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You searched for "covid projection" ( 130 results )
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[Editorial] Populist approach
The government this week announced its economic policy plan for the second half of this year with the goal of putting the country’s economy on the path to a complete recovery. The Ministry of Economy and Finance, which drew up the plan, revised up its 2021 growth outlook for Asia’s fourth-largest economy to 4.2 percent from its previous estimate of 3.2 percent in December. To meet this raised target, the government will implement measures designed to prop up domestic demand and red
Editorial July 1, 2021
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S. Korea ups 2021 growth outlook to 4.2%
South Korea's finance ministry on Monday sharply raised its 2021 growth outlook for the country's economy amid robust exports and reviving consumption. The government forecast Asia's fourth-largest economy to expand 4.2 percent this year, up from its December estimate of 3.2 percent. The Korean economy is projected to grow 3 percent next year. If realized, it would mark the fastest growth since 2010 when the Korean economy expanded 6.8 percent. The ministry's forecast is higher than the Bank
Economy June 28, 2021
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[Contribution] Ministers urge green and inclusive future at OECD
Ko Hyoung-kwon is the ambassador and permanent representative of Korea to the OECD. -- Ed. The 2021 OECD Ministerial Council Meeting, chaired by the United States with South Korea and Luxembourg as vice chairs, was held May 31-June 1 under the theme of “Shared Values: Building a Green and Inclusive Future.” The meeting, at which ministers from 38 member countries of the Organization for Economic Cooperation and Development shared their responses to COVID-19 and plans for a better
Economy June 23, 2021
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Think tank ups S. Korea's 2021 growth outlook to 3.8%
South Korea's economy is expected to grow at a faster-than-expected pace in 2021 on the back of brisk exports, a leading private think tank said Wednesday. Asia's fourth-largest economy is likely to expand 3.8 percent on-year this year as overseas shipments rebound sharply, according to the Korea Economic Research Institute (KERI). The latest projection by KERI, the think tank under the conglomerate lobby Federation of Korean Industries, is up from its 3.4 percent estimate made in the first qu
Economy June 9, 2021
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OECD upgrades South Korea’s GDP growth forecast to 3.8%
The South Korean economy is forecast to grow 3.8 percent this year on the back of strong export growth and expansionary macroeconomic policy, the Organization for Economic Cooperation and Development said Monday, ramping up its previous projection of 3.3 percent. “Strong overseas demand for IT products, which account for about a fifth of total exports and automobiles is lifting exports. A gradual easing of distancing measures and government relief packages have helped vulnerable household
Economy May 31, 2021
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[Newsmaker] P4G Seoul Summit to discuss ways to tackle famine
SEJONG -- The topic of food and agriculture will likely come under the spotlight as one of the core items on the agenda for the 2021 P4G Seoul Summit, set for May 30-31. P4G -- Partnering for Green Growth and the Global Goals 2030 -- is a global initiative launched in 2017 to accelerate the response to climate change and the implementation of the United Nations’ sustainable development goals. Twelve countries, including South Korea, are taking part in the gathering. While the internatio
Social Affairs May 27, 2021
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CSafe Global Providing Thermal Protection for COVID-19 Vaccine Shipments from BioNTech Facility
The tailor-made double-wall VIP insulated shipper provides 10+ days of temperature protection for vaccine shipments from BioNTech's facility with minimal dry ice. DAYTON, Ohio, May 5, 2021 /PRNewswire/ -- CSafe Global, the innovation leader in active, passive parcel and cell and gene temperature-controlled container solutions for the transport of life-enhancing pharmaceuticals is honored to partner with BioNTech as the thermal shipping solution provider for Pfizer-BioNTech COVID-19 Vacc
PR Newswire May 5, 2021
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Incheon Airport signs deal with Israel Aerospace Industries to build aircraft conversion center
Incheon International Airport Corporation on Tuesday signed a memorandum of agreement with Israel’s state-owned aerospace and aviation manufacturer, Israel Aerospace Industries, to build an aircraft conversion center at Incheon Airport. The deal will see IIAC begin work on building infrastructure, with production of the first batch of passenger-to-freighter converted aircraft set to begin in 2024 in collaboration with South Korean aviation service company Sharp Technics K. After fending
Industry May 4, 2021
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S. Korea, China, Japan express concern over uneven economic revival in Asia
As uncertainties surrounding an uneven economic revival from the COVID-19 pandemic linger in the Asian region, top economic policymakers and central bank chiefs from South Korea, China and Japan on Monday pledged to maintain an open trade regime and strengthen regional cooperation. “The regional outlook has improved, with continued policy support and growing vaccine coverage. However, we should remain vigilant as the economic recovery has been uneven across and within member economies,
Economy May 3, 2021
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[Feature] Korea’s aging society faces burden of rising debts, heavy taxes
Cho Young-eun, a 68-year-old retiree in Seoul, thought she would have a comfortable life in the years ahead. She and her husband had an apartment to live in, and a pension and savings to cover their daily expenses. But her expectations were shattered when she learned about the tax hike on her home in Gangnam last month. She paid around 4 million won ($3,577) in comprehensive real estate taxes last year but might have to pay nearly 3 million won extra this year and 7.5 million won more next y
Economy April 21, 2021
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BOK chief forecasts rosy mid-3% growth amid new virus concerns
South Korea’s central bank chief said Thursday that the nation’s economy is likely to expand in the mid-3 percent mark this year, rosier than its previous forecast in February. The bank also decided to keep its policy rate frozen at a record low of 0.5 percent on concerns of a looming fourth wave of the COVID-19 virus. “The current situation surrounding both the global and the Korean economy show that the mid-3 percent growth for this year is a possible outcome,” Bank o
Economy April 15, 2021
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S. Korean economy to grow 3.5% in 2021 on brisk exports: KERI
South Korea's economy is expected to grow in the mid-3 percent range this year on resilient exports, a leading private think tank said Thursday. Asia's fourth-largest economy is likely to expand 3.5 percent on-year this year, a sharp turnaround from a 1 percent contraction in 2020, according to the Korea Economic Research Institute (KERI). KERI's latest projection is higher than the 3 percent forecast made by the Bank of Korea in late February. The think tank under the Federation of Korean In
Economy April 15, 2021
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IMF maintains S. Korea’s 2021 economic growth outlook at 3.6%
South Korea’s economy is expected to grow 3.6 percent this year in the wake of the coronavirus pandemic, but it will grow 2.8 percent in 2022 as the world economy recovers, the International Monetary Fund said on Tuesday. The figures have remained unchanged from its estimate released on March 26 in a report on the outcome of its annual consultation with South Korea held in January. Last month, it forecast Asia’s fourth-largest economy to grow 3.6 percent this year, up from its esti
Economy April 6, 2021
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IMF sharply ups 2021 growth outlook for S. Korea to 3.6%
The International Monetary Fund (IMF) on Friday sharply raised its growth outlook for South Korea this year, citing robust exports and the country's fiscal policy support amid the pandemic. The IMF forecast the South Korean economy to grow 3.6 percent this year, up from its estimate in January of 3.1 percent. The upward revision came as the IMF issued a report on the outcome of its annual consultation with South Korea held in January. The IMF said Asia's fourth-largest economy is expected to
Economy March 26, 2021
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COVID-19 could be ‘tamed by November,’ says KDCA deputy chief
The COVID-19 pandemic in South Korea will be “sufficiently tamed by November, or possibly earlier,” Korea Disease Control and Prevention Agency Deputy Director Kwon Jun-wook said Thursday, referring to the vaccination timetable. The deputy director said COVID-19 rates have fallen globally, largely due to the immunization efforts that are already underway in the US and many countries in Europe. He said that once vaccinations kick off in Korea, this country too can expect the
Social Affairs Feb. 18, 2021
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S. Korea's major banks likely to keep creditworthiness: S&P
South Korea's four major commercial banks appear likely to maintain their creditworthiness this year due to adequate capitalization and resilient asset quality, according to a recent report from S&P Global Ratings. Kookmin Bank, Shinhan Bank, KEB Hana Bank and Woori Bank have emerged from a pandemic-scarred 2020 with asset quality intact. Earnings for the whole of 2020, announced last week, show a decline in net interest margins and slightly higher credit costs f
Market Feb. 13, 2021
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Current account surplus hits two-year high last year
South Korea’s current account surplus rose to a two-year high last year amid the prolonged economic fallout from the COVID-19 pandemic, mainly due to a sharp fall in imports and overseas trips, central bank data showed Friday. The country’s current account surplus for 2020 amounted to $75.28 billion -- up $15.6 billion, or 26.1 percent, from the previous year -- according to preliminary figures released by the Bank of Korea. This marked the highest current account sur
Economy Feb. 5, 2021
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IMF raises growth outlook for S. Korea to 3.1% this year
The International Monetary Fund has raised its growth outlook for South Korea this year to 3.1 percent from the earlier figure of 2.9 percent estimated in October last year, the Ministry of Economy and Finance said Tuesday. The nation’s economic growth projection improved largely thanks to the government’s aggressive policy responses to the COVID-19 crisis, including economic stimulus packages as well as strict quarantine measures, according to a report released by the ministry on
Economy Jan. 26, 2021
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Korea’s economy shrinks 1% in 2020
South Korea’s economy shrank 1 percent in 2020 from the previous year, due to blows dealt by the COVID-19 pandemic, marking its first contraction since it was hit by the devastating 1997 Asian financial crisis more than two decades ago, the central bank said Tuesday. The 1 percent contraction in the country’s gross domestic product was slightly better than the Bank of Korea’s earlier projection of minus 1.1 percent in November, its advanced data showed. Yet, it was one of its
Economy Jan. 26, 2021
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LG Display to recast display in contactless new norm at CES 2021
LG Display will shine a light on the role of displays in the post-COVID-19 contactless society at this year’s Consumer Electronics Show 2021, set to take place from Monday, the company said Thursday. The three key messages the company wants to convey this year are “Natural Reality,” “Lifestyle in Harmony” and “Better for People” -- with an overarching theme that displays brings the real world to those in front of them. LG Display’s display soluti
Industry Jan. 7, 2021
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