Most Popular
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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S. Korean children, teens grow taller, mature faster than before: study
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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Army takes group action against Hybe for neglecting BTS
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Some junior doctors are returning: Health Ministry
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Ador CEO's request for exclusive right to terminate NewJeans' contract with Hybe refused in February
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Debate rages over ‘overly fatty’ samgyeopsal
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Naver will consider company benefits in deciding on selling Line shares: CEO
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Woman dangling from power lines rescued by residents holding blanket
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[Weekender] Korean psyche untangled: Musok
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S. Korea issues English brochure on ‘flattening the curve’
The South Korean government has issued a new brochure in English to share with the rest of the world its experiences of responding to the new coronavirus, the Ministry of Economy and Finance said Wednesday. The 90-page policy report -- titled “Flattening the curve on COVID-19” -- is the second on the topic that the country has published since receiving a request from the World Bank in late March. The latest brochure was drafted jointly by the Finance Ministry, the ICT Ministry, th
April 16, 2020
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[Contribution] Country ownership in times of international assistance
The concept of “country ownership” is a key attribute of all investments and projects that multilateral and international organizations have incorporated into their objectives and constitutions. The concept emerged as a dominant way of thinking in the late 1990s, when the focus of the international aid architecture began to shift from donor-driven decision-making toward empowering recipient countries, building their capacities and greater partnership. In 2019, the Independent Evalua
April 16, 2020
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Global economy to face biggest setback since Great Depression: IMF
The COVID-19 pandemic will lead to an extensive slump in the global economy, much more than that of the Great Depression in 1930, according to the International Monetary Fund on Tuesday. However, South Korea is likely to suffer fewer economic damages, due to its extensive quarantine measures and preemptive policy actions to counter the blow of the pandemic. In its revised World Economic Outlook report, the IMF forecast that the global economy this year will contract 3 percent on-year. The upda
April 14, 2020
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Export prices sink to lowest level since 2016
South Korea’s export prices fell in March, as the fallout of the new coronavirus continued to rattle domestic and global markets, central bank data showed Tuesday. While global oil prices largely weighed upon the figure, the uptrend in the semiconductor business partly countered the downside effects. The export prices index in terms of local currency stood at 96.59 last month, down 1.1 percent from a month earlier and reaching the lowest since September 2016, according to preliminary
April 14, 2020
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[Economy in Pandemic] S. Korea’s shrinking job market sparks fears of recession
Slammed by the novel coronavirus, South Korea’s labor market is shrinking fast, sparking concerns over its impact on consumer spending and the possibility of a sharp recession. Total payouts for state unemployment benefits hit a record high of nearly 900 billion won ($738 million) in March, data released by the Ministry of Employment and Labor showed Monday. The figure had jumped by a whopping 40.4 percent on-year, affected by the risks stemming from the COVID-19 crisis. The number of
April 14, 2020
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BOK to deliver $2b more to banks via US currency swap this week
The Bank of Korea (BOK) will deliver an additional $2 billion to local banks this week in its third injection of US banknotes under a bilateral currency swap arrangement with the US Federal Reserve aimed at preventing a foreign exchange liquidity crunch here, the bank said Tuesday. The BOK held an online auction to provide up to $4 billion in seven-day debt and 84-day loans. Bids undershot the BOK target of $3.5 billion in 84-day loans and $500 million in seven-day loans. Successful bidders
April 14, 2020
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Domestic stock funds’ returns recover on market rebound
South Korea's domestic stock investment funds are enjoying a recovery in their returns on a recent market rebound, data showed Tuesday. Domestic equity funds with a net asset value of 1 billion won ($821,000) or more yielded an average 7.59 percent in the week ending Monday, according to the data from market tracker FnGuide. The number outperformed an average 5.5 percent return for overseas stock investment funds and 0.22 percent for local bond funds over the cited period. The average yield
April 14, 2020
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Advance payments in state contracts to be expanded to help virus-hit firms
The Cabinet on Tuesday approved a revised ordinance on advance payments in state contracts to help companies damaged by the coronavirus pandemic, officials said. Under the revised ordinance, the government will be allowed to make up to 80 percent of a total contract sum in an advance payment from late this month, the Ministry of Economy and Finance said in a statement. Currently, the government is allowed to make up to 70 percent of a total contract sum in an advance payment, officials said.
April 14, 2020
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After resilience in March, exports plummet in April
South Korea’s exports have fallen by more than 18 percent so far this month, government data showed Monday. Weighing further on the country’s export front is the fast-spreading pandemic in developed economies, as well as the gloomy outlook for the semiconductor market throughout the year. Asia’s fourth-largest economy saw the value of its exports stand at $12.21 billion this month as of last Friday, down 18.6 percent from a year earlier, according to the Korea Customs Servic
April 13, 2020
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Banks' loan delinquency rate inches up in Feb.
The delinquency rate for South Korean banks' won-denominated loans edged up in February from a month earlier, data showed Monday. The rate for bank loans more than 30 days overdue stood at 0.43 percent at the end of February, up 0.02 percentage point from a month earlier, according to the data from the Financial Supervisory Service (FSS). But compared with a year ago, the rate was down 0.09 percentage point, it said. The delinquency rate for loans extended to companies increased 0.04 percent
April 13, 2020
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State debt sales hit record high amid virus outbreak in Q1
South Korea's state bond sales reached a new high in the first quarter of the year due to more fiscal spending to cushion the economic fallout from the novel coronavirus outbreak, data showed Monday. The government issued 62.4 trillion won ($51.5 billion) in state bonds and Treasurys in the January-March period, up 29.6 percent from a year earlier, according to the data from the Korea Financial Investment Association. The tally is up a whopping 156 percent from the previous quarter and marks
April 13, 2020
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BOK awaits state approval for loan extension to nonbanking entities
South Korea’s central bank is awaiting government signoff on an emergency program that would extend loans to nonbanking institutions, sources said Sunday, as both monetary and fiscal authorities aim to further funnel liquidity into the markets to counter the effects of the novel coronavirus. “We are currently preparing to launch an emergency lending program as swiftly as possible,” a Bank of Korea official said. The program -- which is expected to mirror actions taken by t
April 12, 2020
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Foreign investors' bond holdings at record high amid uncertainty
Foreign investors held a record amount of state bonds and monetary stabilization debts amid increased uncertainties stemming from the outbreak of the new coronavirus, data showed Sunday. According to the data compiled by the Financial Supervisory Service, foreign investors held a combined 134.1 trillion won ($111 billion) worth of state bonds and other listed debts as of Thursday, up 1.08 trillion won from the end of last month. The reading marks the largest ever since the financial watchdog
April 12, 2020
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Job losses unavoidable amid pandemic: finance minister
South Korea is likely to see a visible decline in job creation despite the government’s continued efforts to shore up the economy in the face of the novel coronavirus, according to the top fiscal policymaker on Thursday. “There is a high possibility that unemployment may rise among part-time workers and small business owners,” said Deputy Prime Minister and Finance Minister Hong Nam-ki in a meeting of economy-related ministers held at Seoul Government Complex. “The vo
April 9, 2020
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BOK freezes rates at record low, projects bleak economic outlook
South Korea’s central bank on Thursday decided to freeze its policy interest rate at 0.75 percent, hinting its willingness to review the effects of last month’s big rate cut coupled with quantitative easing efforts. Following a monetary policy board meeting earlier in the day, the Bank of Korea decided to keep its base rate steady after it slashed it by half a percentage point to a record low on March 16. It was the first emergency rate cut in more than a decade to combat the risk
April 9, 2020
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Commercial paper sales jump 34% in March
Sales of commercial papers (CP) in South Korea surged more than 34 percent on-month in March as brokerages rushed to secure cash to brace for the fallout from the novel coronavirus outbreak, data showed Thursday. The country's CP issuance came to 21.2 trillion won ($17.4 billion) last month, up 34.2 percent from the previous month's 15.8 trillion won, according to the data from the Korea Securities Depository. Securities companies led the sharp increase in March sales of CP, a short-term debt
April 9, 2020
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Tourism sector reels from new coronavirus outbreak in February: data
South Korea's tourism industry took a big hit from the novel coronavirus in February due to a reduction in both inbound and outbound tourism, industry data showed Thursday. Asia's fourth-largest economy registered a tourism deficit of $365.2 million in February, down from $927.6 million the previous month, according to the data from the Korea Culture and Tourism Institute. February's deficit, however, is the lowest in 10 months as the range of decrease in spending by outbound travelers was bi
April 9, 2020
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BOK stands pat at record low after emergency rate cut to battle coronavirus
The Bank of Korea (BOK) on Thursday kept its policy rate frozen at an all-time low of 0.75 percent, citing the need to see the effect of steps already taken, but painted a grim growth outlook, forecasting "considerably" slower growth than earlier expected. "Gross domestic product growth is projected to fall considerably below the February forecast of 2.1 percent, and uncertainties around the future path of GDP growth are also judged to be very high," the BOK said in its mon
April 9, 2020
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S. Korea may suffer job losses amid pandemic: finance minister
South Korea's job creation may suffer a decline, as the coronavirus pandemic has strained the country's economy and business activities, the nation's chief economic policymaker said Thursday. "There is a possibility that unemployment may increase among part-time workers or small business owners," Finance Minister Hong Nam-ki said during a meeting with economy-related ministers. "The number of applicants for unemployment allowances is estimated to have increased in March from a
April 9, 2020
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South Korea’s best method of tracking COVID-19 spread: credit card transactions
The sucess behind South Korea’s fast action toward containing the spread of COVID-19 is in its legal access to private information of credit card tranaction, according to observers on Wednesday. Despite disputes on infringing on individuals’ privacy, the method is being touted in and out of the country for its efficiency, as it can take just 10 minutes to track the movement of patients infected with the virus. Since the first case of the novel coronavirus was confirmed on Jan. 20,
April 9, 2020