South Korea's property tax rate compared with its GDP stood below the average for Organization for Economic Cooperation and Development member countries, official data showed Monday. According to the Paris-based organization, the country's recurrent taxes on immovables reached 0.80 percent of its economy in 2017. This placed it the 16th highest among 31 countries that were checked and below the...

South Korean prime minister Lee Nak-yon said Sunday the country's per capita income is expected to breach the $30,000 mark next year. In his New Year's message, Lee said South Korea will likely see its per capita income surpass $30,000 next spring, but that achievement will bring new tasks to the country. "We need to let everyone feel and experience fairly even regarding the country's per capit...

South Korea's central bank chief said Sunday that the expansionary monetary policy will be maintained in the new year in a way to further fuel the economic growth of Asia's fourth-largest economy. "As the economy is expected to continue pulling off steady growth in the new year and there will likely be low inflation pressure, the central bank's monetary policy will remain expansionary," Bank of ...

South Korea’s consumer prices increased at the fastest rate in five years in December, on the back of strong industrial goods and financial services, government data showed Friday. The nation’s consumer price index climbed 1.5 percent this month from a year earlier, up from the previous month’s 1.3 percent on-year gain, according to Statistics Korea. Compared to the previous month, the index mov...

South Korea's chief economic policymaker said Friday that the government will do its utmost to maintain decent growth for the country in the new year. "The new year will mark the first time (for the economy) to achieve a (per capita GDP) $30,000 level," Finance Minister Kimg Dong-yeon said in his message for 2018. "(The government) will redouble efforts to help the economy maintain its solid exp...

In the wake of the South Korean government’s signal that it may shut down cryptocurrency exchange businesses, rumors circulated online Friday that a protest against the government’s anti-cryptocurrency move would be held in Gwanghwamun Plaza in central Seoul on Saturday night. An online post said a protest would begin at 8 p.m. Saturday to fight the state-led crackdown “without the slightest leg...

South Korea's market interest rates are likely to trend higher in January due to a rise in US Treasury sales, a report said Friday. The yield on South Korea's three-year government bonds is projected to continue its uptrend next month due to overseas factors, ranging from 2 percent to 2.3 percent, according to the report by the Woori Finance Research Institute. Currently, the return on three-ye...

South Korean domestic stock investment funds have attracted more than 3 trillion won ($2.8 billion) over the past month amid expectations for a market rally in January, a market tracker said Friday. Equity funds focused on local stocks posted a net money inflow of 3.54 trillion won in the month to Thursday, according to FnGuide. In particular, domestic equity funds lured as much as 1 trillion w...

South Korea and the United States are to start the first round of negotiations to amend their bilateral Free Trade Agreement on Jan. 5 in Washington, Seoul’s Trade Ministry said Wednesday. The move to revise the 5-year-old trade deal, triggered upon US President Donald Trump’s request, is expected to raise differences between the two countries regarding their stances toward the automobile and ag...

The government said Thursday it is banning the use of anonymous virtual accounts in cryptocurrency transactions as part of efforts to curb virtual currency speculation. Hong Nam-ki, minister of the Office for Government Policy Coordination, made the announcement after a meeting of vice ministers from related ministries, saying the government "can't let this abnormal situation of speculation go o...

South Korea's central bank said Thursday that it will maintain an expansionary monetary policy next year, but it will keep close tabs on economic conditions in order to tailor its policies accordingly. "The domestic economy is expected to pull off stable growth next year, but the central bank will stay expansionary on low inflationary pressure," said the Bank of Korea in a report on its annual m...

The chief of South Korea's financial watchdog has warned against a bitcoin bubble, saying the price of the virtual currency may plunge in the future. "I bet the bubble in bitcoin will burst later," Choe Heung-sik, governor of the Financial Supervisory Service, told a year-end meeting with journalists Wednesday. "Companies existed during South Korea's IT bubble in the early 2000s, but that is not...

WASHINGTON -- South Korea and the United States will kick off negotiations to amend their bilateral free trade agreement next week, Seoul's trade ministry said Wednesday. The first round of talks will be held in Washington on Jan. 5 following months of preparation triggered by the Donald Trump administration's request to revise the pact. US President Trump has blamed the five-year-old deal, kno...

Government vows to reduce social, economic gap through job creation and welfare

South Korea will implement its economic policy next year to boost job creation and innovative growth, which will help improve quality of life, while laying the foundation to tackle the country's chronic low birthrate and maintain a decent economic expansion over the mid-to-long haul, the finance ministry said Wednesday. The economy is expected to grow at around 3 percent next year, following thi...