Govt. to create 155,000 homes in areas near Seoul

The South Korean government on Wednesday announced the second stage of its plans to supply more homes to stabilize the overheated housing market, involving the building of 155,000 homes in areas near Seoul.On top of the 35,000 new homes announced in September, 155,000 dwellings will be created at 41 sites in Seoul, Incheon and Gyeonggi Province starting in 2020, according to the Ministry of Land, Infrastructure and Transportation. The sites for 110,000 homes will be released in the first half of

Dec. 19, 2018

Korea's trade with Vietnam up 7% as of Nov.

South Korea's trade with Vietnam increased 7 percent in the first 11 months of this year compared with a year ago, Seoul's trade ministry said Wednesday. The bilateral trade volume reached $62.6 billion as of November, making Vietnam South Korea's fourth-largest trading partner after China, the United States and Japan, the Ministry of Trade, Industry and Energy said. South Korea's exports to Vietnam rose 1.9 percent on-year to $44.5 billion over the period, while its imports soared 22 perce

Dec. 19, 2018

US monetary normalization, trade dispute big risks for Korea: BOK chief

The normalization pace of US monetary policy and the ongoing trade dispute between Washington and Beijing are the two big downside risks that the South Korean economy will have to deal with next year, the central bank chief has said."The South Korean economy has a high reliance on trade, and its financial market is wide open. We have to be ready to cope with global issues," Bank of Korea Gov. Lee Ju-yeol said in a press meeting Tuesday.The US Federal Reserve is widely expected to raise

Dec. 19, 2018

[Monitor] Korea’s growth outlook set at 2.6-2.7%

During a meeting of economy-related ministers on Monday, the South Korean government set next year’s economic growth at between 2.6 and 2.7 percent, similar to the level for this year. Various economic institutions have placed South Korea’s economic growth estimate for 2019 at between 2.5 percent to 2.8 percent, amid sluggish investment, a slowing global economy and the US-China trade war.The Hyundai Research Institution and LG Economic Research Institute gave the lowest growth rate

Dec. 18, 2018

Govt. to push for safety checks on infrastructure

The government said Tuesday that it will inspect railroads, airports and other infrastructure to strengthen safety and preempt any possible accidents.The government said it could mobilize about 100 safety personnel for safety checks of infrastructure, including power plants, the power grid, storage facilities for chemicals and oil, and hospitals. "We must cut off the vicious cycle of recurrent accidents," Hong Nam-ki, the minister of economy and finance, said in a Cabinet meeting in Se

Dec. 18, 2018

[Monitor] Korea’s Legoland project finally back on track

The Gangwon provincial government’s Legoland project is finally back on track after a seven-year delay. The provincial legislature approved a plan on Dec. 14 to build Chuncheon Legoland by 2021. The new park will occupy 1.06 million square meters on Hajung Island in Chuncheon. It will be equipped with a theme park, resort and shopping facilities. The construction costs have been estimated at 300 billion won ($265 million). The prolonged delay stemmed from the discovery of cultural heritage

Dec. 17, 2018

S. Korea to slow down pace of wage hikes amid slow growth forecast

The South Korean government on Monday set the country’s growth rate for next year at 2.6-2.7 percent, lowering its earlier forecast amid a slowing global economy. It also indicated that it may slow down the pace of legal minimum wage hikes and the reduction of working hours in light of backlash from business circles and sluggish employment indexes.“It is important that new economic policies such as the minimum wage hike and workhour cut are implemented under a public consensus based

Dec. 17, 2018

Consumer prices on rise, weighing down consumption

South Korea's consumer prices have been on the rise in recent months, which has weighed down domestic consumption, government agencies said Monday.The development has been cited one of the causes holding back growth in Asia's fourth-largest economy. Among others, the prices of rice, the staple food in South Korea, and fried chicken, one of the most popular delivery foods, have jumped to record levels, according to the Ministry of Agriculture, Food and Rural Affairs. Rice prices soared 28 percent

Dec. 17, 2018

Govt. policy for self-employed criticized for errors, missteps

The South Korean economy has one of the highest portions of individuals running their own stores and shops, and they are getting pushed to the brink by a slumping economy and policy missteps, market watchers said Monday.Data from Statistics Korea put the number of self-employed people at some 5.63 million as of November this year, a number equal to 20.7 percent of all job holders. The figure is about double the 10 percent average in advanced nations.According to a 2017 report from the Organizati

Dec. 17, 2018

Moon hints at possible slowdown of minimum wage hikes

President Moon Jae-in on Monday indicated that his government may slow down the pace of legal minimum wage hikes given the strong backlash from businesses amid a sluggish economy."It is important that new economic policies such as the minimum wage hike and workweek cut are pursued under a general consensus based on the tolerance and harmony of interested parties," Moon said during an extended meeting of economy-related ministers. "If necessary, we need to devise ways to make adjus

Dec. 17, 2018

Govt. to create 55,000 healthcare services jobs by 2022

South Korea's government aims to create 55,000 new jobs in the healthcare services sector by 2022 and the plan includes the hiring of 9,300 nurses to help upgrade quality of medical services, officials said Friday.The Presidential Committee on Job Creation finalized the new policy goal, saying demand for healthcare workers will steadily rise due to population aging and greater public attention to health. The committee said the healthcare industry has a great deal of job creation potential, as it

Dec. 14, 2018

Woori Bank to set up fund for innovative firms

Woori Bank said Thursday it will set up a fund of 300 billion won ($266.5 million) to help channel more money to innovative firms. The bank will launch the fund next year and it will be expanded to 3 trillion won over the next three years, Woori Bank said.  Woori Bank said it will invest 150 billion won into the fund and the bank's affiliates will invest the remaining 150 billion won into the fund. So far this year, Woori Bank, South Korea's third-largest commercial lender, has invested 10

Dec. 13, 2018

Korea to build 30,000 smart factories by 2022

The South Korean government said Thursday it will greatly expand the number of smart factories and industrial complexes that adopt advanced technologies by 2022 to upgrade the nation's manufacturing industry. The Ministry of Trade, Industry and Energy and the Ministry of SMEs and Startups jointly announced support measures for the local manufacturing industry, which has lost growth momentum amid toughening global competition with emerging rivals.  The government said it will create 30,000 s

Dec. 13, 2018

[Monitor] Fewer South Korean companies make it into ‘1 trillion won club’

While the number of South Korean companies with at least 1 trillion won in annual revenue has increased 2.5-fold in the 20 years since the financial crisis, the number has decreased in recent years, a report by local market research firm Korea CXO Institute showed.Based on annual performance figures, 187 firms were part of the so-called “1 trillion won club” in 2017, down from 192 in 2012.With the combined revenue of the nation’s top conglomerates also declining, the report sai

Dec. 13, 2018

Listed firm sales, operational profits fall in 2018: think tank

Nearly half of the country's listed firms reported declines in their sales in the three quarters this year ending September, an analysis by a think tank indicated Thursday.The Korea Economic Research Institute looked into the performances of 578 listed companies during the nine months and found sales at 268 of them, or 46.4 percent, fell compared with the same period last year. The figure is higher than the 32.5 percent in 2017. More firms fared worse in operational profits, with 344 companies,

Dec. 13, 2018

[Monitor] More and more married couples having no children

Nearly 38 percent of couples who have been married for five years or less had no children as of November last year, according to government data.Among 11.03 million married couples, 37.5 percent were childless, up 1.2 percentage points from the previous year, Statistics Korea said.Among dual-income couples, 43.3 percent had no children, while the figure was 32 percent for single-income couples.Of couples where the wives were economically active, 43.7 percent had no children, while the figure was

Dec. 12, 2018

[New Focus] Korea’s 3rd phase of new towns: Remedy or repetition?

SEJONG -- The average unit price of an old apartment complex built 31 years ago in Seocho-gu, Seoul, jumped to 1.64 billion won ($1.46 million) in November 2018 from 1.13 billion won in November 2016.The price increased 45 percent in only two years. Other apartment complexes in the district in southern Seoul and neighboring wards also saw their prices surge in the period.Although there have been signs of prices declining after reportedly peaking last summer, many households still appear skeptica

Dec. 12, 2018

Mortgage loans increase at fastest pace in 2 yrs in Nov.

Home-backed loans from South Korean banks increased at the fastest pace in two years in November despite the government's anti-speculation measures, central bank data showed Wednesday.The total value of outstanding mortgages extended by banks came to 603 trillion won ($535 billion) as of the end of last month, up 4.8 trillion won from a month earlier, according to the data from the Bank of Korea. The gain marked the largest on-month growth since November 2016, when mortgage lending rose 6.1 tril

Dec. 12, 2018

Average daily no. of births in Seoul falls below 200 for 1st time

The number of infants born in Seoul came to an average of 179 per day last year, dipping below the threshold of 200 for the first time as more people are delaying or shunning marriage, data released Wednesday by the Seoul metropolitan government showed.According to the Seoul Statistics Annuals, the number of babies born per day in the South Korean capital reached the lowest level since the government began compiling data in 1961, compared with 257 in 2012, 230 in 2013 and 206 in 2016. A governme

Dec. 12, 2018