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You searched for "covid projection" ( 130 results )
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Finance Ministry vows to beef up monitoring of excess liquidity
Vice Finance Minister Kim Yong-beom vowed on Thursday to strengthen monitoring on swelling of liquidity spilled over to the country’s asset markets amid concerns over the stock market’s sharp pandemic-era rally. Buoyed by fiscal stimulus and relief packages provided during the COVID-19 crisis management procedure, the abundant liquidity has flown into the stock and real estate markets to the point where the government is beginning to worry whether the real economy could catch up.
Economy Jan. 7, 2021
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S. Korea targets 3.2% growth, housing market stabilization in 2021
Finance Minister Hong Nam-ki on Monday reiterated the government’s commitment for economic growth of 3.2 percent this year and stressed its drive to stabilize soaring housing price at the same time. Urging ministry officials to prepare for structural changes in the post COVID-19 era, Hong vowed to make all-out efforts to achieve the target of a 3.2 percent economic growth and to create 150,000 additional jobs this year. “We must promote domestic consumption as much as possible un
Economy Jan. 4, 2021
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COVID-19 to worsen S. Korea’s falling birthrate, marriage rate
The COVID-19 pandemic is projected to add fuel to South Korea’s low birthrate, marriage rate and rapidly increase the nation’s aging population, the central bank said Wednesday. “The pandemic will have a negative impact on the nation’s marriage and birthrate, leading to an acceleration of aging in the population,” the Bank of Korea said in its regular report on economic issues. The total fertility rate for 2022 may even become lower than the Statistics Korea&rsq
Economy Dec. 30, 2020
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Korea pins hope on exports in post-COVID-19 era
Exports could be a breakthrough for the South Korean economy in the post-coronavirus era, a state-run trade agency said Monday. Despite numerous uncertainties that are expected to linger in 2021, the state-run Korea Trade-Investment Promotion Agency raised its exports forecast for next year, saying semiconductors and biotech products, among others, are likely to lead the gains. Overseas shipments would grow 6-7 percent in 2021 to reach $540 billion-560 billion next year, from around $510 bil
Economy Dec. 21, 2020
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S. Korea to focus on supporting economic recovery, preparing for post-pandemic era in 2021
South Korea plans to implement its economic policy next year to maintain economic recovery momentum and prepare for a post-pandemic era, the finance ministry said Thursday. The South Korean economy is expected to grow 3.2 percent next year, following this year's estimated contraction of 1.1 percent, the first contraction since the 1997-98 Asian financial crisis, according to the Ministry of Economy and Finance. The ministry's 2020 and 2021 growth outlooks are lower than its June projection of
Economy Dec. 17, 2020
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[Newsmaker] Tourists to S. Korea forecast to drop to 32-year low this year
The number of overseas tourists visiting South Korea is expected to slump to the lowest level in 32 years amid the new coronavirus pandemic that has practically paralyzed the global tourism sector, data showed Tuesday. The number of foreigners who visited the country in the January-October period reached 2.39 million, down 83.6 percent from the same period last year, according to the culture ministry and the state tourism office. Roughly half of the figure -- 1.27 million -- was tallied in Jan
Economy Dec. 15, 2020
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OECD sees sharper-than-expected retreat for S. Korean economy this year
The Organization for Economic Cooperation and Development (OECD) on Tuesday forecast a sharper-than-expected contraction for the South Korean economy this year, citing the fallout of the new coronavirus outbreak. The OECD expected Asia's fourth-largest economy to retreat 1.1 percent this year, steeper than its September forecast of a 1 percent contraction. The Paris-based club of major economies predicted the Korean economy to grow 2.8 percent next year and 3.4 percent in 2022. Despite the dow
Economy Dec. 1, 2020
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Driven by foreign buying, Kospi hits all-time closing high
Buoyed by a foreign investors’ buying spree that continued into a 13th consecutive session, South Korea’s benchmark Kospi reached a fresh all-time closing high on Monday, amid growing expectations by local brokerage houses that the main bourse could rise further next year. The main bourse rose 49.09 points, or 1.92 percent, to end at 2,602.59, eclipsing the 2,598.19-point mark reached Jan. 29, 2018. The index is now also only 4.51 points off an intraday high of 2,607.10 seen Jan. 29
Market Nov. 23, 2020
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Tech-savvy musical offers ride on DMZ ‘peace travel’
A new high-tech musical is to promote “peace travel” in the Demilitarized Zone between the two Koreas, according to the Korea Tourism Organization. “Wonder Ticket,” organized by the KTO, will stream online from Nov. 28 to Dec. 31, promoting the travel industry in the DMZ. The story of the musical takes off at an abandoned steam locomotive -- which currently sits at Jangdan Station in Imjingak, located on the banks of Imjin River in Paju, Gyeonggi Province. The trai
Performance Nov. 17, 2020
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Fitch keeps S. Korea's credit rating at 'AA-,' outlook stable
Global credit appraiser Fitch Ratings said Wednesday it has maintained South Korea's credit rating at "AA-" with a stable outlook. Fitch's rating for South Korea has been AA-, the fourth-highest level of the agency's sovereign ratings, since 2012. "Korea's rating balances robust external finances, steady macroeconomic performance and sufficient fiscal headroom going into the coronavirus pandemic against geopolitical risks related to North Korea and medium-term structural challe
Economy Oct. 7, 2020
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S. Korea shares experience in combating COVID-19 with ASEAN members
SEJONG -- South Korea held a videoconference with member states of the Association of Southeast Asian Nations (ASEAN) on Tuesday during which they shared their experience in fighting the coronavirus pandemic, the finance ministry said. The conference was organized by a Southeast Asian office of the Organization for Economic Cooperation and Development (OECD), the Ministry of Economy and Finance said in a statement. During the conference, South Korea briefed ASEAN members about measures to se
Economy Oct. 6, 2020
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Nearly 1m to travel by air during Chuseok despite govt. advisory
Nearly 1 million people are expected to travel by air during the Chuseok fall harvest holiday despite the government's advisory asking people to remain at home to help contain the spread of COVID-19, transportation authorities said Monday. The Korea Airports Corp. (KAC) estimated that some 963,000 people will use domestic airports, excluding Incheon International Airport, during this year's extended Chuseok holiday, which starts Wednesday and ends Sunday. The figure represents a 25 percent dro
Social Affairs Sept. 28, 2020
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S. Korea to take top spot in economic growth for 2020: OECD
Acknowledging South Korea’s relatively effective control of COVID-19 and its appropriate fiscal response, the Organization for Economic Cooperation and Development recently increased its outlook for Asia’s fourth-largest economy this year, officials said Wednesday. It also reiterated the need to sustain expansionary fiscal policies, warning that hasty belt-tightening as the economy is slowly recovering could dampen growth prospects for next year. In its biannual Interim Economic
Economy Sept. 16, 2020
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ADB maintains growth outlook for S. Korea, cuts projection for Asia
The Asian Development Bank said Tuesday that South Korea’s economy would likely contract 1 percent on-year in 2020 due to the COVID-19 pandemic, but grow 3.3 percent next year on the back of the global economic recovery and local fiscal spending. In its revised set of growth projections for the Asian region, ADB maintained its earlier forecast for Asia’s fourth-largest economy, while cutting the region’s overall growth outlook for this year to a contraction of 0.7 percent f
Economy Sept. 15, 2020
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Online traditional ritual to offer comfort in pandemic times
The Korea National University of Arts (KNUA) kicked off the Ars Electronica Garden Seoul Festival to present diverse ideas on how society would transform after the COVID-19 pandemic. The festival is part of the 2020 Ars Electronica Festival, an international new media art festival held annually in Linz, Austria, every September. Due to the pandemic, the festival has been expanded to both online and offline with more than 120 organizations participating across the globe under the theme of &l
Arts & Design Sept. 11, 2020
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Export slump extends to 6th month; chips cushion virus fallout
South Korea's exports extended their slump to a sixth month in August as the resurgence of the new coronavirus around the globe continued to strain business activities, data showed Tuesday. But the retreat was in the single digits on a recovery in shipments of chips. Outbound shipments came to $39.6 billion last month, down 9.9 percent from $44 billion posted a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. The latest figures were slightly better t
Economy Sept. 1, 2020
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Seoul stocks snap 4-day winning streak on spiking virus cases
South Korean shares ended a four-session winning streak Thursday, as the daily new virus cases in the country spiked to a nearly six-month high. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 24.87 points, or 1.05 percent, to close at 2,344.45. Trading volume was high at about 898 million shares worth some 14.9 trillion won ($12.6 billion), with losers outnumbering gainers 725 to 152. Foreigners sold a net 24 billion won, ending a four
Market 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
Economy Aug. 27, 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
Economy 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
Economy Aug. 24, 2020
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