The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
  • Hangzhou Asian Games
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
  • Hangzhou Asian Games
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
  • Login
  • Register
  • Login
  • Register
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
  • 1

    BTS stars shine brighter as solo artists

  • 3

    N. Korea holds politburo meeting to discuss Kim-Putin summit: KCNA

  • 5

    30 people purchased 8,000 homes: data

  • 7

    Rowoon leaves SF9 to focus on acting career

  • 9

    Korea urged to adopt China exit strategy amid hegemonic war

  • 11

    Netflix's 'Song of the Bandits' blends western action with Korean period series

  • 13

    Foreign ministry asks Japan to investigate case of Korean poisoned with bleach in Tokyo

  • 15

    Lamborghini driver suspect sent to prosecutors over parking dispute in Gangnam

  • 17

    Unfreezing of funds not likely to restore Korea-Iran ties

  • 19

    National Assembly passes motion to arrest DPK chief

  • 2

    '30 Days' promises laughter, unlikely romance

  • 4

    North Korean escapees tell how nuclear tests ruined their health, hometown

  • 6

    ITZY's Lia takes break to put mental health first

  • 8

    USFK soldier, 2 women arrested for drug trafficking

  • 10

    Seventeen to drop 11th EP next month

  • 12

    INTERVIEWPutin uses summit with NK leader to stop Seoul from helping Ukraine: expert

  • 14

    BTS defies K-pop's 'seven-year curse'

  • 16

    BTS member Suga begins mandatory military service

  • 18

    Scientists find green way to turn CO2 into fuel with sunlight

  • 20

    Seoul plans to build Jamsil Sports MICE Complex

Close scrollclosebutton

Close for 24 hours

Open
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
Fri, September 22, 2023 | 21:41
Economy
Fitch keeps Korea's credit rating unchanged at 'AA-,' outlook stable
Posted : 2022-09-28 16:27
Updated : 2022-09-28 16:27
Print PreviewPrint Preview
Font Size UpFont Size Up
Font Size DownFont Size Down
  • facebook
  • twitter
  • kakaolink
  • whatsapp
  • reddit
  • mailto
  • link
Gettyimagesbank
Gettyimagesbank


Fitch's rating for Korea has been AA-, the fourth-highest level on the agency's table, since September 2012.

Fitch said Korea's robust external finances, resilient macroeconomic performance and a dynamic export sector are balanced against geopolitical risks from North Korea and structural challenges from an aging population.

The agency forecast the Korean economy to grow 2.6 percent this year and 1.9 percent in 2023. It said a global slowdown and a switch to consumption on services will likely weigh on exports and facility investment.

On inflation, the agency said the growth of Korea's consumer prices is likely to reach 5 percent by year-end and slow to 1.5 percent by the end of 2023.

Consumer prices, a key gauge of inflation, jumped 5.7 percent on-year last month, slowing from a 6.3 percent surge in July, as global oil prices receded.

The Bank of Korea (BOK) forecast Asia's fourth-largest economy to grow 2.6 percent and its 2022 inflation outlook stood at 5.2 percent.

Fitch expected the BOK to raise its policy rate by another 25 basis points to 2.75 percent this year, despite market expectations for another 50 basis point increase.

Last month, the BOK raised the key interest rate by 0.25 percentage point to 2.5 percent. The decision followed its first-ever "big-step" rate hike of 50 basis points in July and marked the seventh rate increase since August last year.

Fitch also said it believes "Korea's external finance position provides a sufficient buffer to manage the current bout of external volatility."

Despite a widening trade deficit and a fall in the country's foreign reserves, the rating agency judged Korea's "underlying external finance strengths persist," citing the nation's strong net external creditor position and its history of current account surpluses.

Touching on fiscal soundness, Fitch said Korea's fiscal space appears "sufficient" to accommodate its rising government debt in the near term, in light of the government's latest fiscal consolidation plans.

Korea plans to implement a belt-tightening policy in a shift from years of an expansionary fiscal policy stance in an effort to improve fiscal health compromised by the growing national debt. It plans to cut government spending for the first time in 13 years next year. (Yonhap)


 
miguel
Top 10 Stories
130 people purchased 8,000 homes: data 30 people purchased 8,000 homes: data
2Scientists find green way to turn CO2 into fuel with sunlightScientists find green way to turn CO2 into fuel with sunlight
3National Assembly passes motion to arrest DPK chiefNational Assembly passes motion to arrest DPK chief
4Gender equality minister nominee in hot seat over remarks on abortion Gender equality minister nominee in hot seat over remarks on abortion
5Seoul invites ambassadors to introduce new halal foods in Korea Seoul invites ambassadors to introduce new halal foods in Korea
6Kim Jong-un's rejection of Russia's food assistance irritates North Korean defectors Kim Jong-un's rejection of Russia's food assistance irritates North Korean defectors
7Rights experts from 17 countries demand release of North Korean escapees in China Rights experts from 17 countries demand release of North Korean escapees in China
8S. Korea condemns Russia, seeks to mend ties with China S. Korea condemns Russia, seeks to mend ties with China
9COVID-19 deaths hit record high in Korea for 2022 COVID-19 deaths hit record high in Korea for 2022
10Honey-dipped cookie to represent 'K-desserts' at global food expo in Germany Honey-dipped cookie to represent 'K-desserts' at global food expo in Germany
Top 5 Entertainment News
1BTS defies K-pop's 'seven-year curse' BTS defies K-pop's 'seven-year curse'
2Aespa's VR concert to hit theaters Oct. 25 Aespa's VR concert to hit theaters Oct. 25
3Gang Dong-won becomes exorcist con artist in 'Dr. Cheon and Lost Talisman' Gang Dong-won becomes exorcist con artist in 'Dr. Cheon and Lost Talisman'
4BLACKPINK's contract renewal still in limbo BLACKPINK's contract renewal still in limbo
5[INTERVIEW] Virtual K-pop group MAVE: is more than just pretty pixels INTERVIEWVirtual K-pop group MAVE: is more than just pretty pixels
DARKROOM
  • Turkey-Syria earthquake

    Turkey-Syria earthquake

  • Nepal plane crash

    Nepal plane crash

  • Brazil capital uprising

    Brazil capital uprising

  • Happy New Year 2023

    Happy New Year 2023

  • World Cup 2022 Final - Argentina vs France

    World Cup 2022 Final - Argentina vs France

CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Contact Us
  • Products & Services
  • Subscribe
  • E-paper
  • RSS Service
  • Content Sales
  • Site Map
  • Policy
  • Code of Ethics
  • Ombudsman
  • Privacy Statement
  • Terms of Service
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group