SEJONG -- A large proportion of middle-aged South Koreans have become hugely indebted to financial firms over the past few years due to their apartment purchases.The previous Park Geun-hye administration provided them with relaxed loan terms in a bid to induce as many households as possible to purchase apartments, a policy aimed at boosting the economy.More recently, younger people in their 20s and 30s have joined the move, a lawmaker has reported.Those, who have bought homes in Seoul in the two

South Korea's trade ministry said Thursday it plans to strike free trade agreements with 12 more countries by 2022, which will further allow Asia's No. 4 economy to expand its presence covering around 90 percent of the world's combined gross domestic product with its FTAs. "Amid growing protectionism around the globe, and growing tension between the United States and China, South Korea will focus efforts on penetrating into new markets," Trade Minister Yoo Myung-hee said during a meeti

South Korea’s producer prices declined in October for the fourth straight month, central bank data showed Wednesday, reflecting sluggish growth and changes in pork prices.The overall producer price index stood at 103.61 last month, down 0.2 percent from a month earlier and down 0.6 percent from a year earlier, according to preliminary data from the Bank of Korea.This marked the fourth consecutive month of an on-year drop and the first on-month fall in three months.The key reason for the de

The 2019 ASEAN-Korea Commemorative Summit and the First Mekong-Korea Summit are just around the corner. Association of Southeast Asian Nations ambassadors in Paris have expressed to me their expectations of the summit on various diplomatic occasions, which reminds me of the importance of Southeast Asia and Korea’s New Southern Policy. The rapidly-rising ASEAN bloc accounts for a population of 650 million people, with a total gross domestic product of about $3 trillion. According to the Org

South Korea's tax agency said Wednesday that it has launched probes into dozens of companies and more than 100 individuals over suspected tax evasion in the latest crackdown on tax dodgers.The National Tax Service said the crackdown targets 46 companies and 14 individuals for alleged offshore tax evasion.The tax agency also said it is looking into 57 people for purchasing overseas properties with money from questionable sources and probing 54 wealthy people who live lives of luxury in foreign co

Credit agency maintains 2.1% outlook for next year

South Korea's economic growth would get a boost from the implementation of a mega trade deal involving Asia-Pacific countries, a report said Tuesday.  Association of Southeast Asian Nations members and its dialogue partners -- South Korea, China, Japan, Australia and New Zealand -- effectively reached the agreement, known as the Regional Comprehensive Economic Partnership,, at a RCEP summit in Bangkok early this month.   But India, Asia's third-largest economy, did not join the de

The number of apartments owned by households in South Korea came to 9.03 million in 2018, accounting for 59 percent of all homes across the country, government data showed Tuesday.  The figures represent a 3.9 percentage-point hike from 8.7 million apartments owned by households in South Korea in 2017, Statistics Korea said.  The latest data is a reminder that apartments have long been the most-favored housing choice for many South Koreans.  In this densely populated country,

South Korea will invest 4.84 trillion won ($4.2 billion) to expand its main airport by 2024 to meet rapidly rising travel demand, the transport ministry said Tuesday.Incheon International Airport Corp, the operator of Incheon International Airport, will make the investment in stages over the next five years to build a fourth runway and expand the second passenger terminal and other facilities, according to the Ministry of Land, Infrastructure and Transport."In recent years, an increased num

South Korea’s actual key interest rate, in relative term to its inflation, is one of the highest among peer economies, data showed Monday, raising speculations that the country may carry out additional rate cuts.According to data compiled by the Organization for Economic Cooperation and Development and cited by experts here, Asia’s fourth-largest economy had the third highest “actual” base rate in October, next to Turkey and Mexico.The official policy rate here currently

South Korea said Monday it will consider extending a scheme to cap the presale prices of privately built apartments in the case of instability in real estate markets.Vice Finance Minister Kim Yong-beom made comments in a meeting with officials at a building in western Seoul. The comments came more than a week after the government announced a plan to introduce a "presale price cap system" for new apartments built by private builders to help stabilize escalating home prices.The system is

SEJONG -- An online commenter, who identified himself as a salaried worker in charge of a household, wrote earlier this month that he bought an apartment in Seoul during the latter part of the Park Geun-hye administration (2013-2017).The price of the apartment has climbed 300 million won ($257,000) during President Moon Jae-in’s term, which began in May 2017, according to the commenter’s post.“But I don’t feel so happy when I think about (negative) effects of this kind of

South Korea is exploring the possibility of forging individual free trade deals with more ASEAN member states, a senior trade official has said, in a move to further boost growing economic ties with the region.South Korea has a free trade agreement with the 10-member Association of Southeast Asian Nations, but Seoul has been pushing for separate free trade deals with individual members of the Southeast Asian bloc. "We are reviewing the possibility of free trade agreements" with some of

South Korea's weak investment and slowing exports have undermined its economic growth, the finance ministry said Friday."Overall industrial output and consumption are on the rise, but a sluggish trend persists in exports and construction investment, weighing on economic growth," the Ministry of Economy and Finance said in its monthly economic assessment report. The report, called the "Green Book," is based on the latest economic indicators of such key factors as output, expor

The Korean Intellectual Property Office said Thursday it plans to help boost competitiveness of the local materials, parts and equipment sectors and reduce their reliance on foreign technologies through its system of IP big data. According to the nation’s top IP office, its plan involves four goals: cut back foreign dependency of materials, parts and equipment-related technology; innovate South Korea’s research and development system to a more IP-centered one; bolster IP competitiven