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Today Economy

SMEs association proposes tech training as priority for inter-Korean economic cooperation

South Korean small businesses on Wednesday proposed operating an inter-Korean technology training center and inviting global companies to a joint industrial complex with North Korea to expedite cross-border economic cooperation.The Korea Federation of SMEs recommended nine South-North businesses, explained in detail in its report to the government in April, which emphasizes technological education as the first priority in pursuing cooperation with the North. While North Korean workers have adva

Public institutions cutting back on hiring of high school graduates

Public institutions are hiring more people, but not those without college degrees, government statistics showed Wednesday.According to state portal All Public Information in One, 361 state-run institutions employed 22,560 people in permanent positions last year. The proportion of hires for whom high school was their highest educational attainment was 1,858, or 8.2 percent.The latest figure marks a 30.6 percent increase in overall hiring from 2013 but a drop of 7.9 percent for employment of peopl

Today
Economy
Finance minister vows to overhaul assessment system for state firms

The government will push to overhaul the evaluation process for state-invested firms so as to help improve their trustworthiness, which has been tarnished by job-related irregularities, and boost job creation, the country's chief economic policymaker said Tuesday."State firms are urged to raise their productivity and effectiveness as well and play a key role in creating and spearheading a system for innovative growth," Finance Minister Kim Dong-yeon said in a meeting to review state firms' manag

Today
Economy
BOK chief vows to focus on growth, inflation in rate policy

‘US rate hike will not lead to drastic capital outflow here’

Today
Economy
Job data heighten calls for policy shift

Calls are growing for President Moon Jae-in’s administration to readjust its income-led growth policy, which experts say has been only worsening unemployment and low-income households’ livelihoods.According to the latest data from Statistics Korea, the country’s jobless rate stood at 4 percent last month, up from 3.6 percent in May last year, when Moon took office. The figure for young people aged 15-29 rose from 9.2 percent to 10.5 percent over the cited period.The overall and youth jobless rat

Jun 19, 2018
Economy
Govt. to step up readjustment of budget spending to boost job creation, innovative growth

SEJONG -- The government said Monday that it will continue its efforts to realign budget spending in a way to tackle the country's chronic low birth rate, boost job creation and facilitate innovative growth."The government will focus on the three key policies by improving the country's overall budget spending scheme," Deputy Finance Minister Kim Yong-jin said in a policy meeting.Kim said government agencies are urged to actively respond to changes in policy implementation and to do more for dere

Jun 18, 2018
Economy
Job cuts most serious for 30s and 40s: data

While South Korea’s employment indexes continued to struggle amid controversies on increased minimum wage, the job decreasing rate turned out to be the most drastic for the primary labor force age clusters in their 30s and 40s, data showed Sunday. The number of newly employed people in their 40s stood at 669.7 million in May, down 88,000 from the same period last year and marking a decline for 31 consecutive months, according to data released by Statistics Korea.This was the longest period of no

Jun 18, 2018
Economy
S. Korea's jobless rate rises in May, job creation lowest in over 8 yrs

South Korea's jobless rate rose slightly in May due to a fall in employment in the retail, manufacturing and educational service sectors, while job creation remained sluggish, government data showed Friday.The unemployment rate stood at 4 percent last month, up 0.4 percentage point from a year earlier, marking the highest rate recorded for May in 18 years, according to the report compiled by Statistics Korea.The number of employed people reached 27.06 million in May, up 72,000 from a year earlie

Jun 15, 2018
Economy
ECB to keep interest rates at record lows at least through summer

The European Central Bank on Thursday said it expected key interest rates to remain at their current historic lows "at least through the summer of 2019."The headquarters of the European Central Bank. (AFP-Yonhap)The Frankfurt institution's main refinancing rate currently stands at zero percent, the rate on the marginal lending facility at 0.25 percent, and the rate on deposits at -0.4 percent, meaning banks pay to park money with the ECB. (AFP)

Jun 14, 2018
Economy
US rate hike likely to have limited impact on Korea: officials

Seoul troubled by rate hike pressure, slow growth dilemma

Jun 15, 2018
Economy
Banks preparing for possible resumption of inter-Korean projects

South Korean banks have stepped up preparations for a possible resumption of economic projects in North Korea, as a historic summit between US President Donald Trump and North Korean leader Kim Jong-un raised hopes of more reconciliation between Seoul and Pyongyang.After about five hours of talks in Singapore on Tuesday, Trump and Kim signed a joint statement committing to the "complete denuclearization of the Korean Peninsula." But the statement fell short on details of how the North's denuclea

Jun 14, 2018
Economy
Denuclearization talks may give momentum to new economic road map for 2 Koreas

President Moon Jae-in's "new economic road map" for the Korean Peninsula may get its needed momentum once North Korea's denuclearization gets on track, with details getting added to the unified market and economic cooperation belts that he envisioned, according to watchers here Thursday.Prospects of improved and even new economic tieups with the North brightened after the historic North Korea-US summit in Singapore on Tuesday. The premise is that the international sanctions imposed on the North

Jun 14, 2018
Economy
Korea needs a boost to domestic demand

With the prospects for Korea’s exports in the coming years dimming, there is increased pressure to expand domestic demand, particularly by promoting service industries through drastic deregulation.A downturn in exports, which have shored up Asia’s fourth-largest economy in recent years amid sluggish domestic demand, could rattle it unless offset by an increase in local consumption and investment, experts say.According to recent data from the Bank of Korea, exports made a 1.8 percentage point con

Jun 14, 2018
Economy
[US-NK Summit] Major research institutes, ministries join peace mood of US-NK summit

Think tanks expand NK economy research teams, ministries name senior experts as inter-Korean team chiefs

Jun 13, 2018
Economy
Weak manufacturing increases employment woes

Korea is lagging behind in global competition to enhance the productivity and employment of manufacturing industries, experts here say.Asia’s fourth-largest economy saw its manufacturing sector’s proportion of gross domestic product shrink from 31.36 percent in 2011 to 29.33 percent in 2016, according to data from the World Bank. The corresponding figure for member states of the Organization for Economic Cooperation and Development rose by 1.1 percentage points on average over the cited period.

Jun 12, 2018
Economy

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