South Korea's finance ministry on Monday revised up its 2022 growth outlook for the country's economy to 3.1 percent, saying that exports and private spending will likely gain ground despite heightened economic uncertainty. The government's latest projection is higher than the 3 percent growth forecast made in June, according to the Ministry of Economy and Finance. The ministry's outlook is more upbeat than the 3 percent growth estimates by the Bank of Korea (BOK) and the Organization for Econ

Economy Dec. 20, 2021

The South Korean economy is expected to expand 2.8 percent on-year in 2022, slower than this year's projected 3.9 percent growth, amid weaker private consumption and global demand, a local think tank said Sunday. The projection by the LG Economic Research Institute (LGERI) is lower than that by the International Monetary Fund (IMF) of 3.3 percent and the 3.0 percent estimate by both the Organization for Economic Cooperation and Development (OECD) and the Bank of Korea. "The export-led gro

Economy Dec. 12, 2021

South Korea's government debt level is not high enough to negatively affect its sovereign ratings in the near future, the global credit appraiser S&P Global Ratings said Thursday. Kim Eng Tan, senior director at S&P, said Korea's debt-to-GDP ratio is expected to reach slightly more than 40 percent by the end of next year, lower than the 50 percent estimate by the Korean government. "l just state very clearly that I don't think the Korean government ratings will be negatively affec

Economy Dec. 9, 2021

South Korea's total population is expected to record its first decline this year, the statistics agency said Thursday, a grim assessment of its demographic situations amid the country's chronically low birthrate, rapid aging and a decline in incoming foreigners during the pandemic. The country's total population is estimated to have peaked at 51.84 million last year before falling to an estimated 51.75 million this year and an estimated 37.7 million in 2070, according to the latest medium varia

Social Affairs Dec. 9, 2021

A semiconductor industry tracker on Wednesday cut in half its growth projection of the global memory chip market next year. World Semiconductor Trade Statistics (WSTS), a nonprofit organization of chipmakers, forecast the memory market to expand 8.5 percent year-on-year to $171.6 billion next year, down from a growth rate of 18.4 percent with $190.7 billion it forecast in its August report. While the agency did not elaborate, falling DRAM prices and an expected slowdown in memory demand are be

Economy Dec. 1, 2021

Samsung Electronics said Sunday that it ranked No. 1 in the premium home cinema projector market in the United States, a year after the electronics giant entered the market with its flagship The Premiere lineup. Samsung Electronics’ high-end projectors priced at $3,000 or more accounted for 27.8 percent of the US market by sales from January to October, the company said, citing an estimate from US market intelligence firm NPD Group. In particular, Samsung’s focus on ultrashort th

Technology Nov. 28, 2021

South Korea’s central bank is expected to carry out its second rate hike in the pandemic era this week, and is likely to raise it by 25 basis points to 1 percent, experts said Sunday. The Bank of Korea in August raised its base rate to 0.75 percent from a record-low 0.5 percent, which it had slashed to in May 2020 to cushion the market from COVID-19 woes. It kept the rate anchored at 0.75 percent in the following meeting held in October. In the last monetary policy meeting of the year sc

Economy Nov. 21, 2021

The Bank of Korea’s August decision to raise its key rate has sent a market signal that the pandemic-triggered liquidity party in South Korea could be nearing an end. The International Monetary Fund, a global organization striving for financial stability, however, remained cautious about the central bank’s hawkish turn to fight rising inflationary pressure and soaring household debt, advising it to slow down the pace of rate normalization. “Korea’s monetary policy stanc

Economy Oct. 19, 2021

South Korea’s monetary policy chief on Friday denied that the central bank’s latest rate hike was aimed at boosting the government’s real estate measures, which have failed to cool down the nation’s heated property market. In a parliamentary audit held Friday, Lee refuted rumors that the Bank of Korea’s first pandemic-era rate hike carried out in August, was a move pressured by the government. The latest rate hike by 25 basis points to 0.75 percent ended more th

Economy Oct. 15, 2021

South Korea’s Economy and Financial Minister Hong Nam-ki has said that the government will keep expansionary policies next year as the country eyes an economy recovery and return to “normal life” out of the COVID-19 pandemic. “We’re gradually preparing to go back to normalcy by increasing the vaccination rate and the country’s central bank is gradually adjusting its accommodative monetary policy,” Hong, who also doubles Deputy Prime Minister, told Kr

Economy Oct. 13, 2021

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.&

Economy Oct. 12, 2021

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

Economy Oct. 12, 2021

SEJONG -- South Korea lagged behind major countries in economic growth during the second quarter of the year, placing 32nd among 36 members of the Organization for Economic Cooperation and Development. Korea also ranked 37th of 46 economies, when the OECD included 10 nonmembers -- such as China and Russia -- in its analysis. According to the Paris-based organization, Korea posted a 0.8 percent growth in gross domestic product in the second quarter, compared to the previous quarter. The analys

Economy Sept. 30, 2021

The Asian Development Bank on Wednesday maintained its previous 4 percent growth outlook for the South Korean economy this year, on the back of robust exports and mild recovery in private consumption. The ADB kept its earlier growth scenario for Korea, which was released in July. It also left its 2022 growth outlook unchanged at 3.1 percent, according to the bank’s report titled “Asian Development Outlook Update.” However, it forecast that Korea’s inflation rate will

Economy Sept. 22, 2021

The fast-paced aging of South Korea’s population is likely to undermine the fiscal health of Asia’s fourth-largest economy in the long run amid soaring debt, credit ratings agency Fitch Ratings said Monday. The aging population, coupled with a declining fertility rate of fewer than one child per woman, could leave Korea exposed to higher risks as rising government spending could become a less effective means of boosting nationwide productivity. Fitch urged Korea to carry out midt

Economy Sept. 13, 2021

The ASEAN-sponsored economic research agency on Monday raised its 2021 growth forecast for the South Korean economy to 3.9 percent, citing solid recovery in exports and facility investment. The projection by the ASEAN+3 Macroeconomic Research Office (AMRO) marks an increase from its March estimate of 3.2 percent. The agency forecast Asia's fourth-largest economy would expand 3 percent next year. The Singapore-based organization was established in 2011 to promote macroeconomic and financial sta

Economy Aug. 23, 2021

The musical “Wonder Ticket” is to take the stage near the Demilitarized Zone between the two Koreas in hopes of spreading a message of peace. The musical, organized by the Ministry of Culture, Sports and Tourism and the Korea Tourism Organization, will run from Sept. 17 to 26 at Pyeonghwa-Nuri Park in the Imjingak area, in Paju, Gyeonggi Province. The musical was inspired by an abandoned steam locomotive which sits at Jangdan Station in Imjingak, on the banks of Imjin River that

Performance Aug. 18, 2021

Seoul and nearby cities -- the epicenter of Korea’s current, largest wave of COVID-19 yet -- will stay under strict social distancing rules for another two weeks, health officials said Friday, as cases continue to break records. The Ministry of Health and Welfare’s spokesperson Son Young-rae said in a briefing that the strictest social distancing tier would remain in place at least until Aug. 8, after two weeks of the same restrictions failed to squash the surge in cases. &ldqu

Social Affairs July 23, 2021