As the South Korean economy faces the grave impact of the fourth wave of COVID-19, it is also being forecast to expand 4 percent this year due to strong exports and investments, the Asian Development Bank said Tuesday, revising up its previous projection of 3.5 percent. In an updated economic forecast, the regional lender cited “facility investment that reflected expansion in the digital economy,” as well as robust “export of information technology and transport equipment&r

Economy July 20, 2021

South Korea's central bank on Thursday held its benchmark policy rate unchanged at a record low of 0.5 percent amid a recent spike in COVID-19 infections but strongly hinted it may conduct its first post-pandemic rate hike by the end of this year. Bank of Korea (BOK) Gov. Lee Ju-yeol said the central bank will review whether a policy adjustment is needed at next month's rate-setting meeting, maintaining his hawkish stance on inflation and financial imbalances. The BOK "could raise its key

Economy July 15, 2021

As US inflation continues to accelerate, with consumer prices increasing 5 percent year on year in May, it is not only the US Federal Reserve that needs to remain vigilant. Policymakers around the world -- and in vulnerable economies in particular -- also should prepare for the possibility that US interest rates will rise faster and sooner than most forecasts currently predict. After all, the Fed has raised its inflation forecasts significantly over the last 12 months. At its mid-June meeting,

Viewpoints July 13, 2021

Credit ratings agency S&P Global Ratings revised South Korea’s economic growth outlook for 2021 by 0.4 percentage point to 4 percent Wednesday. The revision comes six months after the agency projected the Asia’s fourth-largest economy to grow 3.6 percent in January, which was then deemed more optimistic than the government’s projection. “We’ve always been optimistic about Korea’s recovery prospect. This year, we see a growth of 4 percent and next year at

Economy July 7, 2021

South Korea just had the best June ever in terms of export performance on strong global demand, as vaccine rollouts in major economies raise hopes for a recovery. According to the Ministry of Trade, Infrastructure and Energy, the country’s total volume of exports last month came in at $54.8 billion, up 39.7 percent from a year earlier. It was the best export performance that Asia‘s fourth-largest economy has ever recorded in June, and the third-best performance for any month of

Industry July 1, 2021

South Korea's finance ministry on Monday sharply raised its 2021 growth outlook for the country's economy amid robust exports and reviving consumption. The government forecast Asia's fourth-largest economy to expand 4.2 percent this year, up from its December estimate of 3.2 percent. The Korean economy is projected to grow 3 percent next year. If realized, it would mark the fastest growth since 2010 when the Korean economy expanded 6.8 percent. The ministry's forecast is higher than the Bank

Economy June 28, 2021

Ko Hyoung-kwon is the ambassador and permanent representative of Korea to the OECD. -- Ed. The 2021 OECD Ministerial Council Meeting, chaired by the United States with South Korea and Luxembourg as vice chairs, was held May 31-June 1 under the theme of “Shared Values: Building a Green and Inclusive Future.” The meeting, at which ministers from 38 member countries of the Organization for Economic Cooperation and Development shared their responses to COVID-19 and plans for a better

Economy June 23, 2021

South Korea's economy is expected to grow at a faster-than-expected pace in 2021 on the back of brisk exports, a leading private think tank said Wednesday. Asia's fourth-largest economy is likely to expand 3.8 percent on-year this year as overseas shipments rebound sharply, according to the Korea Economic Research Institute (KERI). The latest projection by KERI, the think tank under the conglomerate lobby Federation of Korean Industries, is up from its 3.4 percent estimate made in the first qu

Economy June 9, 2021

The South Korean economy is forecast to grow 3.8 percent this year on the back of strong export growth and expansionary macroeconomic policy, the Organization for Economic Cooperation and Development said Monday, ramping up its previous projection of 3.3 percent. “Strong overseas demand for IT products, which account for about a fifth of total exports and automobiles is lifting exports. A gradual easing of distancing measures and government relief packages have helped vulnerable household

Economy May 31, 2021

SEJONG -- The topic of food and agriculture will likely come under the spotlight as one of the core items on the agenda for the 2021 P4G Seoul Summit, set for May 30-31. P4G -- Partnering for Green Growth and the Global Goals 2030 -- is a global initiative launched in 2017 to accelerate the response to climate change and the implementation of the United Nations’ sustainable development goals. Twelve countries, including South Korea, are taking part in the gathering. While the internatio

Social Affairs May 27, 2021

The tailor-made double-wall VIP insulated shipper provides 10+ days of temperature protection for vaccine shipments from BioNTech's facility with minimal dry ice. DAYTON, Ohio, May 5, 2021 /PRNewswire/ -- CSafe Global, the innovation leader in active, passive parcel and cell and gene temperature-controlled container solutions for the transport of life-enhancing pharmaceuticals is honored to partner with BioNTech as the thermal shipping solution provider for Pfizer-BioNTech COVID-19 Vacc

PR Newswire May 5, 2021

Incheon International Airport Corporation on Tuesday signed a memorandum of agreement with Israel’s state-owned aerospace and aviation manufacturer, Israel Aerospace Industries, to build an aircraft conversion center at Incheon Airport. The deal will see IIAC begin work on building infrastructure, with production of the first batch of passenger-to-freighter converted aircraft set to begin in 2024 in collaboration with South Korean aviation service company Sharp Technics K. After fending

Industry May 4, 2021

As uncertainties surrounding an uneven economic revival from the COVID-19 pandemic linger in the Asian region, top economic policymakers and central bank chiefs from South Korea, China and Japan on Monday pledged to maintain an open trade regime and strengthen regional cooperation. “The regional outlook has improved, with continued policy support and growing vaccine coverage. However, we should remain vigilant as the economic recovery has been uneven across and within member economies,

Economy May 3, 2021

Cho Young-eun, a 68-year-old retiree in Seoul, thought she would have a comfortable life in the years ahead. She and her husband had an apartment to live in, and a pension and savings to cover their daily expenses. But her expectations were shattered when she learned about the tax hike on her home in Gangnam last month. She paid around 4 million won ($3,577) in comprehensive real estate taxes last year but might have to pay nearly 3 million won extra this year and 7.5 million won more next y

Economy April 21, 2021

South Korea’s central bank chief said Thursday that the nation’s economy is likely to expand in the mid-3 percent mark this year, rosier than its previous forecast in February. The bank also decided to keep its policy rate frozen at a record low of 0.5 percent on concerns of a looming fourth wave of the COVID-19 virus. “The current situation surrounding both the global and the Korean economy show that the mid-3 percent growth for this year is a possible outcome,” Bank o

Economy April 15, 2021

South Korea's economy is expected to grow in the mid-3 percent range this year on resilient exports, a leading private think tank said Thursday. Asia's fourth-largest economy is likely to expand 3.5 percent on-year this year, a sharp turnaround from a 1 percent contraction in 2020, according to the Korea Economic Research Institute (KERI). KERI's latest projection is higher than the 3 percent forecast made by the Bank of Korea in late February. The think tank under the Federation of Korean In

Economy April 15, 2021

South Korea’s economy is expected to grow 3.6 percent this year in the wake of the coronavirus pandemic, but it will grow 2.8 percent in 2022 as the world economy recovers, the International Monetary Fund said on Tuesday. The figures have remained unchanged from its estimate released on March 26 in a report on the outcome of its annual consultation with South Korea held in January. Last month, it forecast Asia’s fourth-largest economy to grow 3.6 percent this year, up from its esti

Economy April 6, 2021

The International Monetary Fund (IMF) on Friday sharply raised its growth outlook for South Korea this year, citing robust exports and the country's fiscal policy support amid the pandemic. The IMF forecast the South Korean economy to grow 3.6 percent this year, up from its estimate in January of 3.1 percent. The upward revision came as the IMF issued a report on the outcome of its annual consultation with South Korea held in January. The IMF said Asia's fourth-largest economy is expected to

Economy March 26, 2021

The COVID-19 pandemic in South Korea will be “sufficiently tamed by November, or possibly earlier,” Korea Disease Control and Prevention Agency Deputy Director Kwon Jun-wook said Thursday, referring to the vaccination timetable. The deputy director said COVID-19 rates have fallen globally, largely due to the immunization efforts that are already underway in the US and many countries in Europe. He said that once vaccinations kick off in Korea, this country too can expect the

Social Affairs Feb. 18, 2021