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Finance

Economy

Tue, July 14, 2020 | 22:42

Korean economy to shrink 2.3% this year due to virus: think tank

Korean economy to shrink 2.3% this year due to virus: think tank

The South Korean economy is expected to contract 2.3 percent on-year in 2020, hit by the fallout of the new coronavirus outbreak, a local private think tank said Sunday. Asia's fourth-largest economy is forecast to have fallen 1.7 percent in the first half and to contract 2.9 percent in the second half, according to the Korea Economic Research Institute (KERI).

2020-07-12 13:53

Moon introduces Korean version of 'New Deal'

Is Korean economy faring better in pandemic?

Is Korean economy faring better in pandemic?

Korea has been recognized from around the world for its economic resilience in the face of the COVID-19 pandemic, but it is still struggling to find the impetus to jumpstart and revitalize its economy amid lingering uncertainties here and abroad. Although Asia's fourth largest economy is on a better ...

Park Jae-hyuk | 2020-07-06 17:02

Hit by prolonged pandemic, corporate employees continue to fall in May

The number of employees at domestic businesses employing one or more people reached 18.3 million as of the last working day of May, falling by 311,000, or 1.7 percent, from the previous year, according to the monthly data by the labor ministry.

2020-06-29 15:53

Moon urges 'aggressive' handling of global supply chain crisis

Smart Policies for Smart Factories

Smart Policies for Smart Factories

How can you tell someone is smart? Just the fact that they are carrying a good laptop doesn't mean they are smart. I tell if a person is smart when the person knows their goal and knows how to use their skills and information effectively to achieve the goal.

Lee Kyung-min | 2020-06-28 17:10

World Bank dismisses BOK's optimism

World Bank dismisses BOK's optimism

The World Bank seemingly agrees with recent warnings the International Monetary Fund (IMF) sent to the Bank of Korea (BOK) over the central bank's “quite optimistic” position on the country's growth outlook.

Park Jae-hyuk | 2020-06-26 16:22

S. Korea's June 1-20 exports fall 7.5%, slower than in May

S. Korea's June 1-20 exports fall 7.5%, slower than in May

The nation's outbound shipments dropped 7.5% during June 1-20 from the same period a year earlier, while imports slid 12.0%, Korea Customs Service data showed on Monday.

2020-06-22 11:09

Finance minister renews calls for parliamentary approval of third extra budget

Finance minister renews calls for parliamentary approval of third extra budget

Finance Minister Hong Nam-ki on Friday renewed calls for the National Assembly to approve the third extra budget to help revive the virus-hit economy, saying the government will spare no efforts to achieve positive growth this year. Earlier this month, South Korea proposed its third extra budget of 35.3 trillion won (US$29 billion) meant to help key industries cushion the eco...

2020-06-19 11:00

Koreans' life satisfaction deteriorating

Koreans' life satisfaction deteriorating

The happiness level among Koreans has seemingly been decreasing as fewer were satisfied with their lives in 2019, while more were feeling a sense of isolation, according to a recent survey. In the poll of 8,000 people aged 19 to 69 between Sept. 1 and Oct. 31 in 2019, Statistics Korea found that 60.7 percent were satisfied with their lives, down 3 percentage points from the p...

Lee Kyung-min | 2020-06-18 17:13

KMFA new chief to develop financial crisis response manual

KMFA new chief to develop financial crisis response manual

Seoul National University's Graduate School of International Studies professor Rhee Yeong-seop, 59, will be leading the Korea Money and Finance Association (KMFA) for a year starting this July.

Anna J. Park | 2020-06-18 14:52

Korean economy tipped to shrink 0.4% in 2020 on virus: IBs

Korean economy tipped to shrink 0.4% in 2020 on virus: IBs

Major foreign investment banks (IBs) and economic institutes have forecast South Korea's economy to shrink in 2020 due to the fallout of the fast-spreading novel coronavirus, a report showed on Tuesday. According to the report by the Korea Center for International Finance, nine foreign IBs and economic think tanks predicted that South Korea's economy may contract 0.4 percent ...

2020-06-16 09:42

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