In the wake of continued economic uncertainty regarding US President Donald Trump, the possible abolishment of the five-year Korea-US FTA and political disputes with China, the United Nations Economic and Social Commission for Asia and the Pacific has predicted a “moderate” economic growth forecast for the Korean economy. “As an export oriented economy (Korea), overall economic growth in past years has been clouded by prolonged weakness in global trade,” said ESCAP’

South Korea has the highest employment rate of seniors among advanced countries due to the rapid aging and insufficient social welfare system, data said Monday.The employment rate of South Koreans aged 75 or older reached 17.9 percent in 2015, ranking first among 25 members of the Organization for Economic Cooperation and Development, according to the data compiled by the Paris-based agency. It is far higher than the OECD average of 4.8 percent. Mexico came next with 17 percent, followed by Japa

South Korea’s economic growth is not leading to local job creation, as the manufacturing sector’s contribution to employment has weakened in recent years, data showed Monday.The number of employees needed for 1 billion won ($883,000) in gross domestic product fell to a record low of 17.4 in 2016, according to data from the Bank of Korea, Statistics Korea and the Korea Labor Institute.The figure has declined since 2008, when it first fell below 20. Employment elasticity, or the growth

Recent data from the state statistics office and a local business lobby highlighted the need for the next administration to be installed following Tuesday’s presidential election to enhance the business-friendly environment if it wants to reduce the country’s rising youth unemployment.Figures suggested by a report from the Korea Chamber of Commerce and Industry showed Korean enterprises are increasingly creating growth and new jobs abroad rather than at home. The number of jobs

South Korean shares extended a rally late Monday morning amid hopes for economic stimulus a day before voters go to the polls to choose their president. The benchmark Korea Composite Stock Price Index gained 13.85 points, or 0.62 percent, to a record intra-day high of 2,255.09 as of 11:20 a.m.The Kospi index touched its highest-ever close of 2,241.24 points last week, helped by foreign buying and healthy corporate earnings. Large caps traded mixed with market kingpin Samsung Electronics remainin

Delinquencies at South Korea's five credit card companies rose 4.7 percent on-quarter in the first three months of this year as low interest rates pushed them to make more card loans, industry data showed Monday. Overall card loans overdue by more than 30 days rose to 955.2 billion won ($842.1 million) at the end of March, up 42.5 billion won from the end of last year.  The five credit card companies are Shinhan, KB, Woori, Hana and Samsung. Excluding Shinhan, the other four companies saw t

US direct investment in South Korea fell last year for the first time since the 2008 financial crisis, central bank data showed Monday.The US direct investment in South Korea totaled $33.9 billion last year, down 1 percent from $34.2 billion a year ago, according to the data compiled by the Bank of Korea. It marked the first time that the US direct investment here decreased since 2008, when it plunged 8.1 percent.In comparison, outstanding foreign investments in Asia's fourth-biggest economy cam

South Korean shares extended a rally Monday morning after touching an all-time high last week, amid hopes for an economic stimulus a day before voters go to the polls to choose their president. The benchmark Korea Composite Stock Price Index added 4.15 points, or 0.19 percent, to 2,245.39 in the first 15 minutes of trading. Most large caps traded mixed with market kingpin Samsung Electronics gaining 0.53 percent.Top automaker Hyundai Motor fell 0.66 percent, and No. 1 steelmaker Posco declined 1

The proportion of those in their prime working age out of the total economically active population dropped to its lowest point in the first quarter this year, Statistics Korea data showed Saturday.The number of those in the 25-49 year age group was 19.241 million in the period, dropping 0.4 percent from the same quarter last year. That accounted for 44.1 percent of total economically active people, which is 43.633 million. This is the lowest rate since data was first collected in the third quart

South Korea’s trade surplus with the United States dropped nearly 25 percent in the first quarter of this year, with its US trading partner ranking falling from No. 6 to No. 8, according to data from the US Department of Commerce on Sunday. Compared to last year’s first quarter, the country’s trade surplus with the US decreased by roughly $1.9 billion or 24.6 percent this year -- the largest drop recorded among America’s 10 major trading partners.  India’s trad

The South Korean economy has been showing some modest signs of recovery thanks to brisk exports and investment but the momentum remains weak due to flaccid private consumption, a state-run think tank said Sunday."Exports and investment maintained high growth, signaling that economic activity has continued to expand at a moderate pace," the Korea Development Institute said in its monthly evaluation of the country's economic conditions. "Exports exhibited relatively high growth as s

Direct taxes collected by the state made up a record 55.3 percent of all dues collected in 2016, official data showed Sunday.The rise comes as the government reformed its tax credit rules on income and transfer taxes, the finance ministry said. It said the percentage of direct taxes to overall revenue earnings has been on the rise for the past three years. A rise in direct taxes generally reflects a more balanced form of taxation and better distribution of wealth.Last year, the ministry said tha

The total amount of South Korean land owned by foreigners increased 2.3 percent in 2016 compared to a year earlier, the government said Sunday.At the end of 2016, foreign investors owned a total of 234 million square meters of land worth 32.31 trillion won ($28.5 billion), accounting for 0.2 percent of the country's overall territory, the Ministry of Land, Infrastructure and Transportation said in a statement.  In the previous year, foreigners held 32.57 trillion won worth of land estimated

Most listed manufacturing firms in South Korea tend to hold or resell treasury shares instead of canceling them in order to help controlling shareholders strengthen their managerial control, a report said Sunday.According to the report by professor Kim Woo-jin of Seoul National University, treasury share cancellations by listed manufacturing companies came to 174 cases between 2004 and 2015.The figure accounted for only 2.3 percent of stock buybacks, resales and retirement conducted by all 7,428

South Korea's chief economic policymaker has called for bold measures against unfair trade practices, expressing worries over growing protectionism by advanced economies.At an annual gathering of the Asian Development Bank in Yokohama, Japan, on Saturday, South Korean Finance Minister Yoo Il-ho also said Asian countries should raise their guard against short-term downside risk in order to regain their recovery momentum. "We need to take stern measures against unfair trade practices, which w