South Korea is forecast to climb up three notches to ninth in global gross domestic product rankings this year, despite its negative growth of 3.3 percent in the second quarter, data showed Monday. Asia’s fourth-largest economy is likely to see 1.8 percent decline in its nominal GDP to reach $1.54 trillion this year on the condition that the country circumvents a second wave of the coronavirus, ...

After months of reeling under the coronavirus pandemic, the South Korean economy is showing signs of recovery upon the slower pace of decline in economic activity at home as well as in outbound shipments, a state-run think tank said Sunday. “South Korea’s economic slump has been alleviated as the spread of the new virus slowed down, fueling economic activity across industries,” the Korea Develop...

South Korea’s public debt is expected to surge until next year due to aggressive government spending to revive the sluggish local economy, according to the International Monetary Fund on Friday. The IMF said the country’s general government debt-to-gross domestic product ratio -- an indicator of economic health and sustainability of government borrowing -- will surpass 46 percent this year, up 5...

South Korea’s financial watchdog said Thursday it will hold a sanctions committee later this month concerning Hanwha Group’s insurance unit’s financial support for the conglomerate’s duty-free business, posing a threat to the company‘s digital transition drive. According to the Financial Supervisory Service, Hanwha Life Insurance paid for the interior decoration of Hanwha TimeWorld’s duty-free s...

The local real estate market appears not to be very excited about the government‘s conditional approval of turning old apartments into 50-story buildings, due to its condition of donating more than a half of leftover units for public use, experts said Wednesday. Responding to the housing supply shortage, the government has decided to build more than 130,000 residential units in the capital city ...

A Seoul citizen has to save their entire income without spending a dime for more than 12 years in order to buy a house in the city due to the country’s soaring apartment prices, data showed Monday. The capital city’s house price to income ratio, or PIR -- a widely used measurement of house affordability in a given region -- reached 12.13 in 2019, said Rep. Yang Kyung-sook of the ruling Democrati...

South Korea’s economy declined 3.3 percent on-year during the second quarter, but it ranks second in terms of gross domestic product growth rate among major economies, data showed Sunday. According to the Organization for Economic Cooperation and Development, the nation’s second-quarter GDP growth rate was the second-highest among 14 major economies. China clinched the first place as its economy...

In an effort to lower consumer risks caused by the overheated equity-linked securities market, South Korea’s financial regulator said Thursday it will impose tighter regulations on leverage ratio of brokerages, which would lead to a decline in overall issuance here. ELS refers to hybrid debt instruments structured to track the performance of underlying equities, including the Kospi 200 Index. To...

South Korea’s top financial authorities on Wednesday pledged to investigate all private equity fund operators over the next three years, apologizing for causing public concerns over the snowballing hedge fund fiasco. “The recent fiasco is due to some irresponsible fund operators and lax oversight of the financial market,” said Financial Supervisory Service Gov. Yoon Suk-heun at a parliamentary b...

Nearly 67 percent of South Koreans between the ages of 55 and 79 want to keep working, a survey showed Tuesday. Their preferred retirement age is 73 on average. According to a survey conducted by Statistics Korea, some 9.62 million respondents, or 67 percent of the 14.27 million citizens surveyed, said they want to keep working, up 2.5 percentage point from the previous year. They hoped to earn...

South Korea’s online-only lender K bank said Monday it plans to launch a new untact -- non face-to-face -- loan balance transfer service in the second half of this year, the first of its kind in the industry. Customers will have digital signatures registered to its own electronic system, so it can lend money instead of having to go through paper work needed to verify the authenticity of one’s se...

Taking a hit from the private equity debacle, Shinhan Financial Group failed to prolong its solid earnings streak in the second quarter and handed over the industry’s top position to rival KB Financial Group, data showed. For the three months that ended June 30, Shinhan posted a net profit of 873.1 billion won ($725.9 million), down 6.4 percent from a quarter earlier and 12.3 percent from a year...

South Korea will push ahead with privately financed infrastructure projects worth more than 30 trillion won ($25.1 billion) this year, as part of its efforts to revive the coronavirus-battered economy, the Finance Ministry said Thursday. The projects include construction of highways as well as sewage systems, worth 4.5 trillion won and 2.3 trillion won, respectively, said Deputy Prime Minister a...

South Korea’s financial regulator said Wednesday it has permitted BC Card to acquire a 34 percent controlling stake in internet-only K bank. With the Financial Services Commission’s approval, the credit card processing subsidiary of telecom giant KT will become the largest shareholder of the country’s first online-only lender. Earlier in May, the company had requested the FSC to review its elig...

South Korea’s lodging and dining industry’s revenue plummeted to a 10-year low in the first quarter with a surge in loan requests, the central bank said Wednesday. According to data from the Bank of Korea, the industrial production index for the hospitality sector stood at 85.6, down 15.5 percent from the same quarter last year, marking the steepest fall since 2010. The IPA -- which measures cur...