Responding to the prolonged crisis in Myanmar, the South Korean government has decided to halt financing for government infrastructure projects there until next year, a source told The Korea Herald on Friday. “The Ministry of Economy and Finance has temporarily suspended financial support through the Korea Economic Development Cooperation Fund for any new infrastructure projects by the military government,” said an official at the Export-Import Bank of Korea, who requested anonymity

The South Korean economy is on a recovery track as exports remain robust and a slump in domestic demand has gradually eased amid the pandemic, the finance ministry said Friday. In its monthly economic assessment report, the government presented a more positive assessment about private consumption, compared with March, when it said domestic demand had suffered extended sluggishness. "While the country's exports and the manufacturing sector have extended improvements, slumps in domestic dem

10% growth seen in some locations in 5 months

South Korea’s central bank chief said Thursday that the nation’s economy is likely to expand in the mid-3 percent mark this year, rosier than its previous forecast in February. The bank also decided to keep its policy rate frozen at a record low of 0.5 percent on concerns of a looming fourth wave of the COVID-19 virus. “The current situation surrounding both the global and the Korean economy show that the mid-3 percent growth for this year is a possible outcome,” Bank o

South Korea's economy is expected to grow in the mid-3 percent range this year on resilient exports, a leading private think tank said Thursday. Asia's fourth-largest economy is likely to expand 3.5 percent on-year this year, a sharp turnaround from a 1 percent contraction in 2020, according to the Korea Economic Research Institute (KERI). KERI's latest projection is higher than the 3 percent forecast made by the Bank of Korea in late February. The think tank under the Federation of Korean In

South Korea's exports hit a record high in the first quarter as shipments of chips and autos remained robust amid the pandemic, customs data showed Thursday. Overseas shipments amounted to $146.5 billion in the January-March period, up 12.5 percent from a year earlier, according to the Korea Customs Service. The reading marked the largest volume for any first quarter since the customs agency began compiling related data. The country's exports rose for the fifth straight month in March as ship

South Korea's central bank on Thursday held its benchmark policy rate unchanged at a record low of 0.5 percent, as an economic recovery remained patchy and the country is at risk of being hit with another wave of COVID-19 infections. As widely expected, the monetary policy board of the Bank of Korea (BOK) voted to leave the base rate steady in this year's third rate-setting meeting. Low inflationary pressure and rising home prices also appeared to prod the BOK board to stand pat, analysts said

Foreign bank branches in South Korea saw their combined net profit rise 28.6 percent in 2020 from a year earlier on a modest gain in interest income, data showed Thursday. The combined net income of 36 foreign lenders' local branches stood at 1.15 trillion won ($1.03 billion) last year, up 255.7 billion won from a year earlier, according to the data from the Financial Supervisory Service (FSS). The increase was mainly attributable to marked growth in their income from foreign exchange and der

South Korea will review its post-pandemic fiscal policy as an economic recovery from the coronavirus outbreak will raise the need to normalize its expansionary fiscal spending, a senior government official said Wednesday. Second Vice Finance Minister Ahn Do-geol said the government's priority is placed on supporting an economic recovery with increased fiscal aid, but the country will also make efforts to enhance fiscal soundness in the face of the growing national debt. "There is a need t

South Korean banks' household loans grew at a slower clip in March, while the growth of mortgage loans remained at a high level, central bank data showed Wednesday. The value of outstanding bank loans to local households came to 1,009.5 trillion won ($898.8 billion) as of end-March, up 6.5 trillion won from the previous month, according to the data from the Bank of Korea (BOK). The February reading compares to a 6.7 trillion-won gain in February. The BOK said the rise in lending was mainly at

South Korea's exports of information and communication technology (ICT) products rose 8.9 percent in March from a year earlier, marking the 10th consecutive month of on-year gains, thanks to healthy global demand for chips and displays, data showed Wednesday. Outbound shipments of ICT goods reached $17.41 billion last month, compared with $15.99 billion the previous year, according to the data compiled by the Ministry of Science and ICT. Last month, imports reached $10.93 billion, up 15.7 perc

Sales of South Korea's major fried chicken franchises jumped in 2020 as people resorted more to food delivery amid the coronavirus outbreak, industry data showed Wednesday. Kyochon, the biggest franchise, saw its top line surging 17.8 percent on-year to 447.6 billion won ($398 million) last year, and sales of No. 2 BHC shot up 25.7 percent to 400.4 billion won. It marks the first time that sales of local chicken franchises have exceed the 400 billion-won mark. Kyochon's operating income climb

Transactions on mobile games in South Korea reached a record high in the first quarter of this year, data showed Wednesday, amid the pandemic-driven online gaming trend. Mobile game transactions stood at 1.66 trillion won ($1.48 billion) in the January-March period this year, compared with 1.48 trillion won the previous year, according to local mobile app tracker IGAWorks, which reviewed data from 40 million mobile devices running on Apple's iOS and Google's Android. IGAWorks said the endless

Liquor companies in South Korea performed poorly in 2020 as people consumed less alcohol due to the coronavirus outbreak, data showed Wednesday. Lotte Chilsung Beverage Co., a major maker of beer and soju, a Korean distilled liquor, saw its sales shrink 7.7 percent on-year to 2.16 trillion won ($1.92 billion) last year, according to the data from the Financial Supervisory Service. Lotte Chilsung, also the country's leading beverage manufacturer, reported an operating income of 97.2 billion won

South Korea reported the first job additions in 13 months in March in the latest sign that the job market is recovering after a yearlong slump caused by the pandemic, data showed Wednesday. The number of employed people reached 26.9 million last month, 314,000 more than a year earlier, according to the data compiled by Statistics Korea. It marked the first time that Asia's fourth-largest economy added jobs since February 2020, when the number of employed people grew by 492,000. The COVID-19 p