Korea's ODA to reach 0.2% of GNI in 2020

South Korea aims to gradually increase the amount of funds set aside for its official development assistance program to better meet its obligations to help developing economies, the government said Tuesday.The Committee for International Development Cooperation under the prime minister's office said the size of Seoul's ODA fund will be equal to 0.2 percent of its gross national income in 2020, up from around 0.13 in 2013."The 2020 goal takes into account the country's overall fiscal conditions a

Nov. 10, 2015

Korea's dollar deposits hit record high in Oct.

Foreign currency deposits at banks in South Korea gained in October from a month earlier for the first time in six months, with U.S. dollar-denominated savings reaching a record high, central bank data showed Tuesday.Outstanding foreign currency deposits held by local residents came to $63.4 billion as of the end of last month, up $4.21 billion from a month earlier, snapping its five-consecutive month losing streak, according to data by the Bank of Korea.The October figure also marked the larges

Nov. 10, 2015

Domestic demand fueling growth momentum amid weak exports

Rising domestic demand in South Korea is stimulating industrial output and fueling growth momentum amid contracting exports and persistent overseas economic uncertainties, the finance ministry said Tuesday.In its latest economic assessment report called the Green Book, the ministry said consumer spending rose 1.1 percent in the third quarter from three months earlier and gained 2 percent on-year. In August, private spending began to improve following a poor showing in the second quarter.Producti

Nov. 10, 2015

OECD cuts Korea's 2015 growth outlook to 2.7%

The Organization for Economic Cooperation and Development on Monday downgraded South Korea's 2015 economic growth outlook due to weak domestic consumption and minus export growth.In its latest Economic Outlook report, the Paris-based organization said that gross domestic product for Asia's fourth-largest economy will likely grow 2.7 percent this year, down from its previous estimate of 3 percent announced in June.The annual growth number represents a noticeable contraction from the 3.3 percent e

Nov. 10, 2015

Korea's export prices fall at fastest pace in 9 months

South Korea's export prices fell at the fastest clip in nine months in October as the local currency continued to gain ground against the U.S. dollar, the central bank said Tuesday.The export price index reached 82.12 last month, down 3.5 percent from a month earlier, the steepest monthly decline since January this year, when the figure fell 4.3 percent, according to the Bank of Korea. From a year earlier, the index fell 6.2 percent.The index for import prices also fell 3 percent on-month to 78.

Nov. 10, 2015

Seoul international trade conference to examine the rise of mega FTAs

The 2015 Seoul Conference on Trade & Industry aims to expand deliberations on the rise of mega free trade agreements around the world and their impact on the global economy, the government said Tuesday.The forum held in the South Korean capital and hosted by the Ministry of Trade, Industry and Energy and the Korea International Trade Association is focused on emerging paradigms in the global trading systems such as the Trans-Pacific Partnership, the Regional Comprehensive Economic Partnership an

Nov. 10, 2015

OECD cuts S. Korea's 2015 growth outlook to 2.7 pct

SEJONG, Nov. 9 (Yonhap) -- The Organization for Economic Cooperation and Development (OECD) on Monday downgraded South Korea's 2015 economic growth outlook due to weak domestic consumption and minus export growth.In its latest Economic Outlook report, the Paris-based organization said that gross domestic product (GDP) for Asia's fourth-largest economy will likely grow 2.7 percent this year, down from its previous estimate of 3 percent announced in June.The annual growth number represents a notic

Nov. 9, 2015

Korean economy to take hit from China's slowdown: think tank

China's economic slowdown is feared to have a significant negative impact on the South Korean economy that is highly dependent on the neighboring country for its exports, a leading state think tank said Monday.In a report on the world's second-largest economy, the Korea Development Institute said that Beijing may seek to reduce overinvestment and excess production capacity, bringing the country into a deep economic funk."China is moving to adjust excessive investments that have accumulated since

Nov. 9, 2015

Corporate rating drops hit 17-year high

Low profitability -- mainly caused by the protracted slump in the nation’s exports -- is undermining the credit standings of more companies this year, according to the three major local ratings agencies.Korea Investors Service revised down the ratings of 45 firms -- mostly affilites of conglomerates -- over the past 10 months.The 2015 figure has already surpassed the 33 posted in 2008 and 34 in 2009, when the global financial crisis hit the nation. The 45 in downgrading recorded as the highest n

Nov. 8, 2015

Korea ranks high in fiscal health among OECD

Korea's fiscal soundness is one of the most sustainable among member nations of the Organization for Economic Cooperation and Development (OECD), a recent report by the Paris-based body showed Sunday.According to the report unveiled by Seoul's finance ministry, South Korea belongs to eight OECD member countries that do not need to take measures to cut spending or to make their fiscal health sounder.The eight nations include Australia, Norway, Switzerland and Luxembourg.The ministry quoted the OE

Nov. 8, 2015

KDI set to cut Korea's growth forecast: source

Korea's leading state think tank will likely revise down the country's growth estimate to below 3 percent for the year, following earlier downgrades by local and overseas institutions, a source said Sunday.The Korea Development Institute (KDI) plans to unveil a revised version of its gross domestic product growth forecast for 2015 and 2016 on Nov. 23, according to the source who asked not to be named.In its earlier outlook released on May 20, the KDI said Asia's fourth-largest economy will likel

Nov. 8, 2015

Korea, Japan to work together to clamp down on cartels

South Korean and Japanese antitrust watchdogs agreed Friday to expand cooperation on anti-cartel activities and better review cross-border business mergers.  At the annual competition policy coordination meeting in Seoul, the Fair Trade Commission said it emphasized the importance of fueling competition in the information and communication technology sector, and the need to better monitor cartel activities.  The FTC also outlined the need to enhance efficiency in the way mergers and acquisition

Nov. 6, 2015

Korea to check details of TPP, impact on economy

South Korea plans to thoroughly check the details of the Trans-Pacific Partnership agreement and determine what impact it will have on Asia's fourth-largest economy, the government said Friday.  A day before the plan was unveiled at the trade promotion committee meeting in Seoul the countries that inked the multinational deal began releasing the full text of the agreement.  The mega trading bloc pact between the United States, Japan, Canada, Australia, Mexico, Vietnam, Chile, Peru, New Zealand,

Nov. 6, 2015

Obama touts TPP as full text released

U.S. President Barack Obama touted the Trans Pacific Partnership agreement as the "highest standard trade agreement in history" on Thursday, as his administration released the full text of the deal in a first step toward congressional approval.  Obama also formally notified Congress later in the day that he intends to sign the 12-nation free trade agreement, kicking off a 90-day waiting period, after which he can sign it and seek ratification from Congress.  "It's the highest standard trade agre

Nov. 6, 2015

TPP market liberalization scope similar to S. Korea-U.S. FTA: gov't

The level of market liberalization of the recently signed Trans-Pacific Partnership (TPP) is similar to the free trade pact reached between South Korea and the United States, although more time is needed to determine what impact it will have on Asia's fourth largest economy, the government said Thursday.The Ministry of Trade, Industry and Energy said that the text of the agreement reached between 12 Asia-Pacific countries early last month has to be checked in detail, and claimed there were no bi

Nov. 5, 2015

Nonregular workers see 1% pay increase

The income gap between regular and nonregular employees further widened this year amid continuous increase in the number of temporary and part-time jobs, data of the state-run statistical office showed Wednesday.According to Statistics Korea, the average monthly wage of regular workers came to 2.69 million won ($2,380) as of August, up 92,000 won or 3.5 percent, from a year earlier.In contrast, the on-year increase of the average wage for nonregular workers stood at 14,000 won or 1 percent growt

Nov. 4, 2015

Korea's FTAs top appeal for foreign investors: poll

Overseas investors believe South Korea's global trading network established by free trade agreements makes the country an attractive investment destination, a poll showed Wednesday.  According to the survey conducted by the Korea Trade-Investment Promotion Agency, 18 percent of foreign investors said the country's vast free-trade network makes the market favorable over other destinations in Asia.  The poll was conducted from Oct. 13-15 on 111 foreign investors during Foreign Investment Week 2015

Nov. 4, 2015