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Stability is No. 1 priority for Korean policymakers in 2025
Growth outlook lowered to 1.8% amid political upheaval, trade volatility South Korea has set its economic priorities on stabilizing the financial landscape and supporting industries and investment, with growth projected at 1.8 percent amid ongoing political unrest and global trade volatility. Acting President and Finance Minister Choi Sang-mok on Thursday announced the outlook, marking a slowdown from the 2.1 percent growth forecast for 2024. “This year, the Korean economy is expected to face gr
Jan. 2, 2025 -
Failed jeonse deposit returns near 2 trillion won
Over 1,000 landlords across the country have repeatedly failed to return the deposits on their homes to tenants, with the arrears accumulated to 1.9 trillion won ($1.3 billion) across the country, government data showed Thursday. A total of 1,128 individuals and 49 firms have failed to return the deposits to their tenants on at least two occasions in the past three years, according to the HUG Ansim Jeonse Portal run by the state-run Korea Housing and Urban Guarantee Corp. The government has been
Jan. 2, 2025 -
Govt. to consider additional economic stimulus measures if necessary: acting president
Acting President Choi Sang-mok said Thursday the government will consider implementing additional measures to stimulate the economy in the first quarter, if necessary, amid projections of slow growth for the year. "Considering significant domestic and international uncertainties, (the government) will reassess overall economic conditions during the first quarter, including the policy trajectory of the new US administration and the state of the domestic economy, and if necessary, will devise addi
Jan. 2, 2025 -
Jeju Air crash prompts concerns over aircraft maintenance amid heavy reliance on overseas repairs
Concerns over maintenance challenges by low-cost carriers have surfaced following the Jeju Air tragedy, according to industry watchers Thursday, with data showing heavy overseas reliance for critical aircraft repairs, such as engine repairs. The apparent landing gear malfunction of the crashed Jeju Air B737-800 on Sunday has raised concerns that the airline might have prioritized operations over sufficient maintenance time, potentially compromising safety. According to data from the transport mi
Jan. 2, 2025 -
Shift to society respecting failure would reignite Korea’s innovation
Global economists forecast South Korean economy in 2025, ahead of rising uncertainty The South Korean economy has started a turbulent new year with the leadership vacuum created by the impeachment of President Yoon Suk Yeol, while US President-elect Donald Trump is poised to shake the foundations of global trade. Forecasts are murky. Growth is expected to dip below 2 percent, with exports continuing to slow and domestic demand showing only a sluggish recovery. The increasing trade barrier and co
Jan. 1, 2025 -
In Trump's words: Fact-checking his claims and their impact on South Korea
From tariff threats to trade relations, CHIPS Act, unpacking President-elect Donald Trump's rhetoric and what it means for Korean companies With former President Donald Trump set to return to the White House later this month, South Korean companies are bracing for economic upheavals. From tariffs to trade relations, the possibility of sweeping changes has put companies on edge as they weigh the risks and opportunities. Trump’s campaign rhetoric has been full of bold promises, from slapping hefty
Jan. 1, 2025 -
S. Korea's exports up 8.2% in 2024 to fresh record
South Korea's exports advanced 8.2 percent on-year in 2024 to set a new annual record on robust shipments of semiconductors, data showed Wednesday. Outbound shipments came to US$683.8 billion last year, compared with the previous record of $683.6 billion set in 2022, according to the data compiled by the Ministry of Trade, Industry and Energy. Imports fell 1.6 on-year to $632 billion, resulting in a trade surplus of $51.8 billion. The ministry said outbound shipments of eight out of 15 major exp
Jan. 1, 2025 -
Tax revenue falls 8.5 tr won through Nov. on weak corporate earnings
South Korea's tax revenue fell 8.5 trillion won ($5.75 billion) from a year earlier in the first 11 months of 2024 due to sluggish corporate earnings, data showed Tuesday. The government collected 315.7 trillion won in taxes over the January-November period, down 2.6 percent from 324.2 trillion won over the same period last year, according to the data from the Ministry of Economy and Finance. The overall decrease was led by falling corporate tax collection, which plunged 22.8 percent over the ci
Dec. 31, 2024 -
Govt. to implement new law expanding support for firms hurt by trade agreements
South Korea will implement a new trade rule this week focusing on offering broader support for companies impacted by free trade agreements and other trade pacts, the industry ministry said Tuesday. The Act on Addressing Changes in Trade Environment, an upgraded version of the Act on Trade Adjustment Assistance, will take effect Wednesday to provide more comprehensive support to companies affected by trade deals, according to the Ministry of Trade, Industry and Energy. Under the new law, the gove
Dec. 31, 2024 -
Consumer prices rise 2.3% in 2024 amid eased inflationary pressure
South Korea's inflationary pressures partially eased this year, following the highest price growth in decades during the post-pandemic period, data showed Tuesday. Consumer prices, a key gauge of inflation, increased 2.3 percent on-year in 2024, the slowest pace in four years, according to the data compiled by Statistics Korea. They had gained 2.5 percent, 5.1 percent and 3.6 percent in the previous three years, respectively. The 2024 reading aligns with the Bank of Korea's forecast of 2.3 perce
Dec. 31, 2024 -
Seoul shares down for 4th session on last trading day of 2024; won slips for 5th day
Seoul shares on Monday extended their losing streak to a fourth session amid ongoing domestic political turbulence caused by a short-lived martial law attempt. The South Korean won fell for a fifth consecutive day against the US dollar. The benchmark Korea Composite Stock Price Index shed 5.28 points, or 0.22 percent, to close at 2,399.49 on the last trading session for 2024. Trade volume was slim at 239 million shares worth 3 trillion won ($2.04 billion), with losers outnumbering gainers 803 to
Dec. 30, 2024 -
Grim outlook, air disaster leave economic authorities with full plate
Finance minister now wears four hats as acting president, PM, finance minister, and emergency head of deadly plane crash South Korea’s top financial authorities on Monday reaffirmed that the country has enough room to handle market volatility, which has been heightened by concerns over the country's leadership vacuum following the impeachment of then-acting President and Prime Minister Han Duck-soo last Friday. Bank of Korea Governor Lee Chang-yong presided over a gathering of economic and finan
Dec. 30, 2024 -
Watchdog vows seamless efforts for capital market advancement
South Korea's financial watchdog said Monday it will continue its efforts to promote systemic improvements in the financial markets. The Financial Supervisory Service said it has been working to improve regulations and financial systems, corporate governance, financial investment tax and short selling. Despite increasing political and economic uncertainties, the FSS said it will consistently work to stimulate capital markets, improve the short selling system and raise shareholder value. The FSS
Dec. 30, 2024 -
Top economic officials say acting President Han's impeachment increased market volatility
Volatility in the country's financial and foreign exchange markets has increased following the impeachment of Prime Minister Han Duck-soo last week, top financial officials noted Monday. The assessment was made during an emergency economic meeting after the opposition-controlled National Assembly passed an impeachment motion against then acting President Han on Friday. The officials highlighted the heightened market fluctuations and pledged to mobilize all available resources to stabilize the si
Dec. 30, 2024 -
Seoul shares open tad higher on bargain hunting on last trading day of 2024
Seoul shares opened slightly higher Monday, the last trading session of the year, as investors went bargain hunting following last week's losses stemming from ongoing political turbulence caused by a short-lived martial law attempt earlier this month. The benchmark Korea Composite Stock Price Index gained 9.69 points, or 0.4 percent, to 2,414.46 in the first 15 minutes of trading. The South Korean financial market has been facing downside risks following President Yoon Suk Yeol's short-lived mar
Dec. 30, 2024