SEJONG, Nov. 28 (Korea Bizwire) – South Korea’s economy is expected to grow at a brisk 3.2 percent this year, faster than the earlier estimate of 2.6 percent, on the back of improving exports and corporate investment, a Paris-based international organization forecast Tuesday. For next year, the Organization for Economic Cooperation and Development (OECD) revised [...]
SEOUL, Nov. 27 (Korea Bizwire) — South Korea’s economic growth ranked second among major advanced and emerging economies in the third quarter of the year on brisk exports and increased fiscal spending, data showed Monday. Asia’s fourth-largest economy expanded 1.4 percent in the July-September period from three months earlier, according to the data from the [...]
SEJONG, Nov. 2 (Korea Bizwire) – A new report by a government-backed policy institute has claimed that the introduction of the 40-hour work week has led to a 1.5 percent rise in productivity. The report, published by researchers Park Yun-soo and Park Woo-ram at the Korea Development Institute on Wednesday, showed fewer working hours are linked [...]
SEOUL, Nov. 1 (Korea Bizwire) — The average salary of South Korean workers ranked mid to low among major economies last year with its growth rate over the past six years also hovering below their median, a report said Wednesday. According to the report from Rep. Park Kwang-on of the ruling Democratic Party, South Korean [...]
SEOUL, Oct. 31 (Korea Bizwire) — South Korean companies rank in the bottom tier in utilizing cloud service, a report from the Organization for Economic Cooperation and Development (OECD) showed Tuesday. An OECD survey of 33 member states in 2016 placed South Korea at 27th, with the service use of 12.9 percent. Hungary (12.2 percent), [...]
SEOUL, Oct. 20 (Korea Bizwire) – South Korean President Moon Jae-in said during a meeting with senior aides earlier this week that a ‘society where long working hours and overwork are the norm’ must end, while calling for support among lawmakers to pass new labor reforms. Moon’s pledge comes on the heels of growing calls to [...]
SEJONG, Oct. 2 (Korea Bizwire) – South Korea’s traffic-related deaths have been on a steady decline but still remained at the top level among member countries of the Organization for Economic Cooperation and Development (OECD), government data showed Monday. Based on OECD criteria, the country’s death rates from traffic accidents per 100,000 inhabitants reached 10 [...]
SEOUL, Sept. 22 (Korea Bizwire) — The number of new tuberculosis (TB) patients dropped slightly in 2016 from the previous year, government data showed Friday, amid the government increasing the number of dedicated doctors and other medical staff charged with treating the contagious disease in recent years. South Korea had the highest incidence rate of [...]
SEOUL, Sept. 13 (Korea Bizwire) – South Korea’s dependency on the information and communication technology (ICT) industry for its output is nearly twice the average for major industrialized economies, a report said Wednesday. South Korea’s ICT sector accounts for 10.7 percent of the country’s gross value added, or the value of goods and services produced [...]
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 [...]