Economists worry that bold monetary policy, quantitative easing, contact-free business trend could have unintended effects

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. The COVID-19 crisis, as devastating as it is for the world today, has also served as a reminder for the global community to foster sustainable growth and build resilient economies. For the World Bank, which supports countries in the East Asia and Pacif

The number of new coronavirus cases has surged sharply in recent days, feeding concerns about another round of lockdowns here, and the nation’s central bank said Wednesday that most South Koreans are likely to suffer economically if heavy restrictions are put in place once again. “If lockdown and social distancing measures are strictly enforced due to the resurgence of the virus, nonessential workers without the option of remote working will be extremely vulnerable to losing their

SEJONG -- South Korea lagged behind Japan, Russia and some Western countries this year in terms of employment among working-age people. According to the Organization for Economic Cooperation and Development, Korea posted a 65.4 percent employment rate for those aged 15-64 during the April-June period of 2020. In contrast, Japan -- also an OECD member -- saw the employment rate for its working-age population reach 77 percent over the corresponding period, though the country was also hit hard b

Experts say ‘untact,’ ‘Korean New Deal’ to drive post-pandemic economy, but question effectiveness of state policy to bring change

South Korea's finance minister on Friday ruled out the possibility of a fourth extra budget as he held out the prospect of economic growth in the third quarter. "We can fully cover the costs of recovering from heavy rains through such measures as reserve fund without an extra budget," Hong Nam-ki said in a meeting with reporters from foreign media outlets at the government complex in the central city of Sejong. The government's reserve fund is currently worth about 2.6 trillion won

South Korea's consumption continues to improve amid signs of a slump in exports and industrial production easing, the finance ministry said Friday. In a monthly economic report, called the Green Book, the Ministry of Economy and Finance also flagged the economy's continuing uncertainty stemming from the coronavirus pandemic and the annual monsoon season. "South Korea's indicators of domestic demand continue to take a turn for the better, despite uncertainty related to COVID-19 and the ra

Plans to inject W4.6tr to back export of services, create 50 or more new job categories

Lenders’ ESG investment expansion, however, feared to press their financial capacity under pandemic

South Korea will ban social media influencers from pitching a new product or service on their online platforms without disclosing their business ties with corporate sponsors, officials said Wednesday. The move comes amid controversy over some famous social media influencers' involvement in the shady practice called "backdoor online advertising." The Fair Trade Commission (FTC), the country's antitrust watchdog, said its revised advertising guidelines for social media platforms will

The daily turnover of South Korea's gold market hit a record high in July amid a surge in trade in the precious metal, the local exchange said Wednesday. The market's daily turnover averaged 13.1 billion won ($11.1 million) in July, more than double the amount of 5.2 billion won the previous month, according to the Korea Exchange (KRX). It marks the largest-ever turnover since March 2014, when the KRX gold market opened, and far exceeds the previous record of 9.7 billion won set in August 201

South Korean Trade Minister Yoo Myung-hee, a candidate for the next head of the World Trade Organization (WTO), has accelerated her online electioneering as the new coronavirus pandemic has limited face-to-face campaigning. "I want to rebuild trust in the multilateral trading system by making it more relevant, resilient and responsive," Yoo posted on her Twitter account, while sharing other visions and campaign pledges. The South Korean candidate recently opened up her official webs

South Korea lost about 277,000 jobs in July, marking a decline in the number of the employed for a fifth consecutive month, as the new coronavirus pandemic strained business activities, data showed Wednesday. The country's jobless rate rose by 0.1 percentage point on-year to 4 percent in July, with the number of employed people falling to 27.1 million, according to the data compiled by Statistics Korea. It marked the longest fall since the eight months of decline posted in 2009 amid the globa

Political parties call for urgent budget planning, finance minister shows resistance