Unemployment among young people in South Korea is worse than the level reached during the global financial crisis, a state-run think tank said Tuesday, calling for urgent measures to tackle the problem.The Korea Institute for Industrial Economics and Trade said in a report that overall conditions for young people just entering the job market are worse than in 2009, when the country, and the world at large, was still struggling with the 2008 global crisis.Government statistics have consistently s

South Korea's economic growth rate for 2015 is expected to slow to 2.4 percent from an earlier estimate of 2.7 percent due to weak consumer spending and falling exports, a private think tank said Tuesday.In its latest economic outlook, the Korea Economic Research Institute predicted Asia's fourth-largest economy will likely expand 2.6 percent in 2016 from this year.KERI's projection is far lower that the government's revised growth forecast of 3.1 percent for this year.Affiliated with the countr

Global trade in 2015 and 2016 is expected to grow at the slowest pace since the financial crisis, which could pose serious challenges for an export-oriented economy like South Korea, the central bank said Tuesday.The report by the Bank of Korea predicted worldwide trade will grow 2-3 percent this year and in 2016, far lower than the average 6 percent annual growth tallied from 2001 through 2008, when the bursting of the U.S. housing bubble triggered a financial crisis that rocked the entire worl

South Korea's major department stores and discount chains reported a drop in sales in August compared to the year before, mainly due to a shift in the date of the Chuseok holiday, the government said Tuesday.The combined sales of three department store chains -- Hyundai, Lotte and Shinsegae -- backtracked 7.6 percent on-year last month, according to the Ministry of Trade, Industry and Energy. The total sales of three major discount outlet chains -- E-Mart, Homeplus and Lotte Mart -- also fell 6.

The government is mulling a 3-percent wage increase for public-sector corporations in 2016 as it tries to push state-run companies to set the pace for the country to switch to a wage peak system aimed at creating more jobs, a finance ministry source said Tuesday.The increased rate that will be finalized in early December is the same as those for government workers, but lower than the 3.8 percent hike agreed upon for 2015.Public-sector wages shot up 5.1 percent in 2011 and dipped to 1.7 percent i

South Korea’s mandatory spending will likely exceed 50 percent of fiscal spending in 2018, raising concerns that the government‘s capacity to counter the economic slump could weaken down the road, a report showed Monday.　According to the report submitted by the government to the National Assembly, the government’s mandatory spending will rise from 172.6 trillion won (US$144.5 billion) in 2015 to 183.4 trillion won in 2016, 195 trillion won in 2017 and 206.5 trillion won in 2018.　This represents

The South Korean stock market is expected to remain choppy next week as investors avoid risky assets amid uncertainties regarding the timing of a looming U.S. rate hike, analysts said Saturday. The benchmark Korea Composite Stock Price Index (KOSPI) closed at 1,942.85 points on Friday, down 2.66 percent from a week earlier.This week, Seoul shares began lower on Monday after the U.S. Federal Open Market Committee decided to maintain its key rate whilst adding that it will keep watch on the ongoin

South Korea's top smartphone maker Samsung Electronics Co. said Thursday its mobile payment solution has processed tractions totaling US$30 million in the month after its debut in South Korea.The South Korean giant officially released Samsung Pay at home on Aug. 20.The platform, available for Samsung's high-end smartphones, including the Galaxy S6 and the Galaxy Note 5, supports magnetic secure transmission technology that works on traditional credit card machines.Like rivals Apple Pay and Andro

Excess cash held by South Korean households and non-profit organizations fell in the second quarter from three months earlier as domestic spending picked up with more people purchasing homes amid a great surge in home rental fees, central bank data showed Wednesday.Excess funds held by households and non-profit agencies here came to 24.9 trillion won ($21.01 billion) at the end of June, down from 29.6 trillion won at end-March, according to the data from the Bank of Korea.Excess funds refer to m

Smaller manufacturers' ability to pay interest on their debts worsened despite record low interest rates, partly as their profitability deteriorated, central bank data showed Wednesday.  According to the data from the Bank of Korea, the interest coverage ratio of smaller firms came to 406.77 percent at the end of June, down 57.45 percentage points from three months earlier.  The interest coverage ratio, often called times interest earned, is calculated by dividing a company's earnings by the amo

South Korea is unlikely to attain its per capita income goal of $30,000 by early 2018 in the face of slower than expected economic growth, local think tanks said Wednesday.  The pessimistic predictions come as Asia's fourth-largest economy is confronted with a slew of external negatives, including a slowdown in China's growth, a drop in exports and global financial market uncertainties.  The finance ministry maintains that a 3.1 percent expansion in real gross domestic product is possible this y

South Korea's major industries have suffered a severe pullback in their profitability over the past few years largely due to increased foreign rivalries and a protracted economic slump, data showed Wednesday.  According to the data compiled by the Korea Chamber of Commerce and Industry, the shipbuilding, construction and chemicals sectors have taken a beating, while oil-refining, semiconductors and other sectors have become more profitable.  The data showed that the country's shipbuilding sector