SHENZHEN, China, Oct. 17, 2023 /PRNewswire/ -- In August 2022, students at the Mabalacat City College (hereinafter referred to as "MCC") in the Philippines had a particular hybrid learning class. Unlike classes in the past, the teaching content was explicit at a glance on the smart screen, and the teacher in the classroom could communicate and interact smoothly with online students throughout the entire class. Everyone immersed themselves in lively discussions and enjoyed the char

PR Newswire Oct. 17, 2023

Global investment banks offered a lukewarm outlook for South Korea’s near-term growth, with their average projection for 2024 remaining at 1.9 percent as of July, according to a report from the Korea Center for International Finance on Monday. If the Korean economy aligns with these forecasts and achieves 1 percent growth for two consecutive years, it would be the first time since collecting a growth rate statistic in 1954. The Korean economy's growth rate has fallen below 2 percent o

Industry Aug. 14, 2023

South Korea’s economy showed a slight sign of recovery, with 0.3 percent growth in the first three months of 2023 on the rebound of private consumption as the COVID-19 pandemic wanes. The country’s gross domestic product -- the value of all goods and services created -- grew 0.3 percent in the January-March period, showing signs of recovery from the minus 0.4 percent of the previous quarter. It showed a 0.8 percent increase from the same period of 2022, data from the Bank of Korea sh

Economy April 25, 2023

The South Korean government may dial back the scale of tax cuts aimed at curbing inflation, as tax revenue for this year is likely to fall below the estimate. According to the Ministry of Economy and Finance, Korea’s tax revenue amounted to 54.2 trillion won ($41 billion) in the first two months of this year, marking a 15.7 trillion won drop from the 69.9 trillion won recorded in the same period last year. If the tax revenue from March to December is similar to the year before, the total

Economy April 10, 2023

South Korea's total fertility rate hit an all-time low last year, government data showed Wednesday, darkening prospects for one of the world's most aged countries. In 2022, the country saw 249,000 newborns, down 4.4 percent, or 11,500 less, than that of the year before. The fertility rate, the average number of children women aged 15-49 have, fell to 0.78, down 0.03 from the 0.81 of the previous year, according to Statistics Korea. The figure hit an all-time low since the statistics

Economy Feb. 22, 2023

South Korean companies have seen revenue growth this year, but their fiscal health has deteriorated due to increased debt and lowered profitability, according to a report from a major business lobby group Monday. Despite their growing revenue, the slowdown in the growth rate, inventory piling up and soaring borrowing costs draw concerns as the country’s economy is largely expected to see headwinds next year, with sluggish exports and uncertainties in the global market. “Companies h

Economy Dec. 26, 2022

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PR Newswire Sept. 27, 2022

  South Korea's economy grew at a faster pace in the second quarter of this year as private spending rose amid eased coronavirus restrictions despite shrinking exports, central bank data showed Thursday. The country's gross domestic product (GDP) -- a key measure of economic growth -- increased 0.7 percent in the April-June period from three months earlier, according to the preliminary data from the Bank of Korea (BOK). The growth slightly quickened from the previous quarter's 0.6 percent r

Economy Sept. 1, 2022

The South Korean government on Tuesday said that the total number of critically ill COVID-19 patients will peak between 800 and 900 in early September. The government added the number of deaths from COVID-19 could also reach between 100 and 140 during the same period. The government, however, did not change its projection for the number of daily infections, which it previously anticipated to peak at around 200,000 cases in late-August. “The COVID-19 spread is expected to peak by the e

Social Affairs Aug. 16, 2022

Foreign holdings of South Koreans stocks on the benchmark Kospi dipped to 606.2 trillion won ($464.1 billion), or 30.51 percent of the total, Thursday -- the lowest level since August 2009 as fears over US Federal Reserve rate hikes and a possible recession have dampened investor optimism. Data from the Korea Exchange showed Sunday heavy net selling by foreign investors this year. They had offloaded 10.6 trillion won in shares as of Friday. The Kospi closed at 2,527.94 that day, a 15 percent dr

Market Aug. 15, 2022

South Korea’s daily COVID-19 infections surpassed 150,000, reaching a four-month high since April, the government announced Wednesday. The number of critically ill patients also topped 400, amid a prolonged resurgence fueled by the fast spread of a highly contagious omicron strain. “The speed at which COVID-19 spreads is accelerating again,” Lee Ki-il, a deputy health minister, said during a COVID-19 response meeting on Wednesday. The country added 151,792 new COVID-19 case

Social Affairs Aug. 10, 2022

Bank of Korea Gov. Rhee Chang-yong told lawmakers Monday that the central bank will deliver the usual 0.25 percentage point interest rate hikes this year, while acknowledging that the economy would fall short of the 2.7 percent annual growth for 2022. The central bank a month ago backed its biggest single rate raise of 0.5 percentage point to tame persistent inflation prompted by a global surge in materials and food costs. The bank holds three more board meetings, each in August, October and No

Economy Aug. 1, 2022

South Koreans expect prices to rise at a record level in the next 12 months and the economy to underperform, a Bank of Korea survey showed Wednesday, as the export-led economy faces shrinking growth over poor exports. In a monthly survey of 2,500 households conducted July 11-18, consumers forecast inflation to average 4.7 percent, hitting its highest level since 2008 when the central bank began releasing the data. The all-time high, up from the previous 3.9 percent in June, also marked the lar

Economy July 27, 2022

Global credit appraiser Fitch Ratings on Wednesday lowered its 2022 growth outlook for the South Korean economy to 2.4 percent, citing the fallout of the protracted war between Russia and Ukraine and China's economic slowdown. The latest outlook is a 0.3 percentage-point drop from its March estimate of 2.7 percent growth for Asia's fourth-largest economy. Fitch said slower global growth and China's economic slowdown are posing "external challenges" to the South Korean ec

Industry June 15, 2022

CJ CGV, South Korea's largest multiplex cinema chain, said Sunday that it will expand investment in high-technology, multi-projection screens and premium theaters to meet changing customer demand in the post-pandemic era. "We will focus more on expanding high-tech screens in a bid to help movie fans not only watch content but also experience something more special at theaters," said Cho Jin-ho, who is in charge of content programming in CGV. "We are also adding more small pri

Film June 12, 2022

The Organization for Economic Cooperation and Development on Wednesday forecasted that the growth of the South Korean economy would stay in the 2 percent range this year in the wake of the inflationary pressure and the prolonged war between Ukraine and Russia. Further, the France-based organization predicted that South Korea’s inflation would reach an upper 4 percent range this year. In its latest world economic outlook report, the OECD revised down its prediction on the gross domestic

Economy June 8, 2022

South Korea’s economy grew 0.6 percent in the first quarter this year from three months earlier, lower than the 0.7 percent growth forecast in April, the Bank of Korea said Wednesday, citing weak investment and consumption as factors behind the revision. Growth in the gross domestic product for January-March, which slowed from 1.3 percent on-quarter in the previous cycle, expanded 3 percent on-year, also a drop from the 3.1 percent growth the central bank projected in April. “Data

Economy June 8, 2022

South Korea’s household debt topped 104 percent of gross domestic product, marking the highest level among 36 major economies, the Institute of International Finance’s data showed. Korea’s household debt fell to 104.3 percent of GDP in the first quarter of this year from 105 percent in the same period a year earlier, still outrunning rivals by a large margin, according to the report the Washington-based private financial industry association released May 18. Household debt l

Economy June 6, 2022

South Korea's exports rose 24.1 percent in the first 20 days of May from a year earlier on robust demand for chips and petroleum products, but the country suffered a trade deficit on high fuel costs, customs data showed Monday. The country's outbound shipments stood at $38.6 billion in the May 1-20 period, compared with $31.1 billion a year earlier, according to the data from the Korea Customs Service. Imports jumped 37.8 percent on-year to $43.4 billion during the cited period, result

Economy May 23, 2022

South Korea's consumer prices rose at the fastest pace in more than 13 years in April amid soaring energy costs caused by Russia's war with Ukraine and a rebound in demand from the pandemic, data showed Tuesday. Consumer prices spiked 4.8 percent last month from a year earlier, accelerating from a 4.1 percent on-year gain in March, according to the data from Statistics Korea. It marked the fastest on-year rise since the same 4.8 percent increase in October 2008, when the country was in the midst

Economy May 3, 2022