SEJONG, Oct. 25 (Korea Bizwire) — South Korea ranks fourth in relative poverty among major economies in the world, data showed Monday, in a sign of its high income inequality. The country’s relative poverty rate, referring to the percentage of people with an income below 50 percent of the median income, came to 16.7 percent [...]
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, Sept. 17 (Korea Bizwire) — South Korea has larger class sizes and lower employment rates among the highly educated than Organization for Economic Cooperation and Development (OECD) averages, the education ministry said Friday. According to the latest edition of the OECD’s “Education at a Glance,” released by the Ministry of Education, elementary and middle [...]
SEOUL, Feb. 23 (Korea Bizwire) — South Korea’s economic growth rate ranked third among major economies across the globe in 2020 despite an on-year contraction due to the coronavirus pandemic, data showed Tuesday. Asia’s fourth-largest economy contracted 1 percent last year from a year earlier, but it posted the third-best performance among 15 major nations, [...]
SEOUL, Dec. 9 (Korea Bizwire) — South Korea invested almost 90 trillion won (US$83 billion) in research and development (R&D) last year, making it the fifth-largest spender among members of the Organization for Economic Cooperation and Development (OECD), the ICT ministry said Wednesday. The South Korean government and the private sector’s total R&D spending 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. 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 22 (Korea Bizwire) — South Korean babies born in 2018 are expected to live over 82 years, two years longer than the Organization for Economic Cooperation and Development’s average, as many take care of their health with regular medical checkups and treatment, data showed Wednesday. The figure remains unchanged from the year before, [...]
SEOUL, April 10 (Korea Bizwire) — North Korea’s economy has become increasingly marketized in the past two decades with the emergence of local markets and a newly affluent class of traders, the Organization for Economic Cooperation and Development said in a recent working paper. The OECD also said in the paper, titled “North Korea: The [...]
SEOUL, March 12 (Korea Bizwire) — Pummeled by the rapid spread of the novel coronavirus, South Korea’s consumer sentiment fell at the fastest clip among major economies in February, data showed Thursday. South Korea’s composite consumer sentiment index stood at 96.9 for February, down 0.4 from the previous month, according to the data from the [...]