South Korea's macroeconomic conditions have been recovering at a slower pace than other major countries since the global financial crisis in the late 2000s, a think tank said Tuesday. According to a report by the Korea Economic Research Institute, growth rates for seven out of eight key macroeconomic indicators for South Korea have slowed compared with the years before the financial crisis in 2009. The think tank analyzed such indicators related to gross domestic product, private spending, unemp

The Bank of Korea may further cut the key interest rate this year if the Middle East Respiratory Syndrome situation worsens in Asia's fourth-largest economy, a global investment bank said Monday.Since the first case was confirmed on May 20, South Korea has reported 150 MERS infections, the biggest outbreak outside of Saudi Arabia where the respiratory illness was first reported in 2012. As of Monday, 16 people have died and thousands have been put in quarantine.In a report to investors, Goldman

The outbreak of Middle East Respiratory Syndrome in South Korea is fueling economic uncertainty at a time when private spending is just showing signs of recovery, the top economic policymaker said Monday.Speaking to lawmakers at the National Assembly in Seoul, Choi Kyung-hwan said while the spread of the respiratory illness has not seriously impacted the economy as a whole for now, it has the potential to pose downside risks if the situation drags on. After the first case was confirmed on May 20

South Korea posted a trade surplus for the 40th month in a row in May as imports dropped at a faster pace than exports, customs data showed Monday.According to the data by the Korea Customs Service, the country's trade surplus reached US$6.3 billion last month, down from $8.53 billion in April, but significantly higher than $4.97 billion a year earlier.Exports dropped 10.9 percent on-year to $42.36 billion in May, while imports nosedived 15.4 percent to $36.06 billion. In May 2014, exports hit $

Bank of Korea Gov. Lee Ju-yeol said Friday that the central bank plans to sustain its accommodative monetary policy stance in the second half of the year if economic recovery remains lackluster.  "(The BOK) will likely proceed in the direction of sustaining its accommodative stance as it is difficult to be positive about domestic economic recovery," the top central banker said in a speech marking the BOK's 65th anniversary. "Policy circumstances may rapidly change due to factors such as a possib

Following is a translation of the full text of the Bank of Korea's statement Thursday on its monetary policy decision for June. The central bank's monetary policy committee voted to lower the base rate by a quarter percentage point to a record low of 1.5 percent.  The Monetary Policy Committee of the Bank of Korea decided today to lower the Base Rate by 25 basis points, from 1.75% to 1.50%.  Based on currently available information the Committee considers that the US appears to be emerging from

South Korea's pork imports surged in April from a year earlier as a foot-and-mouth disease outbreak affected domestic supply, government data showed Thursday.  According to the data by the Korea Customs Service, imports reached 39,000 tons in April, up 24.1 percent from 32,000 tons a year earlier. The value of the imports reached $120 million, marking a 21.7 percent on-year increase.  The outbreak, which began in late December and continued into April, led to a decrease in domestic supply, the K

South Korea's money supply expanded at the fastest clip in almost five years in April following a surprise rate cut in March and a continued current surplus streak, central bank data showed Wednesday.  The M2 surged 9 percent on-year to 2,149.2 trillion won ($1,915.8 billion) in April, quickening from an 8.3 percent increase in the previous month, according to the Bank of Korea.  The on-year growth is the fastest since July 2010 when the M2 expanded by 9.3 percent.  From a month earlier, the cou

Household loans extended by South Korean lenders continued to trend higher in May as borrowers opted to lock in low interest rates for home purchases, central bank data showed Wednesday.  Outstanding household loans extended by local banks reached 586.4 trillion won ($522.7 billion) as of the end of last month, adding 7.3 trillion won from April, according to the Bank of Korea.  The monthly gain was smaller than a record 8.5 trillion won increase in April. The BOK explained that the number of ap

South Korea's jobless rate edged down in May as more people were hired in the manufacturing and service sectors, a government report showed Wednesday.   According to the report by Statistics Korea, the jobless rate stood at 3.8 percent last month, down from 3.9 percent in April. The number, however, rose 0.2 percentage point from a year earlier.  The seasonally adjusted jobless rate for May also moved up to 3.9 percent from 3.7 percent tallied in April.  The number of employed people stood at 26

South Korea will take economy-boosting measures if necessary in order to deal with the fallout of the outbreak of Middle East Respiratory Syndrome (MERS), the top economic policymaker said Wednesday.  The MERS outbreak, which was first confirmed on May 20, has claimed nine lives and infected more than 100 people so far, sparking concerns it could dampen consumer spending, thus hampering the economy's recovery.  "The government will take supplementary measures to boost the economy when the need a