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Sept 20, 2019 Economy

Finance minister urges cautious approach on S. Korea’s WTO status

With US President Donald Trump casting doubt on the way the World Trade Organization categorizes global economies, South Korea’s finance minister said Friday that the government would take a cautious approach toward its developing-country status and the trade benefits that come along with it. “The other developing economies that are members of the WTO have been raising issues with the benefits that our nation receives through the developing country status, which is why now is the tim

OECD cuts growth outlook for S. Korea to 2.1 percent

The Organization for Economic Cooperation and Development (OECD) on Thursday slashed its growth outlook for South Korea's economy this year to 2.1 percent amid a slowdown in global trade.The OECD's interim outlook represented a drop from its previous forecast of 2.4 percent in May. It said the South Korean economy would grow 2.3 percent in 2020, also slower than its previous forecast of 2.5 percent.Growth in South Korea "has moderated by more than expected this year, in part due to persiste

Sept 19, 2019
Economy
US Fed’s rate cut gives room for easing monetary policy: BOK

South Korea’s central bank chief said Thursday that the latest US rate cut has created some policy space for easing actions amid the slowing economy.“The US Federal Reserve’s rate cut alleviates the burden for other countries in operating their own monetary policies,” Bank of Korea Gov. Lee Ju-yeol told reporters. On Wednesday local time, the Fed cut the base rate by a quarter percentage point to a range of between 1.75 percent and 2 percent. This was its second rate cut

Sept 19, 2019
Economy
BOK chief says US rate cut gives room for additional policy

The head of South Korea's central bank said Thursday the latest US rate cut may have created further room for his country to more actively support the local economy as it grapples with falling exports and sagging investment.On Wednesday (local time), the US Fed slashed its policy rate by 25 basis points to a range of between 1.75 percent and 2.0 percent in its second rate cut in two months -- and the second since 2008. "Of course the US Fed reducing its rate somewhat removes the burden for

Sept 19, 2019
Economy
S. Korea to revamp workforce system amid population decline

Government vows to increase manpower in schools, military, lower barriers for qualified foreign workers

Sept 18, 2019
Economy
S. Korea considers releasing oil reserves in case of supply problem

Latest Saudi drone attack to have limited impact on domestic oil supplies: vice minister

Sept 17, 2019
Economy
Fiscal spending has multiplier effects on economy: BOK

The government’s fiscal spending has a multiplier impact, augmenting the economy by about 1.3 times over five years, central bank data showed Monday.In a recent study by the Bank of Korea, the multiplier effects of government spending on the domestic economy stood at 1.27 over five years.The given index means that every 1 trillion won ($844 million) spent by the government will generate 1.27 trillion won in gross domestic product during the period.When the figure is low, it means that expa

Sept 16, 2019
Economy
Fiscal spending takes greater effect over time: BOK report

Fiscal spending may have a greater impact on the economy than generally viewed, but the effect may take some time to take place, a central bank report said Monday.In a recent study conducted by the Bank of Korea, the multiplier effect of government spending on the local economy came to 1.27 over a five-year period. This means every 1 trillion won ($850 million) spent by the government will generate 1.27 trillion won in gross domestic product over a five-year period, the report said.Previously, t

Sept 16, 2019
Economy
[News Focus] Household-income polarization worsens in 2 years

SEJONG -- The Moon Jae-in administration has continued to push for “income-led” growth by raising the minimum wage and scaling back the workweek. This was aimed at boosting consumption by raising the disposable income of low-income households. This in turn was meant to boost growth in the overall economy.But drastic hikes in the minimum wage had side effects, as small and midsized businesses took a conservative stance toward hiring due to higher labor costs, which have been linked to

Sept 15, 2019
Economy
S. Korea’s tax burden to grow next year amid concerns

South Korea’s tax burden per capita will stand at an estimated 7.5 million won ($6,300) next year, slightly up from this year, and is poised to grow through 2023, according to data released by the government Sunday. The data comes amid growing concerns about a heavy tax burden in relation to the government’s expansionist fiscal operations, including efforts to change the tax system. The tax burden per capita, which stood at an estimated 7.4 million won this year, will increase by nea

Sept 15, 2019
Economy
[New Economic Non-order:2] Trump’s revival of trade protectionism pushes WTO to the brink

The Korea Herald is publishing a series of articles to look into the weakening of the global economic framework in light of fading liberalism and the rise of trade protectionism and nationalism. This is the second installment. -- Ed.The World Trade Organization was birthed in 1995 as an advocate of free trade, persuading global economies to lower trade barriers through yearslong rounds of negotiations. Though it has slowly been losing its clout in recent years, the WTO continued to shine as a be

Sept 11, 2019
Economy
Jobless rate hits 6-year low in August, job additions largest in nearly 3 years

South Korea's jobless rate hit a six-year low in August, and job additions increased the most in 29 months, government data showed Wednesday.The unemployment rate fell 1 percentage point on-year to 3 percent in August from a year earlier, also marking the lowest level for any August since 2013. The number of employed people reached 27.3 million in August, a rise of 452,000 from the same month in 2018, according to the data compiled by Statistics Korea. The number of jobs added is the largest sin

Sept 11, 2019
Economy
New chief says FTC will crack down tech behemoths' dominant market position

The new head of South Korea's antitrust regulator on Tuesday said the agency will crack down on tech companies over their abuse of monopoly power and dominant market position.Joh Sung-wook, the chairwoman of the Fair Trade Commission, said in her inaugural speech that the move is meant to facilitate market innovation, but she did not elaborate. She said last month that the antitrust regulator has been looking into alleged unfair trade practices by two US tech giants -- Google Inc. and Apple Inc.

Sept 10, 2019
Economy
[News Focus] Seoul apartment prices keep skyrocketing since 2017

SEJONG -- A large portion of online commenters say that the Moon Jae-in government should be held accountable for letting housing prices spiral out of control since taking office in May 2017.A variety of data showed that Seoul apartment prices climbed sharply between 2017 and 2018, compared to figures during past administrations.In 2012, apartment prices in Seoul posted the negative growth of 6.1 percent on-year, hit by the subprime mortgage fiasco in the US and the global financial crisis.Figur

Sept 9, 2019
Economy
[New Economic Non-order: 1] In 2019, world bids farewell to liberal economic order

The Korea Herald is publishing a series of articles to look into the weakening of global economic frameworks in light of fading liberalism and rise of trade protectionism and nationalism. This is the first installment. -- Ed.This year marks the 75th anniversary of the Bretton Woods Agreement, which laid the foundation of the liberal economic order in the post-World War era and led to the establishment of the International Monetary Fund and World Bank.But it is also likely to be remembered as the

Sept 8, 2019
Economy

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