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You searched for "covid projection" ( 130 results )
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S. Korea to stabilize FX market amid won's sharp weakness: minister
South Korea's top economic policymaker said Thursday the government plans to take measures to stabilize the foreign exchange market, if needed, as the Korean currency has fallen against the US dollar at a fast pace. Finance Minister Hong Nam-ki made the verbal intervention as the Korean currency hit an over two-year low against the greenback Wednesday amid heightened external economic uncertainty. "The government is closely monitoring the FX market in a bid to curb (the won's) excessive o
Market April 28, 2022
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[Doyle McManus] The cost of China’s harsh ‘zero COVID’ policy
The stories from Shanghai, a city of 25 million entering its fourth week of COVID-19 lockdown, have been harrowing. Millions have been confined to their homes, their movements monitored by pandemic police in white hazmat suits. Almost 300,000 people who’ve tested positive or had contact with someone positive have been forcibly moved to spartan quarantine centers. Videos on social media have shown people fighting over food or screaming for help from their apartment windows: “Save us
Viewpoints April 25, 2022
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Inflation in S. Korea 2nd highest in region: IMF
The International Monetary Fund said inflation in South Korea would hit 4 percent this year, second behind only New Zealand in a list of eight advanced economies in the Asia and Pacific region, in part because of the war in Ukraine. The projection was made public this month as Asia’s fourth-largest economy is seen as sliding into stagflation, a condition where rising inflation and shrinking economic growth coexist. In its latest World Economic Outlook, the IMF forecast inflation of
Economy April 24, 2022
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[Newsmaker] Retailers hope for sales recovery as social distancing rules removed
With the government lifting nearly all social distancing measures, retailers in South Korea are now pinning high hopes on a business recovery after enduring two years of strict pandemic restrictions that limited operating hours, private gatherings and even food tasting at the grocery store. Supermarkets, which have been hit hard due to pandemic restrictions, are in talks with the government to return to offering in-store samples, which has been banned since last July. An Emart official and a
Consumer April 18, 2022
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Inflationary pressure growing amid Ukraine war: finance ministry
The South Korean economy is on a recovery track on robust exports, but it faces growing inflationary pressure as the protracted war in Ukraine has jacked up energy prices, the finance ministry said Friday. External economic uncertainties have heightened as global price pressure has risen due to Russia's invasion of Ukraine, while major central banks are expected to accelerate monetary tightening, the ministry said in its monthly economic assessment report, called the Green Book. "The Sout
Economy April 15, 2022
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IMF maintains 2022 growth outlook for S. Korean economy at 3%
The International Monetary Fund (IMF) on Tuesday maintained its 2022 growth outlook for South Korea at 3 percent as exports and investment will likely remain robust despite heightened economic uncertainty. The IMF's latest projection is the same as its forecast made in January. It lowered its 2023 growth outlook for Asia's fourth-largest economy to 2.8 percent from 2.9 percent. The Washington-based organization said South Korea's economic growth is projected to remain robust in 2022 and 2023 on
Economy March 29, 2022
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S. Korea’s daily COVID-19 cases rebound to over 350,000
South Korea’s daily COVID-19 infections jumped back up above 350,000 on Monday, the country’s health authorities said Tuesday, while the rapid spread of the stealth omicron variant cast doubt on the government’s projection that the peak of the current wave is ending. According to the Korea Disease Control and Prevention Agency, the country added 353,980 new COVID-19 cases during the 24 hours of Monday, rising sharply from 209,169 reported a day earlier. The total caseload c
Social Affairs March 22, 2022
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BOK freezes policy rate amid pandemic, Ukraine crisis
South Korea's central bank held its key interest rate steady Thursday amid worries that the upsurge in COVID-19 infections and heightening geopolitical risks stemming from Eastern Europe could undercut economic recovery momentum. The Bank of Korea (BOK), however, sharply revised upward its inflation outlook for this year, raising the possibility that it could hike the interest rate in the months to come. As widely expected, the seven-member monetary policy board of the central bank voted to fr
Economy Feb. 24, 2022
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South Korea’s fiscal deficit tops W100tr as spending surged amid COVID-19
South Korea’s fiscal deficit reached over 100 trillion won ($83 billion), while national debt logged a deficit of 240 trillion won, as the country was bogged down by COVID-19 woes in the past two years, data from the Finance Ministry showed Sunday. With an additional 70 trillion won in fiscal deficit and 100 trillion won of national debt projected to be added this year, based on the size of the supplementary budget currently being discussed by officials and lawmakers, onlookers are expre
Economy Feb. 20, 2022
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S. Korea logs smaller-than-expected fiscal deficit in 2021 on larger tax revenue
South Korea's fiscal deficit is estimated to be sharply smaller than its previous estimate last year on the back of larger-than-expected tax revenue, the finance ministry said Thursday. The consolidated fiscal balance, a key gauge of fiscal soundness, logged a deficit of 30 trillion won ($25 billion) in 2021, smaller than the government's earlier projection of 90.3 trillion won, according to preliminary data from the Ministry of Economy and Finance. The improved fiscal health was attributable ma
Economy Feb. 17, 2022
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S. Korea's tax revenue up W58.5tr last year amid economic recovery
South Korea's tax revenue rose 58.5 trillion won ($48.7 billion) in 2021 from a year earlier amid the economic recovery and rises in housing prices, the finance ministry said Friday. The government collected 344.1 trillion won in taxes last year, compared with 285.5 trillion won the previous year, according to the Ministry of Economy and Finance. The country's tax revenue increased last year after the second consecutive year of decline. In 2020, the tax revenue fell 7.9 trillion won due to the
Economy Feb. 11, 2022
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[BEIJING OLYMPICS] Beijing Olympic Winter Games open under cloud of pandemic, diplomatic boycotts
BEIJING -- The 24th Olympic Winter Games began in Beijing on Friday with an understated ceremony showcasing virtues of the Chinese culture and expressing hope for a reunion of people around the world -- a hope that rings hollow under the cloud of a global pandemic and diplomatic boycotts of the event. The Chinese capital is the first city to host both a Summer and a Winter Games. The National Stadium, better known as the Bird's Nest, staged the ceremonies in 2008 and is back doing the same in 2
Olympic Games Feb. 4, 2022
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LG Display says high OLED sales dwarf 2021 market slump
LG Display turned around to profit in 2021 for the first time in three years, buttressed by strong sales of OLED panels for large TV sets, officials said in a conference call Wednesday. The company logged a 2.23 trillion won ($1.86 billion) operating profit for 2021, turning around from 36.47 billion won losses. The figure was slightly lower than the consensus estimate provided by market intelligence firm FnGuide. Its annual sales came to 29.88 trillion won, up 23.1 percent from the previous ye
Technology Jan. 26, 2022
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Biz hour curbs cause largest drop in in-person spending among all measures: BOK report
Curbs on business operation hours have resulted in the biggest shrinkage in the "consumption of in-person services" among various antivirus measures introduced to combat the coronavirus pandemic, an internal central bank report showed Monday. The report suggests that easing a curfew on business operations while imposing a stricter ceiling on the number of people at private gatherings could be more conducive to consumption than the current measures at a time when the government has bee
Economy Jan. 24, 2022
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COVID-19 lessons pave way for cooperation between Indonesia, Korea: Indonesian charge d’affaires
COVID-19 provided valuable lessons for future cooperation between Indonesia and South Korea in health, biopharmaceuticals, energy and technology, said Indonesian charge d’affaires Zelda Wulan Kartika at the Eurasian Economic and Cultural Forum on Wednesday. According to Kartika, by promoting strategic projects and investments in infrastructure, the food industry and the digital economy, and expanding market access through e-commerce, tourism and digital platforms, Indonesia
People Dec. 26, 2021
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S. Korea ups 2022 economic growth outlook to 3.1%
South Korea's finance ministry on Monday revised up its 2022 growth outlook for the country's economy to 3.1 percent, saying that exports and private spending will likely gain ground despite heightened economic uncertainty. The government's latest projection is higher than the 3 percent growth forecast made in June, according to the Ministry of Economy and Finance. The ministry's outlook is more upbeat than the 3 percent growth estimates by the Bank of Korea (BOK) and the Organization for Econ
Economy Dec. 20, 2021
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S. Korean economy forecast to grow 2.8% in 2022: think tank
The South Korean economy is expected to expand 2.8 percent on-year in 2022, slower than this year's projected 3.9 percent growth, amid weaker private consumption and global demand, a local think tank said Sunday. The projection by the LG Economic Research Institute (LGERI) is lower than that by the International Monetary Fund (IMF) of 3.3 percent and the 3.0 percent estimate by both the Organization for Economic Cooperation and Development (OECD) and the Bank of Korea. "The export-led gro
Economy Dec. 12, 2021
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S. Korea's debt level not to negatively affect credit ratings: S&P
South Korea's government debt level is not high enough to negatively affect its sovereign ratings in the near future, the global credit appraiser S&P Global Ratings said Thursday. Kim Eng Tan, senior director at S&P, said Korea's debt-to-GDP ratio is expected to reach slightly more than 40 percent by the end of next year, lower than the 50 percent estimate by the Korean government. "l just state very clearly that I don't think the Korean government ratings will be negatively affec
Economy Dec. 9, 2021
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S. Korea's total population to fall for first time this year: agency
South Korea's total population is expected to record its first decline this year, the statistics agency said Thursday, a grim assessment of its demographic situations amid the country's chronically low birthrate, rapid aging and a decline in incoming foreigners during the pandemic. The country's total population is estimated to have peaked at 51.84 million last year before falling to an estimated 51.75 million this year and an estimated 37.7 million in 2070, according to the latest medium varia
Social Affairs Dec. 9, 2021
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WSTS halves growth prediction for memory chip market next year
A semiconductor industry tracker on Wednesday cut in half its growth projection of the global memory chip market next year. World Semiconductor Trade Statistics (WSTS), a nonprofit organization of chipmakers, forecast the memory market to expand 8.5 percent year-on-year to $171.6 billion next year, down from a growth rate of 18.4 percent with $190.7 billion it forecast in its August report. While the agency did not elaborate, falling DRAM prices and an expected slowdown in memory demand are be
Economy Dec. 1, 2021
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KT launches new mobile plans for foreign residents