Calls are growing for Korea to take bolder steps to support the economy, after a string of recent economic data indicated that Asia’s fourth-largest economy may be in for a rougher than expected ride this year. Private experts, increasingly doubtful of the government-projected recovery path for the economy, are slashing their forecasts for Korea’s economic growth in 2016. Local think tanks and foreign investment banks now predict that the economy, as measured by gross domestic product, will grow

Household income’s share of gross domestic product, a gauge on how GDP growth actually “trickles down” to household income, plunged in South Korea from 1995-2014 to one of the lowest levels among member states of the Organization for Economic Cooperation and Development, an OECD report showed Sunday.Household income dropped to 64.3 percent of GDP in 2013 from 69.6 percent in 1995, according to the interim report of Going for Growth 2016 by the OECD.It was the fourth-lowest percentage in the OECD

Households' interest income from their deposits at banks and other financial institutes dropped to the lowest level in 20 years in 2015 as the central bank kept the rate historically low to bolster the slowing economy, data showed Sunday.According to the data by the Bank of Korea (BOK), the country's central bank, households earned 32.18 trillion won ($27.5 billion) in interest on their deposits last year, down 19.5 percent from a year earlier. This marked the fourth straight year that their int

 South Korean shares will likely remain rangebound ahead of key U.S. indicators next week, but begin an upward march toward the end on a continued inflow of foreign capital, analysts said Saturday.The benchmark Korea Composite Stock Price Index (KOSPI) closed at 1,983.81 on Friday, down 0.4 percent from a week earlier.Foreign investors purchased a net 286 billion won ($244.2 million) worth of stocks. Both retail and institutional investors were net sellers as they sought to cash in on their gain

KB Financial Group and Korea Investment Holdings Co. have submitted a final bid for a controlling stake in Hyundai Securities as they seek expansion to compete with bigger foreign rivals, the deal's lead manager said Friday. Besides the two, Hong Kong's private equity fund Actis also participated in the competition to acquire a 22.56 percent stake in Hyundai Securities up for sale since last year by financially-troubled Hyundai Merchant Marine Co., according to EY Han Young accounting firm.    T

South Korea posted the first on-year drop in per capita income last year largely due to the weakening of the Korean won against the greenback, which dragged the dollar-converted value of national income, the central bank said Friday. According to the Bank of Korea on Friday, Asia’s fourth-largest economy expanded 2.6 percent in 2015 from the previous year, the slowest pace since 2012.  (The Korea Herald)Last year, the nation’s per capita gross national income fell 2.6 percent to $27,340 from $28

The Korean government will conduct a close inspection of non-tariff barriers in overseas markets that restrict sales of Korean-made goods as part of its efforts to prop up faltering exports, the trade ministry said Friday.The Ministry of Trade, Industry and Energy held a meeting in Seoul with local exporters and officials from the Korea Trade-Investment Promotion Agency (KOTRA) to listen to businesses' difficulties in dealing with non-tariff trade barriers when they go through customs and to see

The chief of Korea's central bank on Friday urged additional efforts to create quality jobs, calling it an ultimate goal of economic policies."The reason our society pays close attention to employment numbers is because job security is closely related to the welfareof all major economic players, such as companies, households and people," Bank of Korea (BOK) Gov. Lee Ju-yeol said in a monthly meeting with leading economists here."Also from a point of view that the ultimate goal of economic growth

South Korea’s per capita income fell from a year earlier in 2015, marking the first on-year drop in six years, the central bank said on Friday.Last year, the country’s per capita gross national income came to $27,340, down 2.6 percent from $28,071 in the previous year, according to preliminary data from the Bank of Korea.The fall was mostly caused by a decline in the Korean won, the bank said. The local currency had suffered a 7.4 percent drop in value against the dollar in 2015. The BOK also sa

Cargo processed at Korean seaports edged down from a year earlier in February, due mainly to a drop in exports and imports, the government said Thursday.The country's seaports handled a combined 111.878 million tons of freight last month, down 0.4 percent from 112.272 million tons tallied a year earlier, according to the Ministry of Oceans and Fisheries.Export-import cargo, which accounted for 83.5 percent of the total, fell 2.23 percent on-year to 93.419 million tons, offsetting a 10.4 percent

Asia needs strong leadership to rejuvenate economic growth in the region and help pull millions of people out of poverty, Korean Finance Minister Yoo Il-ho said Thursday. In a keynote speech at the annual Boao Forum, Yoo also said Korea has focused its policy efforts in reforming the sectors of labor, finance, education and public service. Finance Minister Yoo Il-ho (Yonhap)Yoo said Asia is at a "crossroads between growth and stagnation," hit by the high proportion of people living in absolute p

Korea’s population is aging fast and the proportion of elderly will be more than 40 percent of the population by 2060, according to a report released by Statistics Korea on Tuesday.The report on Korea’s overall social trends in 2015 said that due to the continued decrease in birthrate and medical technology development, the number of seniors aged 65 and above will increase to 17.62 million people by 2060 from 6.62 million people in 2015. 　Government officials said the triangular-shaped populatio

Korea’s total population came in at 50.6 million in 2015, with its demographic profile shifting toward one that has more old people and fewer children, according to a government report Wednesday.The report by Statistics Korea noted that out of every 100 Koreans, 13 are aged 65 or older while another 14 are 14 years old or younger. Sixty are working, 70 have never given donations while 70 spend their free time flipping through TV channels. The population is projected to peak at 52.1 million in 20

Economic policymakers here have lately dismissed concern over the country’s slowing economy, calling such worries overblown.In the latest rebuff, Finance Minister Yoo Il-ho claimed this week that some skeptics had wrongly interpreted indicators to paint a gloomy picture of the Korean economy, which he said had made remarkable progress.At a meeting of economy-related ministers, he recalled that Korea last year achieved its highest-ever sovereign credit rating and recorded the third-fastest growth

Imports of animal products from the U.S. increased after a bilateral free trade agreement went into effect four years ago, an analysis by the Korea Rural Economic Institute said Wednesday.The institute compared 2015 average imports with the annual average from 2007-2011. The Korea-U.S. FTA took effect in March 2012.  U.S. beef on display at a local supermarket in Seoul. (Yonhap)The findings showed South Korea imported $1.76 billion worth of animal products in 2015, more than double the $823 mill