South Korea's four major commercial banks appear likely to maintain their creditworthiness this year due to adequate capitalization and resilient asset quality, according to a recent report from S&P Global Ratings.    Kookmin Bank, Shinhan Bank, KEB Hana Bank and Woori Bank have emerged from a pandemic-scarred 2020 with asset quality intact.    Earnings for the whole of 2020, announced last week, show a decline in net interest margins and slightly higher credit costs f

Market Feb. 13, 2021

South Korea’s current account surplus rose to a two-year high last year amid the prolonged economic fallout from the COVID-19 pandemic, mainly due to a sharp fall in imports and overseas trips, central bank data showed Friday.  The country’s current account surplus for 2020 amounted to $75.28 billion -- up $15.6 billion, or 26.1 percent, from the previous year -- according to preliminary figures released by the Bank of Korea.  This marked the highest current account sur

Economy Feb. 5, 2021

The International Monetary Fund has raised its growth outlook for South Korea this year to 3.1 percent from the earlier figure of 2.9 percent estimated in October last year, the Ministry of Economy and Finance said Tuesday. The nation’s economic growth projection improved largely thanks to the government’s aggressive policy responses to the COVID-19 crisis, including economic stimulus packages as well as strict quarantine measures, according to a report released by the ministry on

Economy Jan. 26, 2021

South Korea’s economy shrank 1 percent in 2020 from the previous year, due to blows dealt by the COVID-19 pandemic, marking its first contraction since it was hit by the devastating 1997 Asian financial crisis more than two decades ago, the central bank said Tuesday. The 1 percent contraction in the country’s gross domestic product was slightly better than the Bank of Korea’s earlier projection of minus 1.1 percent in November, its advanced data showed. Yet, it was one of its

Economy Jan. 26, 2021

LG Display will shine a light on the role of displays in the post-COVID-19 contactless society at this year’s Consumer Electronics Show 2021, set to take place from Monday, the company said Thursday. The three key messages the company wants to convey this year are “Natural Reality,” “Lifestyle in Harmony” and “Better for People” -- with an overarching theme that displays brings the real world to those in front of them. LG Display’s display soluti

Industry Jan. 7, 2021

Vice Finance Minister Kim Yong-beom vowed on Thursday to strengthen monitoring on swelling of liquidity spilled over to the country’s asset markets amid concerns over the stock market’s sharp pandemic-era rally. Buoyed by fiscal stimulus and relief packages provided during the COVID-19 crisis management procedure, the abundant liquidity has flown into the stock and real estate markets to the point where the government is beginning to worry whether the real economy could catch up.

Economy Jan. 7, 2021

Finance Minister Hong Nam-ki on Monday reiterated the government’s commitment for economic growth of 3.2 percent this year and stressed its drive to stabilize soaring housing price at the same time. Urging ministry officials to prepare for structural changes in the post COVID-19 era, Hong vowed to make all-out efforts to achieve the target of a 3.2 percent economic growth and to create 150,000 additional jobs this year. “We must promote domestic consumption as much as possible un

Economy Jan. 4, 2021

The COVID-19 pandemic is projected to add fuel to South Korea’s low birthrate, marriage rate and rapidly increase the nation’s aging population, the central bank said Wednesday. “The pandemic will have a negative impact on the nation’s marriage and birthrate, leading to an acceleration of aging in the population,” the Bank of Korea said in its regular report on economic issues. The total fertility rate for 2022 may even become lower than the Statistics Korea&rsq

Economy Dec. 30, 2020

Exports could be a breakthrough for the South Korean economy in the post-coronavirus era, a state-run trade agency said Monday. Despite numerous uncertainties that are expected to linger in 2021, the state-run Korea Trade-Investment Promotion Agency raised its exports forecast for next year, saying semiconductors and biotech products, among others, are likely to lead the gains. Overseas shipments would grow 6-7 percent in 2021 to reach $540 billion-560 billion next year, from around $510 bil

Economy Dec. 21, 2020

South Korea plans to implement its economic policy next year to maintain economic recovery momentum and prepare for a post-pandemic era, the finance ministry said Thursday. The South Korean economy is expected to grow 3.2 percent next year, following this year's estimated contraction of 1.1 percent, the first contraction since the 1997-98 Asian financial crisis, according to the Ministry of Economy and Finance. The ministry's 2020 and 2021 growth outlooks are lower than its June projection of

Economy Dec. 17, 2020

The number of overseas tourists visiting South Korea is expected to slump to the lowest level in 32 years amid the new coronavirus pandemic that has practically paralyzed the global tourism sector, data showed Tuesday. The number of foreigners who visited the country in the January-October period reached 2.39 million, down 83.6 percent from the same period last year, according to the culture ministry and the state tourism office. Roughly half of the figure -- 1.27 million -- was tallied in Jan

Economy Dec. 15, 2020

The Organization for Economic Cooperation and Development (OECD) on Tuesday forecast a sharper-than-expected contraction for the South Korean economy this year, citing the fallout of the new coronavirus outbreak. The OECD expected Asia's fourth-largest economy to retreat 1.1 percent this year, steeper than its September forecast of a 1 percent contraction. The Paris-based club of major economies predicted the Korean economy to grow 2.8 percent next year and 3.4 percent in 2022. Despite the dow

Economy Dec. 1, 2020

Buoyed by a foreign investors’ buying spree that continued into a 13th consecutive session, South Korea’s benchmark Kospi reached a fresh all-time closing high on Monday, amid growing expectations by local brokerage houses that the main bourse could rise further next year. The main bourse rose 49.09 points, or 1.92 percent, to end at 2,602.59, eclipsing the 2,598.19-point mark reached Jan. 29, 2018. The index is now also only 4.51 points off an intraday high of 2,607.10 seen Jan. 29

Market Nov. 23, 2020

A new high-tech musical is to promote “peace travel” in the Demilitarized Zone between the two Koreas, according to the Korea Tourism Organization. “Wonder Ticket,” organized by the KTO, will stream online from Nov. 28 to Dec. 31, promoting the travel industry in the DMZ. The story of the musical takes off at an abandoned steam locomotive -- which currently sits at Jangdan Station in Imjingak, located on the banks of Imjin River in Paju, Gyeonggi Province. The trai

Performance Nov. 17, 2020

Global credit appraiser Fitch Ratings said Wednesday it has maintained South Korea's credit rating at "AA-" with a stable outlook. Fitch's rating for South Korea has been AA-, the fourth-highest level of the agency's sovereign ratings, since 2012. "Korea's rating balances robust external finances, steady macroeconomic performance and sufficient fiscal headroom going into the coronavirus pandemic against geopolitical risks related to North Korea and medium-term structural challe

Economy Oct. 7, 2020

SEJONG -- South Korea held a videoconference with member states of the Association of Southeast Asian Nations (ASEAN) on Tuesday during which they shared their experience in fighting the coronavirus pandemic, the finance ministry said. The conference was organized by a Southeast Asian office of the Organization for Economic Cooperation and Development (OECD), the Ministry of Economy and Finance said in a statement. During the conference, South Korea briefed ASEAN members about measures to se

Economy Oct. 6, 2020

Nearly 1 million people are expected to travel by air during the Chuseok fall harvest holiday despite the government's advisory asking people to remain at home to help contain the spread of COVID-19, transportation authorities said Monday. The Korea Airports Corp. (KAC) estimated that some 963,000 people will use domestic airports, excluding Incheon International Airport, during this year's extended Chuseok holiday, which starts Wednesday and ends Sunday. The figure represents a 25 percent dro

Social Affairs Sept. 28, 2020

Acknowledging South Korea’s relatively effective control of COVID-19 and its appropriate fiscal response, the Organization for Economic Cooperation and Development recently increased its outlook for Asia’s fourth-largest economy this year, officials said Wednesday. It also reiterated the need to sustain expansionary fiscal policies, warning that hasty belt-tightening as the economy is slowly recovering could dampen growth prospects for next year. In its biannual Interim Economic

Economy Sept. 16, 2020

The Asian Development Bank said Tuesday that South Korea’s economy would likely contract 1 percent on-year in 2020 due to the COVID-19 pandemic, but grow 3.3 percent next year on the back of the global economic recovery and local fiscal spending. In its revised set of growth projections for the Asian region, ADB maintained its earlier forecast for Asia’s fourth-largest economy, while cutting the region’s overall growth outlook for this year to a contraction of 0.7 percent f

Economy Sept. 15, 2020

The Korea National University of Arts (KNUA) kicked off the Ars Electronica Garden Seoul Festival to present diverse ideas on how society would transform after the COVID-19 pandemic. The festival is part of the 2020 Ars Electronica Festival, an international new media art festival held annually in Linz, Austria, every September. Due to the pandemic, the festival has been expanded to both online and offline with more than 120 organizations participating across the globe under the theme of &l

Arts & Design Sept. 11, 2020