Asia’s 4th-largest economy expected to grow minus 0.8 percent, highest among OECD members this year

South Korea's exports fell 24 percent on-year in the first 10 days of August amid the fallout from the new coronavirus outbreak, customs data showed Tuesday. The country's outbound shipments stood at $8.7 billion from Aug. 1-10, down from $11.4 billion during the same period of last year, the Korea Customs Service said in a statement. The daily average exports during the 10-day period declined 13 percent on-year to $1.25 billion from $1.43 billion, it said. The pandemic has disrupted trade

South Korea’s inbound shipments of Japanese consumer goods -- especially tobacco, beer and automobiles shrank considerably in July -- amid the continuing nationwide boycott, data showed Monday. The boycott spread like wildfire across the country since July last year, when Japan said it would regulate exports of three key materials needed for Asia’s fourth-largest economy’s chip and display manufacturing. The nation’s import of Japanese goods overall dropped 23.4 perc

Business sentiment in Korea falls to 11-year low in June

South Korea is forecast to climb up three notches to ninth in global gross domestic product rankings this year, despite its negative growth of 3.3 percent in the second quarter, data showed Monday.  Asia’s fourth-largest economy is likely to see 1.8 percent decline in its nominal GDP to reach $1.54 trillion this year on the condition that the country circumvents a second wave of the coronavirus, according to data from Organization for Economic Cooperation and Development. The OECD

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. Responding to the unprecedented socioeconomic crisis caused by the COVID-19 pandemic, South Korea has adopted a new weighty policy keyword this year -- “Korean Green New Deal.” Despite the rosy pictures suggested by policymakers, there are

Downtrend decelerates, but uncertainties persist amid US-China tension

South Koreans’ demand for jeonse loans -- designed for investors looking for two-year leases instead of purchases -- increased in July, due to government efforts to cool down the heated real estate market with loan restrictions, data showed Sunday. According to the data compiled by five major banks -- KB Kookmin, Shinhan, Hana, Woori and NH NongHyup -- the outstanding amount of such loans increased by 2.2 percent, or 2.02 trillion won ($1.8 billion), on-month to 94.55 trillion won as of e

Korea ranks 4th in growth of household income tax in 2016-2018

The government is drawing up a budget for next year, with its size likely to top 550 trillion won ($463 billion), up 8 percent from this year's, as the country is drumming up efforts to boost the pandemic-hit economy, sources said Sunday. According to the sources, the finance ministry is set to report next year's budget draft to President Moon Jae-in this week. This year's budget was set at 512.3 trillion won, but the government has drawn up three rounds of supplementary budgets to shield Asi

South Korea’s public debt is expected to surge until next year due to aggressive government spending to revive the sluggish local economy, according to the International Monetary Fund on Friday.  The IMF said the country’s general government debt-to-gross domestic product ratio -- an indicator of economic health and sustainability of government borrowing -- will surpass 46 percent this year, up 5.5 percentage points from 40.7 percent estimated last year. The pace of the ri

BOK still hopeful of trade surplus reaching its annual goal of $57b

South Korea's economy is expected to contract 1 percent in 2020 from a year earlier due to the coronavirus pandemic, a private think tank said Thursday. The latest growth projection by the LG Economic Research Institute (LGERI) is much lower than its previous estimate of 1.8 percent expansion made in September last year. The think tank, affiliated with South Korea's fourth-largest conglomerate LG Group, predicted Asia's fourth-largest economy will recover and grow 2.5 percent on-year in 2021

In a bid to calm real estate prices, South Korea’s ruling party said Monday it would seek legislation to levy a heavier tax on property speculation by foreign nationals. The Democratic Party of Korea and the government said the bill would impose a 20 percent acquisition tax on home purchases by foreign nationals if the buyers do not reside there for more than six months out of the year without an acceptable reason. The current law states that taxes for foreign nationals buying real est

Fiscal chief vows stern watch on expediencies, dismisses discord with Seoul City over redevelopment