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The Korea Herald

Economy

July 10, 2019
S&P cuts growth outlook for S. Korea’s economy to 2%

Global rating agency Standard & Poor’s has sharply slashed its growth forecast for South Korea’s economy this year to 2 percent due to rising uncertainty about the global trade outlook and weaker consumption. The latest estimate represented a sharp downward revision from its previous forecast...
July 10, 2019
Japan’s trade curbs pose new downside risk to S. Korean economy

Japan’s tighter regulations on some high-tech exports to South Korea will serve as a new downside risk to the economy, which is already struggling with a US-China trade war, economists said on July 10. In a seminar on the impact of Japan’s trade curbs, Kwon Tae-shin, president of the Korea Ec...
July 10, 2019
Moon’s labor policy put to test amid massive labor strikes

The latest strikes by nonregular workers in the public sector have put the Moon Jae-in government’s labor policy -- including his iconic pledge on minimum wage hikes -- to the test, experts say. Moon took office in May 2017 with a pledge to build a society that abides by labor standards and gu...
July 10, 2019
Jobless rate rises to 4% in June

South Korea’s jobless rate rose to 4 percent in June from a year earlier, and job additions again exceeded the 200,000 mark, government data showed on July 10. The unemployment rate increased 0.3 percentage point on-year. The jobless rate marked the highest level for any June since 1999, w...
July 09, 2019
Foreigners defaulting on state health insurance fees required to cover full medical cost

Foreign residents in South Korea who default on state health insurance fees will be required to personally pay for all medical costs, the Health Ministry said on July 9. Under changes made to the National Health Insurance Act that will go into effect on July 16, foreign nationals who reside in ...
July 08, 2019
S. Korea ranks 12th in 2018 GDP ranking

South Korea maintained its position at 12th in the global gross domestic product rankings last year, the World Bank said on July 7. In 2018, Korea posted $1.619 trillion in terms of nominal GDP, little changed from the previous year, data from the World Bank showed. Korea ranked 14th in the...
July 08, 2019
Moody’s keeps S. Korea’s rating at Aa2

Global rating agency Moody’s Investors Service said on July 8 that it is maintaining its rating on South Korea at Aa2 with a stable rating outlook. Moody’s rating for Asia’s fourth largest economy has been Aa2, the third-highest level on the company’s table, since 2015, when the rating agen...
July 08, 2019
Korea urges Japan to lift export restrictions

South Korea’s finance minister on July 8 pressed Japan to withdraw its export restrictions on key semiconductor materials as the Japanese move could have a negative impact on the global economy. Minister of Economy and Finance Hong Nam-ki said Japan’s export restrictions run counter to the pr...
July 08, 2019
NPS’ total assets exceed W700tr

The total assets under management by South Korea’s state pension fund exceeded the 700 trillion won ($596 billion) mark for the first time three decades after its launch, data showed on July 8. The milestone comes 31 years after Asia‘s fourth-largest economy launched the income support progra...
July 07, 2019
South Korea faces solar power dilemma

Solar energy is among the keys in the Moon Jae-in administration’s push for renewable energy in response to concerns about life-threatening air pollution and demand for cleaner and safer energy. In December 2017, the government announced “Renewable Energy 2030,” aiming to increase renewable en...
July 07, 2019
Korea ranks 12th in world GDP ranking: World Bank

South Korea ranked 12th out of 205 countries in terms of gross domestic product in 2018, maintaining its spot from a year earlier, the World Bank said Sunday. The country‘s gross national income, or earnings per head, came to 30th in the world. The World Bank data showed Korea’s GDP in the ci...
July 07, 2019
Korea embarks on W160b project to develop disruptive technologies

The South Korean government has embarked on a 160 billion won ($136 million) project to develop disruptive technologies, including technologies to produce electric vehicles capable of traveling more than 600 kilometers after just one minute of charging, officials said on July 7. The seven-year p...
July 07, 2019
S. Korea to launch task force to handle lawsuits by global investors

South Korea’s financial regulator said on July 7 it will launch a task force later this month to handle lawsuits filed by global investors, such as US private equity fund Lone Star. The task force, set to be launched July 19, will deal with lawsuits such as the complaint filed by Lone Star with ...
July 07, 2019
[Interview] ‘Korean firms in fear of disruption on path to digital transformation’

Digital transformation has become a buzzword for various industrial sectors around the world – and South Korea is no exception. Ranging from tech giants to small factories, companies here are scrambling to embrace solutions for better business. While digital transformation means different things...
July 04, 2019
Korea warns of ‘corresponding measures’ against Japan’s export curbs

South Korea’s finance minister warned July 4 of “corresponding measures” against Japan’s move restricting key supplies for the nation’s semiconductor and display industries, in a major escalation of a long-simmering row over compensation for wartime forced labor. The diplomatic conflict be...

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