The number of one-man operations in South Korea swung to an upturn in the third quarter of this year, government data showed Thursday, apparently as more people set up shop for "non-voluntary" reasons amid a prolonged economic slump.The country's mom-and-pop businesses, which don't hire workers, numbered 4.09 million as of the end of September, up 1.3 percent from a year earlier, according to the data by Statistics Korea. This photo, taken on Aug. 4, 2016, shows a group of self-employed people h

South Korea's consumer prices gained more than 1 percent for the third month in a row in November on high prices of fresh groceries, government data showed Thursday.The country's consumer price index rose 1.3 percent last month from a year earlier, unchanging from the previous month's 1.3 percent gain, according to the data compiled by Statistics Korea. Flower vending machine (Photo courtesy of the Korea Agro-Fisheries and Food Trade Corporation)The inflation has stayed over the 1 percent level

The South Korean government will give cash incentives to more youths hired by small and medium-sized enterprises next year, the nation’s top economic policymaker said Wednesday.The plan comes as youth unemployment among those aged between 15 and 29 has continued to rise, from 8 percent in 2013 to 9.2 percent in 2015. In the first 10 months of this year, it hit 10.1 percent, government data showed.Yoo Il-ho, minister of strategy and finance, said the government would raise the target number for i

The net asset of South Korea's overseas investment funds last week hit a record high of 88.2 trillion won ($75.4 billion) in nearly nine years, government data showed Wednesday.It marked the highest since Dec. 6, 2007, when the corresponding figure came to 87.8 trillion won, according to data compiled by the Korea Financial Investment Association. This photo, taken on Aug. 4, 2016, shows a group of self-employed people holding a press conference in front of the National Assembly in Seoul to call

South Korea's net external assets in debt instruments hit a record high of $383.5 billion in the third quarter, data showed Wednesday.The figure represents an increase of $25.7 billion from the previous quarter, according to the data by the Bank of Korea.The nation's total external liability reached $400.4 billion in the third quarter, up $8.6 billion from a quarter earlier.Among them, the country's short-term external debt, with a maturity of one year or less, totaled $111.8 billion as of the e

The South Korean government said Wednesday that it will expand a program to help young job seekers find jobs at small and mid-sized enterprises (SMEs) and create assets in a way to tackle the country's high youth unemployment rate.Under the program, which was initiated in April, an SME employee will be given a total of 12 million won after saving 3 million won for two years, with the employer and the government additionally paying 3 million won and 6 million won, respectively. South Korea's Fina

The Organization for Economic Cooperation and Development has cut its 2017 growth forecast for the South Korean economy to 2.6 percent from an earlier projection of 3 percent, citing slower government spending next year.In its latest global economic outlook, the OECD said Asia’s fourth-largest economy would slightly recover its growth momentum in 2018 with 3 percent growth. The global economy is expected to attain 3.3 percent growth in 2017 and 3.6 percent growth in 2018.OECD’s 2017 growth proje

The Organization for Economic Cooperation and Development on Monday cut its 2017 growth forecast of the South Korean economy to 2.6 percent from an earlier projection of 3 percent, citing a slower government spending next year.In its latest global economic outlook, the OECD said Asia’s fourth-largest economy will slightly recover its growth momentum in 2018 with 3 percent growth, while the global economy is expected to attain 3.3 percent growth in 2017 and 3.6 percent growth in 2018.“Concerns ab

South Korea's public firms and agencies will recruit a record high of nearly 20,000 new employees next year to take part in nationwide efforts to boost the employment of young job seekers, the government said Monday.According to the recruitment plan compiled by the Ministry of Strategy and Finance, 321 state-funded organizations will hire an all-time high of 19,862 new employees in 2017, up about 1,300 from this year's plan of 18,518. The figure had risen from 17,323 in 2013 to 18,932 in 2015. P

Turnovers for deposits fell to their lowest rate in over 11 years in September, the latest central bank figures showed Monday, indicating worsening monetary congestion that is blocking the flow of investment and consumption needed to revive the economy.The turnover of demand deposits in September came to 19.6, down from 20.7 the previous month. The September number is the lowest since 18.1 in February 2005, the last time the rate fell below 20, according to the Bank of Korea.The deposit turnover