Most Popular
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Exports to US reach all-time high, widen gap with China
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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[Music in drama] Rekindle a love that slipped through your fingers
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Inflation eases in April, continues bumpy ride
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Golden chance to liquidate babies’ gold rings?
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Seoul Metro to seek legal action against malicious complaints
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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Illit, mired in controversy, remains on Billboard charts for 5th week
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On May Day, labor unions blast Yoon's foreign nanny proposal
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Minister hints at fourth extra budget under new lockdown
South Korea is mulling another set of extra budget if the level of social distancing goes up a notch, enforcing a lockdown, according to the chief fiscal policymaker. “The rise in the coronavirus cases and implementation of stricter social distancing level would work as key variables in drafting the fourth extra budget,” Deputy Prime Minister and Finance Minister Hong Nam-ki said at a press briefing held Thursday. “If the situation reaches Level 3, then (the lockdown’s
Aug. 28, 2020
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S. Korea may draw up 4th extra budget if distancing rules raised
SEJONG -- South Korea will review the need to draw up the fourth extra budget if the nation raises social distancing rules to the highest level amid a resurgence of the new coronavirus, Finance Minister Hong Nam-ki has said. Hong made the remarks at a meeting with reporters Thursday when he gave a briefing on next year's budget proposal. With daily virus infections surging to triple digits, South Korea raised the virus curbs to Level 2 in the three-tier system earlier this month, banning ind
Aug. 28, 2020
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Korea to increase flexibility in parental leave system
South Korea’s Deputy Prime Minister and Finance Minister Hong Nam-ki said Thursday that the government will work to diversify the current parental leave system, allowing parents to split their leave period according to needs. “In order to respond to the decreasing number of productive age population, it is crucial that we should encourage everyone to participate in economic activities,” Hong said in a meeting of economy-related ministers held at Seoul Government Complex.
Aug. 27, 2020
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Amid virus resurgence, BOK slashes S. Korea growth forecast to minus 1.3%
South Korea’s economy is forecast to see a sharper-than-expected contraction of 1.3 percent this year under the coronavirus pandemic, the central bank said Thursday, fueling concerns that this year may see one of the worst negative growth figures in decades. In May the Bank of Korea slashed the growth forecast from the previous minus 0.2 percent. The May revision sent shock waves across the nation, as it was previously expecting a 2.1 percent expansion since February. BOK Gov. Lee Ju-y
Aug. 27, 2020
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BOK again trims growth outlook, stands pat amid growing
South Korea's central bank on Thursday again sharply lowered its growth outlook for the economy this year and froze its policy rate at a record low as uncertainties stemming from spiking virus cases heightened. The Bank of Korea (BOK) forecast a 1.3 percent contraction for Asia's fourth-largest economy in 2020 amid the deepening virus fallout, sharper than its estimate in May of a 0.2 percent retreat. "The recovery of domestic economic growth is likely to be slower than previously foreca
Aug. 27, 2020
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S. Korea to draw up new measures to support low-income
SEJONG -- South Korea will draw up additional measures to support low-income people who are hit by a recent resurgence of the new coronavirus, Finance Minister Hong Nam-ki said Thursday. Hong made the remarks at a meeting with economy-related ministers amid growing worries that the resurgence could weaken the economy's recovery momentum. With the infections recently sharply growing, the government "will actively push for additional measures to cope with damages" for low-income and
Aug. 27, 2020
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S. Korea to inject W20tr more into ‘New Deal’ budget
South Korea’s government and ruling party have agreed to allocate more than 20 trillion won ($16.85 billion) of the 2021 state budget to financing the “Korean New Deal” stimulus package, party officials said Wednesday. They also vowed to keep up the current expansionary fiscal policy tone throughout next year, bracing for a prolonged economic downturn. The decision came during a meeting held at the National Assembly between the government and the ruling Democratic Party o
Aug. 26, 2020
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S. Korea, Indonesia eye broader ties to overcome pandemic fallout
South Korea and Indonesia on Wednesday agreed to expand their economic ties to overcome the economic fallout from the new coronavirus pandemic. Trade officials from Seoul and Jakarta held a two-day virtual meeting to discuss ways to bolster the two countries' economic ties and overcome economic jitters of the COVID-19 pandemic, according to the Ministry of Trade, Industry and Energy. During the meeting, the two countries vowed to expand cooperation in the e-commerce segment, which is especial
Aug. 26, 2020
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Apartment prices in Seoul show signs of stabilizing: finance minister
Apartment prices in Seoul have shown signs of stabilizing since the government unveiled a set of measures to cool prices and supply more homes, Finance Minister Hong Nam-ki said Wednesday. Hong also vowed to take stern measures against speculative home transactions, saying that the government found a total 811 home transactions that might have violated laws. This month, apartment prices in Seoul largely remained flat, Hong said, citing data released by KB Kookmin Bank. Apartment prices in S
Aug. 26, 2020
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[Green & New] Time for action on ‘Green New Deal’: EU envoy
The Korea Herald is publishing a series of articles to address the Moon Jae-in administration’s “Green New Deal” policy, one of the key pillars of the so-called “Korean New Deal” economic stimulus package. -- Ed. While giving momentum to its “Green New Deal,” the South Korean government should now strive to make tangible commitments in order to involve the private sector in green financing, according to a top representative of the European Union here
Aug. 25, 2020
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Consumer sentiment improves, pessimism over housing market remains in August
South Korea’s consumer sentiment rose for the fourth consecutive month in August, boosted by optimism for economic improvement, but doubts that recent measures will cool the heated real estate market remained strong, data from the Bank of Korea showed Tuesday. The composite consumer sentiment index inched up 4 points on-month to 88.2 this month, hitting the highest since February, when the figure stood at 96.9, weighed on by the outbreak of the COVID-19. It has been slowly improving si
Aug. 25, 2020
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[Economy in Pandemic] ‘Second wave’ of COVID-19 casts shadow on S. Korea’s growth scenario
With the second wave of COVID-19 outbreak fast approaching amid reinforced social distancing measures, pessimism is mounting once again on South Korea’s economic growth outlook this year. According to previously suggested scenarios by key global institutes and local think tanks, the country could see its economy contract as much as 2 percent. Some market watchers and the central bank, however, also warned against excessive fear and pessimism, claiming that the latest turnouts will not
Aug. 24, 2020
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Finance minister hints at offering 2nd round of virus emergency handouts
Finance Minister Hong Nam-ki said Monday the government will review the need to provide a second round of emergency handouts if the recent resurgence of new coronavirus infections does not slow down. Hong told lawmakers that the government has not been having "in-depth discussions" over the possibility of offering a second round of emergency handouts. The government will make a decision on the matter as it is monitoring the resurgence's impact on the economy, Hong said. If the g
Aug. 24, 2020
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BOK to sharply lower economic growth outlook over spiking virus cases: chief
South Korea's central bank will sharply lower its economic growth outlook for this year, as downside economic risks have heightened amid a flare-up in virus cases, its chief said Monday. Bank of Korea (BOK) Gov. Lee Ju-yeol presented the grim prospect for Asia's fourth-largest economy, saying that the pace of economic recovery is expected to remain weak on spiking virus cases. "In May, the BOK's growth projection was a 0.2 percent contraction. But I think we will have to sharply lower th
Aug. 24, 2020
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S. Korea's net foreign assets contract in Q2
South Korea's net external assets in debt instruments shrank in the second quarter, according to government data on Saturday, with its external assets growing at a slower pace than its external debt. The nation's net external assets in debt instruments, which are considered reserve assets, stood at US$449.8 billion at the end of June, compared with $464.2 billion three months earlier, according to the data from the finance ministry. The figure refers to the difference between Korea's total ex
Aug. 22, 2020
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S. Korea to continue financial aid for cash-strapped small biz amid COVID-19 resurgence
In response to a deepening economic slump due to the recent resurgence of COVID-19 cases, South Korea on Thursday said it will keep providing financial lifelines for coronavirus-hit small business owners. “Due to a second wave of the coronavirus pandemic, a growing number of small business owners are likely to be in need of cash despite the government’s initial support programs,” Kim Yong-beom, first vice minister of finance, said in a meeting with related officials held at
Aug. 21, 2020
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S. Korea to set aside W20tr of 2021 budget for ‘New Deal’
South Korea has decided to set aside 20 trillion won ($16.8 billion) from next year’s budget to finance its “New Deal,” a policy package designed to boost the economy in the post-coronavirus era through digital transformation, the finance minister said Thursday. It also vowed to establish and operate an exclusive fund worth 400 billion won until 2024 to back up digital and tech startups. “Full execution of the 4.8 trillion won fund from the third supplementary budget wi
Aug. 20, 2020
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S. Korea to share economic progress with global community
South Korea will share its 20-year economic development history of overcoming the middle-income trap, government officials said Thursday. According to the Ministry of Economy and Finance, the World Bank Korea office and state-run Korea Development Institute will publish a collaborative research paper titled “Korea: Connecting Innovation and Technology to Development” early next year. The move came as the World Bank Group has requested the Korean government to share its hist
Aug. 20, 2020
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[News Focus] Since 2017, nearly 70 percent spike seen at some Gangnam apartments
SEJONG -- Some apartment complexes in Seoul were found to have renewed all-time high prices despite the measures introduced by the government on June 17 to cool the market. The record-breaking prices are have risen particularly in the wealthy Gangnam area, which comprises Gangnam-gu and Seocho-gu, two of the 25 administrative districts in Seoul. According to the data held by the Land Ministry, an 84-square-meter apartment in the Acro Riverpark complex in Banpo-dong, Seocho-gu, traded at 3.57
Aug. 20, 2020
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FSC pushes banks to sustain financial support for virus-hit market
South Korean authorities Wednesday urged banking circles to sustain their financial situation amid the prolonged epidemic crisis. “We should learn from the 2008 global financial crisis that individual actions by financial companies may affect the entire economic system,” Sohn Byung-doo, vice chairman of the regulator Financial Services Commission, said in a financial risk management meeting held at the Korea Federation of Banks in central Seoul. During an economic downturn, the
Aug. 19, 2020