SEOUL, Dec. 6 (Korea Bizwire) — The high-income group should spend more to revive South Korea’s public consumption amid the COVID-19 pandemic, a report said Sunday. Public consumption has recovered slightly from the second quarter of the year, but it is still lackluster compared with before the new coronavirus pandemic occurred, said the report by [...]
SEOUL, Jan. 27 (Korea Bizwire) — South Korea’s private consumption grew at the fastest rate in seven years in 2018, data showed Sunday. According to the Bank of Korea, South Korea’s private consumption grew 2.8 percent in 2018, marking the highest figure since the 2.9 percent posted in 2011. The country’s growth in terms of [...]
SEOUL, April 4 (Korea Bizwire) — Private spending in South Korea fell to a record low last year amid gloomy employment prospects and rapid population aging. The ratio of private spending to the country’s gross domestic product (GDP) reached 48.1 percent in 2017, down 0.6 percentage points from a year ago, the lowest since records began [...]
SEJONG, Jun. 4 (Korea Bizwire) — The South Korean economy remains weak overall as a slump in exports weighs down on its growth, a state-run think tank said Thursday. In its latest report on the economy, the Korea Development Institute (KDI) said private consumption has improved at a moderate pace, but a drop in outbound [...]