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Reporter : Yi Whan-woo
Tue, May 30, 2023 | 10:14
Chip downcycle, lackluster private spending behind lowered growth outlook for Korea: IMF official
The International Monetary Fund (IMF) has slashed its 2023 growth forecast for Korea this month, the fourth consecutive downward revision of the country's economic outlook, due to the global chip downturn and weakening domestic consumer expenditure, a senior IMF official said.
BOK chief warns against blind optimism for rate cut
Bank of Korea (BOK) Governor Rhee Chang-yong warned against market expectations for the BOK to cut its key interest rate at its next monetary policy meeting on the heels of its back-to-back freezes this week.“The market should not look forward to a decline in the base rate this year, unless there is more convincing evidence for us go ahead with a rate cut against lingering un...
Korea's exports struggle in ASEAN, China markets
Korea's exports to ASEAN markets are declining - an unwanted path for the country eyeing the region as an alternative to China amid growing needs to diversify trade partnerships. According to the Ministry of Trade, Industry and Energy, Korea's outbound shipments to 10 ASEAN member countries combined shrank for the past six months from a year before - 5.7 percent in October, 1...
Korea's workforce grows older amid economic slowdown
Korea's workforce is graying rapidly, with the number of newly-hired people who are aged 60 or older hitting the highest level in nearly three years, according to data, Wednesday. The data released by Statistics Korea showed a total of 547,000 jobs were added year-on-year in March for the over-60 age group.
Korea to support Madagascar on electronic customs clearance system
The Korea Customs Service (KCS) has launched a project to help Madagascar to adopt Seoul's electronic customs clearance system on the East African country's path to advance trade-related administrative policies, the KCS said Wednesday. The project comes as Korea has exported its indigenously-developed electronic customs clearance system, UNI-PASS, to 16 countries, including s...
IMF cuts Korea's 2023 growth forecast to 1.5%
The International Monetary Fund (IMF) cut its 2023 economic growth forecast for Korea to 1.5 percent, Tuesday, down from a previous forecast of 1.7 percent announced in January. The IMF also lowered its world economic growth outlook to 2.8 percent from 2.9 percent, assessing that the global economy will undergo a “rocky recovery” due to the war in Ukraine, a risk of geo-econo...
BOK freezes key rate again amid deepening economic slowdown
The Bank of Korea (BOK) kept its key interest rate unchanged for the second straight time, Tuesday, in a widely expected decision to tip the balance of its monetary policy toward tackling an economic slowdown instead of fighting inflation. The move, which maintained the base rate at 3.5 percent, came after the central bank froze the rate in its previous monetary policy board ...
Gov't might scrap fuel tax cuts as fiscal revenue falls
The government is considering gradually scrapping its years-long tax cut on fuel, in a desperate bid to counter a massive shortage of tax revenue that could hinder the country's economic recovery, according to sources familiar with the matter, Monday.
Super-rich favor investing in art
The super-rich in Korea favor art as a form of investment more than less wealthy groups of people, according to a report, Sunday. Released by Hana Institute of Finance, the “2023 Korea Wealth Report” defined the super-rich as people whose financial assets, such as stocks and bonds, exceed 10 billion won ($7.58 million) in value, or those whose aggregate wealth is worth at lea...
Bank of Korea may opt for another rate freeze this week
The Bank of Korea (BOK) is anticipated to freeze its benchmark interest rate this week for the second straight time, as inflation keeps falling while signs of an economic downturn are heightening, according to analysts, Sunday. The BOK is scheduled to hold a rate-setting meeting, Tuesday, after halting a monetary-tightening campaign that lasted for more than a year and kept t...
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