North Korea is presumed to be facing a shortage of around 860,000 tons of grain this year amid worries that the coronavirus pandemic could aggravate the situation, a unification ministry official said Tuesday. The projection is based on an earlier estimate by a local state-run institute that the North produced around 4.64 million tons of grain last year, which was below the 5.5 million tons widely believed to a minimum amount needed to feed its 25 million people. "This year, the North wi

North Korea May 19, 2020

With coronavirus outbreaks restricting in-person meetings and overseas travel, diplomats are turning increasingly to a safer, more convenient mode of engagement with their foreign counterparts: videoconferencing. In recent months, the typical scene of officials huddling together to build rapport and engage in negotiations of some sorts has been replaced by the spectacle of them sitting in front of projection screens or digital displays to keep their diplomacy running. Officials have been co

Foreign Affairs May 12, 2020

South Korea's exports are expected to have plunged by a whopping 25 percent in April from a year earlier, a poll showed Monday, as the new coronavirus pandemic has dealt a harsh blow to global trade and corporate activities. Outbound shipments are estimated at $36.4 billion this month, according to the poll by Yonhap Infomax, the financial news arm of Yonhap News Agency. The survey was carried out on nine local brokerage houses. The sharp decrease was also attributable to the falling global o

Economy April 27, 2020

The signs of a slowing COVID-19 spread on the back of a strong state drive to contain the novel coronavirus are raising expectations of an early recovery of the South Korean economy. Despite the flattened curve of infection cases, it is premature for excessive optimism on Korea posting a V-shaped recovery, considering its heavy dependence on exports for growth, experts said Wednesday. “Given that Korea is quite an export-oriented economy, the slumping global demand is expected to hit th

Economy April 22, 2020

The Bank of Korea (BOK) on Thursday kept its policy rate frozen at an all-time low of 0.75 percent, citing the need to see the effect of steps already taken, but painted a grim growth outlook, forecasting "considerably" slower growth than earlier expected. "Gross domestic product growth is projected to fall considerably below the February forecast of 2.1 percent, and uncertainties around the future path of GDP growth are also judged to be very high," the BOK said in its mon

Economy April 9, 2020

South Korea’s listed companies are likely to post poor earnings results for the first quarter due to the escalating fallout from the novel coronavirus pandemic, a financial market tracker said Sunday. The combined operating profits of 141 listed companies are expected to mark 16.79 trillion won ($13.6 billion) in the January-March period this year, down 20.22 trillion won, or 16.92 percent, from a year ago, according to data compiled by FN Guide. If the projection turns out to be roughl

Market April 5, 2020

The Asian Development Bank (ADB) on Friday slashed its outlook for South Korea's economic growth for 2020 by 1 percentage point to 1.3 percent amid the new coronavirus pandemic. The ADB's latest downward revision hovers far below the 2020 growth outlook suggested by the Bank of Korea, which expects Asia's No. 4 economy to expand 2.1 percent this year, with a possibility of a further cut. The Manila-based lender had slashed South Korea's growth outlook by 0.1 percentage point in December. The

Economy April 3, 2020

The global TV market is expected to contract for the first time in three years in 2020 due to the impact of the coronavirus pandemic, a report said Wednesday. In its latest market report, Omdia, formerly IHS Markit, predicted global TV shipments to decline 8.7 percent on-year to 203.5 million units this year. The projection is down from 9.7 percent from an estimate of 225 million units made at the start of the year. Global TV shipments fell to 217 million units in 2017 from 222 million a yea

Economy April 1, 2020

Health care workers on the front line of the novel coronavirus fight are working grueling shifts and exhausted -- risking infections every day at work since the first case was found in South Korea on Jan. 20. As the outbreak prolongs, the burnout of COVID-19 warriors is a real threat in the quest to quell the virus, experts worry. The decline in the daily tally belies the mounting workload for those on the front line, says Choi Youn-suk, a head nurse at the coronavirus-only Keimyung Dongsan

Social Affairs March 30, 2020

The National Assembly on Tuesday approved an 11.7 trillion-won ($9.42 billion) extra budget to help contain the novel coronavirus and minimize the economic fallout from the outbreak. The supplementary budget bill passed through the parliamentary plenary session, with 222 of the 225 lawmakers present voting in favor. One voted against the bill while the remaining two lawmakers abstained. The overall size of the budget was unchanged from the original government proposal but details have been ad

Politics March 17, 2020

The Bank of Korea will have no choice but to take all available measures to shield the local economy against further damage from the outbreak of the new coronavirus, including a base rate reduction, especially since the US Fed cut its own rates to nearly zero, analysts here said Monday. "The Bank of Korea too must now take steps due to the confusion in the local financial market," said Korea Investment & Securities analyst Ahn Jae-kyun. "Like the central banks of other majo

Economy March 16, 2020

S&P Global Ratings said Friday the ultimate impact of the new coronavirus outbreak on its global airline ratings will depend on the duration and severity of the crisis. The spread of COVID-19 cases across the globe has caused air traffic demand to plunge in recent weeks. With the virus now present in more than 100 countries and territories, more flight cancellations are expected as lower travel demand, S&P said in a statement.  "We see significant downside potential to t

Economy March 13, 2020

South Korea's exports rose by more than 20 percent from a year earlier in the first 10 days of March, customs data showed Wednesday, but the new coronavirus outbreak may limit the growth of its exports and economy. The country's outbound shipments came to US$13.3 billion in the March 1-10 period, up 21.9 percent from the same period last year, according to the data from the Korea Customs Service. The daily average, however, slipped 2.5 percent on-year to $1.78 billion. The customs office note

Economy March 11, 2020

  South Korea's financial authorities said Tuesday they will tighten regulations on stock short selling as part of market stabilization measures amid increased fluctuations sparked by the outbreak of the new coronavirus and a slide in global oil prices. Finance Minister Hong Nam-ki said the government will temporarily ease its requirements for the designation of certain shares subject to a possible ban on short selling. The decision came in a meeting of economy-related ministers and offi

Market March 10, 2020

Provided the COVID-19 outbreak is under control by October, North Korea could stage a military provocation, such as a satellite launch, to mark the founding anniversary of its Workers’ Party, said Ankit Panda, a senior editor at The Diplomat. Speaking on Radio Free Asia on Thursday, Panda said October would be a critical moment for North Korean leader Kim Jong-un, who appears eager to insert himself onto the US political agenda ahead of the 2020 US presidential election in November. Pan

North Korea Feb. 28, 2020