Report argues more people economically underprivileged than believed

Close to 40 percent of South Koreans would be classified as financially underprivileged if their income and assets were viewed together as their economic resources, a report released Monday argued.The report from the Gyeonggi Research Institute (GRI) questioned the conventional way of looking mostly at income to define the middle class, which it said can easily underestimate or overestimate the size of the economic segment. The institute conducted its own study to count household assets in the f

Nov. 21, 2016

Growth forecast may fall below 3% for first time since 1999

There is an increasing chance that the government may lower South Korea’s annual growth projection for next year to below 3 percent, due to stronger downward pressure from US President-elect Donald Trump’s uncertain trade policies and the domestic political scandal.Private economic think tanks, such as LG Economic Research Institute, have already revised down the nation’s growth projections to 2.2-2.7 percent for next year.The Bank of Korea also lowered its projection from 2.9 percent to 2.8 per

Nov. 20, 2016

[ECONOMY AT RISK] No time to delay corporate restructuring: experts

The South Korean government’s almost nonexistent measures to speed up corporate restructuring in ailing industries under no clear economic leadership has exacerbated the country’s already-weak long-term growth prospects.In the aftermath of the slowdown in global trade, the government recently announced corporate restructuring measures for the ailing shipbuilding and shipping industries suffering from a decline in orders. It was part of the government’s “three-track corporate restructuring plan,”

Nov. 20, 2016

S. Koreans' quality of life hurt by economic slowdown, intense labor: report

The quality of life for South Koreans ranks 47th in the world, as the country's economic stature is undercut by long working hours and unemployment, a local report said Friday.The annual report from the Institute for International Trade, a research arm of the Korea International Trade Association, said South Korea scored 4.95 on a scale of 1 to 10 in quality of life in 2015. The score placed South Korea 47th, down seven notches from the previous year. IIT releases the report annually based on so

Nov. 18, 2016

S. Koreans' overseas card spending rises 9% in Q3

Overseas card spending by South Koreans rose 9 percent in the third quarter from a quarter earlier, helped by increased outbound travelers, the central bank said Friday.In the July-September period, overseas card spending amounted to $3.78 billion, compared with $3.47 billion in the previous quarter, according to the Bank of Korea . From a year earlier, the Q3 tally marked a 14.6 percent hike.Overseas card spending includes purchases made with debit and direct payment cards, in addition to credi

Nov. 18, 2016

BOK chief vows to stabilize markets on possible volatility

South Korea's central bank governor vowed Friday to take necessary steps to stabilize the markets in case of signs of volatility.Bank of Korea Gov. Lee Ju-yeol made the comments in his meeting with heads of local banks, saying it is hard to predict what impact the recent US presidential election results will have on the markets for now.Last week, Republican presidential candidate Donald Trump won the White House in an upset victory over his Democratic rival Hillary Clinton. It had an impact on t

Nov. 18, 2016

[News Focus] Central American FTA to increase Korean exports

The latest free trade deal between South Korea and Central America is projected to boost Korean exports of cars, steel, cosmetics as well as lower the prices of coffee and tropical fruit imports here. The Korean government Wednesday reached an agreement with six Central American countries -- Nicaragua, El Salvador, Honduras, Costa Rica, Panama and Guatemala -- to remove tariffs on over 95 percent of goods made from each country, either immediately or within 10 years. Five countries agreed on 24

Nov. 17, 2016

Korea, Central America reach agreement on free trade deal

South Korea reached an agreement with six Central American countries on a free trade deal Thursday, which is expected to pave wider ways for Asia's fourth-largest economy to tap deeply into the continent, the trade ministry here said.Under the deal, South Korea and six countries -- Nicaragua, El Salvador, Honduras, Costa Rica, Panama and Guatemala -- agreed to eliminate tariffs on about 95 percent of goods made from each country within 10 years after the pact takes effect, according to the Minis

Nov. 17, 2016

Economic leadership adrift amid political turmoil

Calls are mounting for the early set-up of new economic leadership to navigate the country’s sluggish economy through worsening conditions at home and abroad.Finance Minister Yoo Il-ho, who doubles as deputy prime minister for economic affairs, has been in an awkward position since Yim Jong-ryong, head of the Financial Services Commission, was named by President Park Geun-hye earlier this month to replace him.Their awkward cohabitation in the government’s economic team is expected to continue fo

Nov. 16, 2016

Internet banking users up in Q3

South Korea's Internet banking service rose at a fast clip in the third quarter with both the number of users and daily transactions reaching record highs, central bank data showed Wednesday.In the three months ended Sept. 30, the number of Internet and mobile banking service users came to 120.7 million, up 1.4 percent from the previous quarter, according to the data from the Bank of Korea (BOK).The number is the sum of all registered users of 16 Internet and mobile banking service providers in

Nov. 16, 2016

Free trade with Korea creates jobs in US: vice finance minister

 The Free Trade Agreement between South Korea and the US has been helpful in creating jobs in the US through Korean companies that have invested in the American market, Korea’s vice finance minister said.“South Korea and the US have established economic cooperation that mutually benefited each other and the Korea-US FTA is an example,” Vice Finance Minister Choi Sang-mok said in a Seoul seminar on policies of the new US administration under US President-elect Donald Trump. The event was co-hoste

Nov. 15, 2016

Korea's home transactions grow 2.2% on-year in Oct.

Home transactions gained 2.2 percent from a year earlier last month, government data showed Tuesday, amid an apparent rise in demand triggered by a government plan to limit the supply of new homes.The number of home transactions came to 108,601 in October, compared with 106,274 in the same month last year, according to the Ministry of Land, Infrastructure and Transport.October marked the third consecutive month of on-year gain.From the previous month, the October tally marked a 18.5 percent spik

Nov. 15, 2016

'FTA with Korea gives reciprocal benefit to US'

The free trade deal between Seoul and Washington has contributed to increasing job opportunities in the United States by enhancing bilateral trade and investment, South Korea's vice finance minister said Tuesday."South Korea and the U.S have expanded economic cooperation that mutually benefited each other, and the Korea-US free trade agreement is an example," Vice Finance Minister Choi Sang-mok said in a Seoul seminar co-hosted by the Korea Economic Institute of America, a Washington-based nonpr

Nov. 15, 2016

Korea posts 57th consecutive trade surplus in Oct.

South Korea logged a trade surplus for 57 straight months in October as imports fell at a faster pace than exports, customs data showed Tuesday.The country's trade surplus came to $6.97 billion last month, up 5.7 percent from $6.59 billion tallied a year earlier, according to the data from the Korea Customs Service.For the January-October period, the surplus edged up 2.2 percent on-year to $74.7 billion from $73.1 billion.The on-year gain in trade surplus was led by a steep decline in imports th

Nov. 15, 2016

TPP's demise may be Korea's gain

South Korea needs to rethink its trade negotiating strategies in the wake of Donald Trump’s US presidential election victory, experts here say. President Barack Obama‘s administration has reportedly abandoned efforts to push for the passage of the 12-nation Trans-Pacific Partnership pact in the lame-duck session of Congress before his successor takes office in January.In his election campaign, Trump labeled the deal a “disaster” that would send more American jobs abroad. His transition committee

Nov. 14, 2016

Exports advance 19.7% in first 10 days of November

South Korea’s exports jumped nearly 20 percent in the first 10 days of November on the back of increased working days, data showed Friday.The country’s exports totaled $13.9 billion from Nov. 1-10, up from the $11.6 billion tallied over the same period last year, according to the Korea Customs Service.Outbound shipments of semiconductors and auto parts soared 25.9 percent on-year and 39 percent, respectively, over the 10-day period, while exports of wireless devices fell 7.9 percent and those of

Nov. 13, 2016