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Finance

Economy

Sun, April 11, 2021 | 22:20

Korea needs preemptive anti-inflation steps: senior official

South Korea needs to take preemptive measures to cope with escalating concerns over inflation, a senior government official said Friday. The remark by First Vice Finance Minister Lee Eog-weon comes as Asia's fourth-largest economy faces growing inflationary pressure amid signs of an economic recovery.

2021-04-09 10:43

IMF revises up Korea's GDP growth forecast to 3.6% on robust exports

The International Monetary Fund (IMF) has revised up Korea's 2021 GDP growth forecast by 50 basis points to 3.6 percent, in a World Economic Outlook (WEO) report, reflecting on robust export growth and anti-coronavirus extra budget effects here.

Lee Min-hyung | 2021-04-07 16:35

Current account surplus widens in February

South Korea's current account surplus widened in February as exports showed signs of a gradual recovery from the COVID-19 pandemic, the central bank said Wednesday. The current account surplus reached US$8.03 billion last month, widening from a surplus of $7.06 billion the previous month, according to the Bank of Korea (BOK). The current account is the broadest measure of cro...

2021-04-07 10:41

Korea's national debt snowballing amid pandemic aftershock

Korea's government liabilities approached an all-time high of 2,000 trillion won ($1.78 trillion) in 2020 after authorities carried out an unprecedentedly strong level of anti-COVID-19 pump-priming measures, the Ministry of Economy and Finance said Tuesday. According to a year-end audit report, the nation's total liabilities surged by 241.6 trillion won to reach 1,985.3 trill...

Lee Min-hyung | 2021-04-06 17:02

$750 billion: National debt grows by largest-ever amount last year amid pandemic

South Korea's national debt grew by the largest-ever amount last year as the country implemented expansionary fiscal spending to tackle the fallout of the pandemic, the finance ministry said Tuesday. The national debt, which covers bond sales and financial borrowing by central and provincial governments, reached a record 846.9 trillion won (US$750.5 billion) as of end-Decembe...

2021-04-06 10:44

Department store sales spike on 'revenge spending'

Sales at the nation's department stores set a new 25-year high in February, in an apparent sign of so-called “revenge spending” in the wake of the COVID-19 economic doldrums experienced throughout 2020.

Lee Min-hyung | 2021-04-05 16:32

South Korea's household debt-to-GDP ratio nears 100 percent: report

South Korea's household debt has been rising faster than that in most major economies to reach nearly 100 percent of its gross domestic product (GDP), a report showed Monday. The country's household debt-to-GDP ratio stood at 98.6 percent as of the end of June last year, according to the report from the Korea Institute of Public Finance.

2021-04-05 09:28

Consumer price growth at 14-month high in March

South Korea's consumer prices grew at the fastest pace in 14 months in March on higher prices of farm and oil products, data showed Friday, in the latest sign that inflationary pressure is building up amid an accelerating economic recovery. The consumer price index rose 1.5 percent on-year in March, accelerating from a 1.1 percent on-year gain in the previous month, according...

2021-04-02 10:37

Pandemic propels jobless rate, as women suffer more employment strain: report

South Korea's jobless rate hit a 19-year high last year amid the pandemic, and women faced tougher job market situations than men, a report showed Thursday. The country's unemployment rate reached 4 percent last year, up from 3.8 percent the previous year and the highest since 2001, according to the report on sustainable development goals by Statistics Korea.

2021-04-01 14:19

Industrial output grows at fastest clip in 8 months in February

South Korea's industrial output grew at the fastest pace in eight months in February, data showed Wednesday, in the latest sign that the economy is on a recovery track supported by exports amid the pandemic. The industrial output increased 2.1 percent in February from the previous month, sharply turning around from a 0.6 percent on-month decline in January, according to the d...

2021-03-31 09:41

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