Job additions largest in over 7 years in Sept. despite 4th wave of pandemic

South Korea reported the largest job growth in more than seven years in September in the latest sign that the country's job recovery has continued despite the fourth wave of the pandemic, data showed Wednesday. The number of employed people reached 27.68 million last month, 671,000 more than a year earlier, according to the data compiled by Statistics Korea. It marked the largest job additions since March 2014, when the number of employed people grew 726,000. It also was the seventh straight m

Oct. 13, 2021

State industrial complexes fare better in H1 than pre-pandemic era

Output and exports of South Korea's state industrial complexes rose in the first half of the year from the pre-pandemic period, but their employment shrank, data showed Wednesday. Combined production of the 44 industrial parks came to 258 trillion won ($216 billion) in the January-June period, up 6.6 percent from the same period in 2019, months before the COVID-19 outbreak hit the country, according to an analysis by the Federation of Korean Industries (FKI). Their total exports also swelled 1

Oct. 13, 2021

IMF keeps S. Korea’s 2021 growth outlook at 4.3%, trims global economic forecast

The International Monetary Fund maintained its forecast for South Korea’s economic growth for this year at 4.3 percent, while revising down its projection for the global economy, the Ministry of Economy and Finance said Tuesday. The IMF’s latest outlook for Asia’s fourth-largest economy remained unchanged from the earlier figure suggested in July. It is well above the growth estimates made by the government and the Bank of Korea -- 4.2 percent and 4.0 percent, respectively.&

Oct. 12, 2021

BOK chief hints rate hike next month

South Korea’s monetary policy chief said Tuesday the central bank may carry out its second rate hike in the pandemic-era next month, after deciding to keep the rate steady at 0.75 percent until then. “When we made our rate hike decision in August, we mentioned that we would adjust the level of our monetary easing in tandem with the pace of the economic recovery,” Bank of Korea Gov. Lee Ju-yeol said in a briefing tied to Tuesday’s rate-setting meeting. “We have d

Oct. 12, 2021

Tax revenue rises for 8th straight month in Aug.

South Korea's tax revenue rose for the eighth straight month in August amid an economic recovery and a boom in asset markets, the finance ministry said Tuesday. The country collected 24.6 trillion won in taxes in August, up 600 billion won from a year earlier, according to the Ministry of Economy and Finance. The government said tax revenue has increased so far this year as corporate tax income has risen in line with the economic recovery, while a boom in the stock and property markets jacked

Oct. 12, 2021

Exports jump 63.5% in first 10 days of Oct.

South Korea's exports jumped 63.5 percent on-year in the first 10 days of October on the back of robust demand for chips, petroleum products and autos, customs data showed Tuesday. The country's outbound shipments stood at $15.2 billion in the Oct. 1-10 period, compared with $9.28 billion a year earlier, according to the data from the Korea Customs Service. Imports increased 58.6 percent on-year to $17.6 billion, resulting in a trade deficit of $2.46 billion during the cited period, the data s

Oct. 12, 2021

S. Korea's exports of kimchi up 13.8% in Jan.-Aug.

South Korea's exports of kimchi climbed nearly 14 percent in the first eight months of 2021 on growing overseas demand for healthier food amid the new coronavirus pandemic, data showed Tuesday. Outbound shipments of kimchi reached $111.5 million in the January-August period, up 13.8 percent from a year earlier, according to the data from the Korea Customs Service and the food industry. In contrast, imports of kimchi shrank 9.7 percent on-year to $86.1 million over the cited period, resulting i

Oct. 12, 2021

[News Focus] Ruling party presidential candidate vows universal subsidy

Gyeonggi Gov. Lee Jae-myung, named presidential candidate of the ruling Democratic Party Sunday, vowed to adopt universal basic income if elected, claiming that he would turn South Korea into the world’s first nation offering the subsidy package, even to the wealthy. In his acceptance speech on Sunday, Lee highlighted his “basic agenda package,” which is expected to be the backbone of his economy policy if elected president. The package consists of a universal basic income pla

Oct. 11, 2021

GCF board endorses $1.2b for projects to support climate actions

The Green Climate Fund (GCF), an international organization on fighting climate change, has approved $1.2 billion in funding for 13 new green energy projects, South Korea's finance ministry said Monday. The board of the GCF, headquartered in Songdo of Incheon, west of Seoul, endorsed the funding plan for projects to help 44 emerging nations fight climate change, according to the Ministry of Economy and Finance. The UN climate fund also approved a plan to increase the number of its staff member

Oct. 11, 2021

Finance minister to leave for US to attend G-20 meeting

Finance Minister Hong Nam-ki will leave for the United States this week to attend a Group of 20 (G-20) meeting of finance chiefs and central bankers to discuss global economic and financial issues, the finance ministry said Monday. Hong will head to Washington on Tuesday to attend the G-20 Finance Ministers and Central Bank Governors' meeting set for Wednesday, according to the Ministry of Economy and Finance. The gathering is meant to lay the groundwork for the G-20 summit scheduled for Oct.

Oct. 11, 2021

[ESG Talk] Overseeing ESG’s social risk: Tips from ‘Squid Game’

South Korean-made “Squid Game,” currently the most popular content on Netflix, reminds us of an important issue about ESG’s social risk. Throughout the series, fair rules are repeatedly emphasized. The stress is made to promote the game to the participants in the beginning, then to punish the guards. There are recurring moments where women and the old are always picked last because “most (even the kid’s) games require strength.” The series constantly evokes qu

Oct. 11, 2021

Countries sign breakthrough deal on corporate taxes, fairer tax scheme

A majority of nations struck a groundbreaking deal to enforce a corporate tax rate of 15 percent and share taxes imposed on the profits of multinational companies to where they actually generate profits, the Ministry of Economy and Finance said Saturday. Some 136 countries and jurisdictions out of 140 involved reached yearslong deals led by the Organization for Economic Cooperation and Development to reform tax schemes that will help countries collect an extra $100 billion in corporate taxes

Oct. 10, 2021

Loan sharks keep sky-high interest rate despite lowered legal lending cap

  Even with the government’s 20 percent rate cap on loans to ease financial burdens on low-income borrowers, major private lenders have maintained high interest rates for credit loans, a lawmaker said Friday. The balance of personal credit loans at the nation’s 20 leading private lenders, including Apro Financial, Sanwa Loan and Welcome Creditline, stood at 4.41 trillion won ($3.35 billion), as of the end of June. Among the loans, those with an interest rate exceeding 20 perc

Oct. 8, 2021

S. Korea to take active steps to curb inflation: official

South Korea plans to take active actions to stabilize inflation as the country's consumer prices are expected to grow at a faster pace in October than the previous month, a senior government official said Friday. First Vice Finance Minister Lee Eog-weon said the consumer prices are forecast to grow at a higher rate than 2.5 percent in October due largely to last year's low base effect. The government offered one-off state subsidies for mobile phone bills to specific age groups in October last ye

Oct. 8, 2021

Korea raises $1.3 billion via forex bonds

The government raised $1.3 billion by selling foreign exchange stabilization bonds at the second-lowest-ever rates despite heightened uncertainties in the global financial markets, the Finance Ministry said Thursday. It sold US dollar-denominated bonds worth $500 million with a maturity of 10 years to yield 1.769 percent, 25 basis points more than US Treasurys and five-year euro-denominated bonds worth 700 million euros ($809 million) with a negative yield of 0.053 percent. The bonds were iss

Oct. 7, 2021

KEPCO urged to sell property amid huge loss

The value of property assets owned by Korea Electric Power Corp. (KEPCO) was estimated at 8.6 trillion won ($7.2 billion) as of 2020, data showed Thursday, as lawmakers urged the state-run utility firm to promptly sell idle assets to improve its profitability. The amount marked a 9.5 percent increase from 7.8 trillion won in 2016, according to the data released by Rep. Eom Tae-young of the main opposition People Power Party during a parliamentary audit. The value of property assets that are not

Oct. 7, 2021

Experts from S. Korea, Finland discuss future of pensions

The Korean Pension Association, a group of experts conducting research on the nation‘s public and private pension systems, on Thursday held a joint seminar with the Finnish Center for Pensions based in Helsinki, Finland, a research institute dedicated to developing the nation’s earnings-related pension scheme. Titled “International Symposium on the Pensions of South Korea and Finland: Demographic Challenges and Future Responses,” the event was aimed at providing expert k

Oct. 7, 2021

S. Korean economy to grow 2.8% in 2022: think tank

The South Korean economy is likely to lose its upward momentum and grow less than 3 percent in 2020 amid slowing exports and waning pandemic-related stimulus, a private think tank said Thursday. The Hana Institute of Finance predicted Asia's fourth-largest economy to expand 2.8 percent next year, down from this year's growth estimate of 3.9 percent. "The Korean economy is expected to post solid growth on strong domestic demand stemming from looser social distancing measures," said the

Oct. 7, 2021

S. Korean economy faces growing downside risks: KDI

The South Korean economy is facing increasing downside risks as the uptick in COVID-19 cases is delaying the recovery of private spending amid heightened uncertainty about the global economic recovery, a state-run think tank said Thursday. Asia's fourth-largest economy is on a recovery track driven by solid exports, but slumps in the face-to-face service sector are deteriorating during the current spike in coroanvirus cases, according to a monthly economic assessment report by the Korea Developm

Oct. 7, 2021

S. Korea logs current account surplus for 16th month in Aug.

South Korea posted a current account surplus for the 16th straight month in August as exports remained robust and revenue from cargo shipping rose amid the global economic recovery, the central bank said Thursday. The current account surplus reached $7.51 billion in August, down from $8.21 billion the previous month, according to the Bank of Korea (BOK). The current account is the broadest measure of cross-border trade. The current account has been in the black since May last year. In April 2020

Oct. 7, 2021