[Editorial] Troubling growth rate

South Korea’s potential growth rate is forecast to stay at 2 percent for two years in a row, painting a gloomy picture of the country’s economic health and illustrating the need to address weak growth momentum. The OECD projects Korea’s potential growth rate to stand at 2 percent this year, according to data submitted by the Finance Ministry to the National Assembly. Over the past five years, Korea’s potential growth rate has been declining. In 2020 and 2021, the figure w

Oct. 23, 2024

[Editorial] Joint response

South Korea’s National Intelligence Service on Friday disclosed three satellite photos of Russian naval vessels transporting North Korean special forces soldiers. The agency said that the ships transported roughly 1,500 North Korean troops from a North Korean region to the Russian Far Eastern city of Vladivostok from Oct. 8-13. It also confirmed the North has decided to dispatch around 12,000 troops from special operations brigades to support Russia in its war with Ukraine. Ukraine's

Oct. 22, 2024

[Editorial] Rise in ‘lonely deaths’

The rise in the number of single-person households is hardly surprising in South Korea as the family structure has been shifting in recent decades. However, the spike in the number of those who die alone is alarming in multiple ways. The number of what is called “lonely deaths” -- or “godoksa” in Korean -- stood at 3,661 in 2023, up from 3,559 the previous year, according to the data released by the Ministry of Health and Welfare. The figure about individuals dying in iso

Oct. 21, 2024

[Editorial] Defense cost-sharing

Former US President Donald Trump is notorious for distorting and exaggerating facts to seek political gain. By doing so, especially ahead of the US presidential election on Nov. 5, he often inflicts collateral damage on innocent people. A striking example of this pattern is the allegation he has made about defense cost-sharing with South Korea. On Tuesday, Trump said that South Korea would pay $10 billion a year -- about 9 times what Seoul currently pays -- for the stationing of US Forces Korea

Oct. 18, 2024

[Editorial] Find the truth

Myung Tae-kyun, a shadowy figure at the center of suspicions that first lady Kim Keon Hee may have intervened in the ruling party’s nomination races, disclosed on Tuesday a screen capture of text messages he and Kim exchanged in 2021. “You will see the correct answer tomorrow when (he) meets Lee Jun-seok,” Myung texted. Lee was leader of the party at that time. “You’re working so hard! Please forgive my childish oppa,” Kim replied. “Oppa” is a Kore

Oct. 17, 2024

[Editorial] Policy after rate cut

Expectations are rising that the South Korean government will take follow-up measures in the wake of Friday's much-anticipated cut in interest rates by the Bank of Korea. The BOK’s move, marking the first pivot in 38 months, came as the country’s inflation is moderating but domestic demand is still mired in a protracted slump. As expected, the central bank slashed the benchmark rate by 25 basis points to 3.35 percent, the first interest rate cut since August 2021, reflecting the

Oct. 16, 2024

[Editorial] Unreasonable claims

North Korea claimed Friday that South Korean drones infiltrated its airspace over Pyongyang on three occasions this month to drop leaflets criticizing its leader Kim Jong-un. The North showed what it said were photos of a drone scattering leaflets over Pyongyang at night as well as photos of those purported leaflets. Kim Yo-jong, the younger sister of the North's leader Kim Jong-un, said that a horrible catastrophe would happen without fail at the moment of a South Korean drone being spotte

Oct. 15, 2024

[Editorial] Han Kang honored

It was more than a pleasant surprise for South Koreans that the Swedish Academy's Nobel Committee announced this year’s Nobel Prize in literature winner on Thursday in Stockholm: Han Kang. Han, who has won a number of fans outside of South Korea with translated works including “The Vegetarian,” has become the first South Korean honored with the world’s most prestigious literary award. It was the second Nobel Prize for the country after then-South Korean President Kim

Oct. 14, 2024

[Editorial] No-phone policy in school

It is widely known that teachers have trouble drawing attention from students with mobile phones in their hands during classes. Smartphones can be addictive in a way that hinders a variety of activities, works as a distraction and negatively affects mental well-being. In South Korea, there has been a heated dispute about whether schools should restrict the use of phones during school hours to help students focus more on what they are supposed to learn and protect them from overusing social media

Oct. 11, 2024

[Editorial] Cloud over economy

South Korea maintains a current account surplus, driven by robust exports, but the surplus is declining. The country racked up a current account surplus of $6.6 billion in August, according to data compiled by the Bank of Korea on Tuesday. It was the fourth consecutive month in the black. But the August surplus was nearly $2.4 billion smaller than the July surplus ($8.97 billion) and about half of the June figure ($12.56 billion). The central bank expected the current account surplus to continue

Oct. 10, 2024

[Editorial] Stop-gap measure

The Ministry of Education has unveiled an emergency plan to “normalize” medical school operations to deal with the inevitable gap in education for medical students who have refused to attend classes in protest against the government’s medical reform initiatives, including the increase in medical school enrollment quotas. The ministry said Sunday it will temporarily allow medical students to take a leave of absence on condition that they return to school for the spring semester

Oct. 9, 2024

[Editorial] Strange job change

Kim Dae-nam, a former administrative official at the presidential office who caused controversy by asking an online media outlet to criticize Han Dong-hoon, the leader of the ruling People Power Party, resigned Monday as standing auditor of Seoul Guarantee Insurance. He is said to have tendered resignation because he does not want to be a burden on SGI, the party and the government. He was criticized for staying on in the job even after an audio recording of his phone conversation with a liberal

Oct. 8, 2024

[Editorial] Make a decision

The dispute over the introduction of the financial investment income tax has intensified after the main opposition Democratic Party of Korea failed to work out an agreement about its legislative schedule on Friday. The new tax scheme is scheduled to be implemented from January next year, a plan that puts local investors on edge since it could have a sizable impact on their asset management as well as the domestic financial market performances. The consensus is that the tax scheme, which has been

Oct. 7, 2024

[Editorial] Brace for trouble

South Korea is set to confront fast-paced changes in economic conditions stemming from the heightened tensions in the Middle East, as Iran on Tuesday launched direct missile attacks on Israel. Iran’s attack -- a barrage of 180 ballistic missiles -- was intended as retaliation for the killings of top Hezbollah and Hamas officials, Tehran said. The surprise move came after Israel carried out a ground invasion of Lebanon. As Israeli Prime Minister Benjamin Netanyahu issued a strong warning, o

Oct. 4, 2024

[Editorial] Follow custom

Three justices of the Constitutional Court -- Justice Lee Jong-seok, who heads the court, Justice Lee Young-jin and Justice Kim Ki-young -- will retire on Oct. 17. The court is comprised of nine justices. Three are nominated by the president, three by the chief justice of the Supreme Court and three by the National Assembly. All three justices to step down this time were picked by the Assembly, so their successors should be elected by its vote. However, the main opposition Democratic Party of Ko

Oct. 3, 2024

[Editorial] Help self-employed workers

The proportion of self-employed people in South Korea’s workforce is expected to fall below 20 percent this year, amid signs of ballooning credit troubles, a mix that calls for prompt policy measures by the government and financial regulators. If the trend continues, it will mark the first time that the share of self-employed people in the country falls below 20 percent since authorities began to compile related data in 1963. According to Statistics Korea, the number of self-employed peopl

Oct. 2, 2024

[Editorial] Japan’s new prime minister

South Korea voiced optimism Friday when Japan’s ruling Liberal Democratic Party elected Shigeru Ishiba, a former defense minister, as its new leader, a move that will make him the next prime minister. Ishiba, known for his dovish stance on historical issues between South Korea and Japan, secured the party leadership on his fifth attempt by defeating Sanae Takaichi, a conservative candidate, in a runoff vote. He will take over as prime minister from Tuesday, replacing Fumio Kishida. A senio

Sept. 30, 2024

[Editorial] Big tech, small taxes

As with other countries, major US-based tech giants such as Google, Apple and Meta have set up local subsidiaries in South Korea, a nation known for a large pool of active users and well-established online infrastructure. But some critics claim that there are problems with the way such overseas-based tech firms do business and pay taxes here. Among such problems, two topics stand out: lofty in-app purchase commissions and lower-than-expected tax payments to local authorities. The controversy ove

Sept. 27, 2024

[Editorial] Prove it in court

A lawmaker of the main opposition Democratic Party of Korea proposed a criminal law revision bill with a clause introducing a new crime dubbed “legal distortion.” The main point of the clause is that a prosecutor would face up to 10 years in prison if he is found to have distorted the interpretation of evidence or the application of law. The bill seems to target the prosecutor who decided not to indict first lady Kim Keon Hee in connection with her acceptance of a luxury-brand handba

Sept. 26, 2024

[Editorial] Regulating social media

South Korea has nurtured tightly interconnected broadband and mobile networks, a technological environment ideal for new digital and social media platforms. But the country’s record on online privacy protection has a long way to go, with companies big and small often hit by massive user data leaks and hacking incidents. Korea is also slow to regulate platforms like YouTube, Facebook and X in connection with privacy protection. One reason is that their headquarters and key operations are ba

Sept. 25, 2024