SEJONG -- South Korea will draw up additional measures to support low-income people who are hit by a recent resurgence of the new coronavirus, Finance Minister Hong Nam-ki said Thursday. Hong made the remarks at a meeting with economy-related ministers amid growing worries that the resurgence could weaken the economy's recovery momentum. With the infections recently sharply growing, the government "will actively push for additional measures to cope with damages" for low-income and

Govt, ruling party agree to maintain expansionary fiscal policy tone amid uncertainties

South Korea and Indonesia on Wednesday agreed to expand their economic ties to overcome the economic fallout from the new coronavirus pandemic. Trade officials from Seoul and Jakarta held a two-day virtual meeting to discuss ways to bolster the two countries' economic ties and overcome economic jitters of the COVID-19 pandemic, according to the Ministry of Trade, Industry and Energy. During the meeting, the two countries vowed to expand cooperation in the e-commerce segment, which is especial

Apartment prices in Seoul have shown signs of stabilizing since the government unveiled a set of measures to cool prices and supply more homes, Finance Minister Hong Nam-ki said Wednesday. Hong also vowed to take stern measures against speculative home transactions, saying that the government found a total 811 home transactions that might have violated laws. This month, apartment prices in Seoul largely remained flat, Hong said, citing data released by KB Kookmin Bank. Apartment prices in S

The Korea Herald is publishing a series of articles to address the Moon Jae-in administration’s “Green New Deal” policy, one of the key pillars of the so-called “Korean New Deal” economic stimulus package. -- Ed. While giving momentum to its “Green New Deal,” the South Korean government should now strive to make tangible commitments in order to involve the private sector in green financing, according to a top representative of the European Union here

South Korea’s consumer sentiment rose for the fourth consecutive month in August, boosted by optimism for economic improvement, but doubts that recent measures will cool the heated real estate market remained strong, data from the Bank of Korea showed Tuesday. The composite consumer sentiment index inched up 4 points on-month to 88.2 this month, hitting the highest since February, when the figure stood at 96.9, weighed on by the outbreak of the COVID-19. It has been slowly improving si

With the second wave of COVID-19 outbreak fast approaching amid reinforced social distancing measures, pessimism is mounting once again on South Korea’s economic growth outlook this year. According to previously suggested scenarios by key global institutes and local think tanks, the country could see its economy contract as much as 2 percent. Some market watchers and the central bank, however, also warned against excessive fear and pessimism, claiming that the latest turnouts will not

Finance Minister Hong Nam-ki said Monday the government will review the need to provide a second round of emergency handouts if the recent resurgence of new coronavirus infections does not slow down. Hong told lawmakers that the government has not been having "in-depth discussions" over the possibility of offering a second round of emergency handouts. The government will make a decision on the matter as it is monitoring the resurgence's impact on the economy, Hong said. If the g

South Korea's central bank will sharply lower its economic growth outlook for this year, as downside economic risks have heightened amid a flare-up in virus cases, its chief said Monday. Bank of Korea (BOK) Gov. Lee Ju-yeol presented the grim prospect for Asia's fourth-largest economy, saying that the pace of economic recovery is expected to remain weak on spiking virus cases. "In May, the BOK's growth projection was a 0.2 percent contraction. But I think we will have to sharply lower th

South Korea's net external assets in debt instruments shrank in the second quarter, according to government data on Saturday, with its external assets growing at a slower pace than its external debt. The nation's net external assets in debt instruments, which are considered reserve assets, stood at US$449.8 billion at the end of June, compared with $464.2 billion three months earlier, according to the data from the finance ministry. The figure refers to the difference between Korea's total ex

In response to a deepening economic slump due to the recent resurgence of COVID-19 cases, South Korea on Thursday said it will keep providing financial lifelines for coronavirus-hit small business owners. “Due to a second wave of the coronavirus pandemic, a growing number of small business owners are likely to be in need of cash despite the government’s initial support programs,” Kim Yong-beom, first vice minister of finance, said in a meeting with related officials held at

W400b fund allocated for digital tech startups

South Korea will share its 20-year economic development history of overcoming the middle-income trap, government officials said Thursday. According to the Ministry of Economy and Finance, the World Bank Korea office and state-run Korea Development Institute will publish a collaborative research paper titled “Korea: Connecting Innovation and Technology to Development” early next year.  The move came as the World Bank Group has requested the Korean government to share its hist

SEJONG -- Some apartment complexes in Seoul were found to have renewed all-time high prices despite the measures introduced by the government on June 17 to cool the market. The record-breaking prices are have risen particularly in the wealthy Gangnam area, which comprises Gangnam-gu and Seocho-gu, two of the 25 administrative districts in Seoul. According to the data held by the Land Ministry, an 84-square-meter apartment in the Acro Riverpark complex in Banpo-dong, Seocho-gu, traded at 3.57

South Korean authorities Wednesday urged banking circles to sustain their financial situation amid the prolonged epidemic crisis. “We should learn from the 2008 global financial crisis that individual actions by financial companies may affect the entire economic system,” Sohn Byung-doo, vice chairman of the regulator Financial Services Commission, said in a financial risk management meeting held at the Korea Federation of Banks in central Seoul. During an economic downturn, the