork Korea posted 20 percent on-year growth in sales last year, helped by restructuring and growing demand [...]
SEOUL, March 9 (Korea Bizwire) — Major global investment banks (IBs) have revised up their forecasts for South Korea’s 2021 economic growth for the third consecutive month amid growing expectations for a recovery, a report showed Tuesday. As of end-February, nine major global IBs, including Barclays, BoA-Merrill Lynch and Citi, forecast Asia’s fourth-largest economy to [...]
SEOUL, Jan. 27 (Korea Bizwire) — Several foreign investment banks (IBs) have revised up their forecasts for South Korea’s 2021 economic growth following the economy’s relatively good performance last year, a report showed Wednesday. Out of six foreign IBs and one research institute that published reports on Asia’s fourth-largest economy Tuesday, three upgraded their growth [...]
SEOUL, Jan. 7 (Korea Bizwire) — Major foreign investment banks (IBs) have slightly raised their forecasts for South Korea’s economic growth for 2021 despite the coronavirus pandemic, a report showed Thursday. As of end-December, nine major global IBs, including Barclays and Goldman Sachs, forecast the South Korean economy to grow 3.4 percent this year, up [...]
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 [...]
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 [...]
SEJONG, Jul. 10 (Korea Bizwire) — Global rating agency Standard & Poor’s has sharply slashed its growth forecast for South Korea’s economy this year to 2 percent due to rising uncertainty about the global trade outlook and weaker consumption. The latest estimate represented a sharp downward revision from its previous forecast of 2.4 percent in [...]