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Finance

Economy

Thu, August 18, 2022 | 19:01

Household income grows at record pace amid soaring inflation

The nation's average household income rose at a record pace of 12.7 percent in the second quarter, but the real or inflation-adjusted consumption expenditures of households inched up a mere 0.4 percent to mark the slowest rate in 15 months, according to Statistics Korea, Thursday. The data suggests that the increase in income is not great relative to inflation, which surged t...

2022-08-18 16:49

S. Korea's external debt hits all-time high in Q2 amid heightened market, economic uncertainty

South Korea's external debt hit an all-time high in the second quarter of this year, driven by an increase in short-term liabilities amid growing financial market volatility and economic uncertainty, central bank data showed Thursday.

2022-08-18 14:37

Korea's fiscal deficit widens $16.9 bil. in H1

Korea's fiscal deficit increased 22.2 trillion won ($16.9 billion) in the first six months of this year from a year ago as the government revved up spending to tackle the fallout of the pandemic, data showed Thursday.

2022-08-18 11:08

Fed says more US rate hikes coming, pace will slow 'at some point'

U.S. central bankers remain committed to raising interest rates further to quell rising prices, but agreed it would be appropriate to slow the pace of the hikes "at some point," the Federal Reserve said Wednesday.

2022-08-18 09:15

Korea urged to overhaul pension, tax systems to cope with rapidly-aging population

Korea faces substantial tasks as the country grapples with one of the fastest rates of population aging around the globe that is set to make it the world's most aged society in 2045. To reverse this trend, policymakers until recently focused mainly on encouraging more births through various monetary incentives and support for childcare. But the government has now begun acknow...

2022-08-17 17:10

'Labor law should be changed in line with Fourth Industrial Revolution'

President Yoon Suk-yeol said Wednesday he will revamp Korea's labor law to cope with rapid changes in the era of the Fourth Industrial Revolution, stressing that such reforms are also critical in meeting global standards as well as a market-driven economy pursued by his government. “The course of the industry is rapidly changing while the labor law can be said to be stuck in ...

2022-08-17 16:50

Yoon opposes forceful change to status quo in North Korea

Delinquency ratio on won-denominated bank loans down in June

The delinquency ratio on loans extended by banks in Korea fell in June from a month earlier, with the ratios on lending to households and businesses both down, the financial watchdog said Wednesday.

2022-08-17 13:24

Korea calls for global cooperation against crimes in fast-growing digital asset market

A top financial regulator said Wednesday that it is necessary to step up global cooperation in effectively responding to crimes involving digital assets as transactions take place across borders with their impact on traditional financial markets fast expanding.

2022-08-17 11:52

[INTERVIEW] Data essential for 'evidence-based decisions': Statistics Korea commissioner

Let's say someone wants to open a fried chicken restaurant near his home. Is it a good location to start the business? The person can get some idea by visiting the Statistical Geographic Information Service (SGIS) offered by Statistics Korea, where diverse kinds of information, such as the number of residents, whether they are in their 20s, 30s, or 40s, how each demographic g...

2022-08-17 11:48

Concerns grow over Korea's pension fund

Korea's public pension fund is the world's third largest, with close to 1,000 trillion won ($763.3 billion) of assets under management, but there are concerns over the agency's ability to manage the fund. The National Pension Service (NPS) faces the daunting task of reforming its pension system, as the fund is set to be depleted in the coming decades, with Korea's population ...

2022-08-16 16:05

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