WASHINGTON -- South Korea pushed Wednesday to stop the United States from imposing import restrictions on its large residential washers, saying such a move would adversely impact the American economy.A South Korean government and business delegation made the case at a public hearing held by the US trade representative in Washington with only weeks to go before a final decision by President Donald Trump.Kim Hee-sang, a South Korean diplomat in charge of the issue, stressed that "should the U

Deputy Prime Minister and Finance Minister Kim Dong-yeon on Wednesday urged the financial circles to grow out of their loan-focused business practices and to play innovative roles so as to contribute to the nation’s growth target this year.He also tendered a private meeting with the Bank of Korea Gov. Lee Ju-yeol, seeking to harmonize the government’s fiscal and monetary policies amid persisting challenges.“The financial circles should play their due rule for the sake of our ec

Concerns are deepening that the country’s employment conditions will continue to worsen this year, leaving young job seekers frustrated and forcing mostly low-wage employees out of work.In his New Year’s message, President Moon Jae-in vowed to place top priority on improving people’s livelihoods.Critics were quick to note his pro-labor and anti-business policies stand in the way of creating more jobs, which hold the key to enhancing the quality of life.A sharp hike in the minim

South Korea's working-age population is shrinking much faster than in other countries after hitting its peak in 2016, a report said Tuesday.According to the Health and Welfare Forum published by the Korea Institute for Health and Social Affairs, only the under-40 population was projected to drop among member countries of the Organization for Economic Cooperation and Development over the 2017-2037 period. The pace of the drop for other age groups was estimated at less than 4 percent.In case of So

South Korea must respond to the United States' unprecedented trade pressure with unwavering principle, the chief of the country's leading international traders organization said Tuesday. "South Korean representatives need to sit down at the negotiating table (with their US counterparts) with their two major principles being to focus on trade expansion and the protection of local industries vulnerable to the bilateral free trade pact (with the US)," Kim Young-joo, chairman of the Korea

Four out of 10 men who have received state-run medical checkup as of 2016 were obese, with the obesity ratio among those in their 30s reaching 7.30 percent. In relation to income, men were more prone to be obese when their income was higher, while it was vice versa for women. These and other data were showed in the 2017 obesity white book released by the National Health Insurance Service.The report categorized one as obese when his or her body mass index was 25 or over. BMI of under 18.5 wo

Government policymakers have expressed confidence that the Korean economy will easily see more than 3 percent growth this year following an estimated 3.2 percent expansion last year.They may not be overly confident, especially given the recovering world economy that will continue to bolster the country’s exports. The Organization for Economic Cooperation and Development recently revised up its global growth outlook for 2018 to 3.7 percent from its previous estimate of 3.6 percent in June.T

For South Korea, 2017 was full of upheavals, including the ouster and imprisonment of a scandal-ridden former president and the dramatic rise of a new progressive government.The real challenges, however, seem to lie ahead in 2018 as the nation faces a number of events that will test the capacity of the administration and the people.The most imminent is the PyeongChang Winter Olympic Games to run from Feb. 9-25 in eastern Gangwon Province.The international sports event, which would have marked th

South Korea expects to see its exports grow 4 percent this year, slowing down from a double-digit expansion in 2017, amid a strengthening local currency and potential geopolitical risks, the industry minister said Monday."The government will do its best to attain 4 percent growth in export growth this year by pre-emptively coping with possible downside risks," Minister of Trade, Industry and Energy Paik Un-gyu said in a New Year's visit to Incheon International Airport, the country's m

South Korea's property tax rate compared with its GDP stood below the average for Organization for Economic Cooperation and Development member countries, official data showed Monday.According to the Paris-based organization, the country's recurrent taxes on immovables reached 0.80 percent of its economy in 2017.This placed it the 16th highest among 31 countries that were checked and below the 0.91 percent average for other developed market economies with high incomes.The latest findings showed t

South Korean prime minister Lee Nak-yon said Sunday the country's per capita income is expected to breach the $30,000 mark next year.In his New Year's message, Lee said South Korea will likely see its per capita income surpass $30,000 next spring, but that achievement will bring new tasks to the country. "We need to let everyone feel and experience fairly even regarding the country's per capita income of $30,000," he said."We also need to make our economy keep growing." 

South Korea's central bank chief said Sunday that the expansionary monetary policy will be maintained in the new year in a way to further fuel the economic growth of Asia's fourth-largest economy."As the economy is expected to continue pulling off steady growth in the new year and there will likely be low inflation pressure, the central bank's monetary policy will remain expansionary," Bank of Korea (BOK) Gov. Lee Ju-yeol said in his New Year's message. The BOK raised the country's bas

South Korea’s consumer prices increased at the fastest rate in five years in December, on the back of strong industrial goods and financial services, government data showed Friday.The nation’s consumer price index climbed 1.5 percent this month from a year earlier, up from the previous month’s 1.3 percent on-year gain, according to Statistics Korea. Compared to the previous month, the index moved up 0.3 percent. For the entire year, consumer prices grew 1.9 percent from 2016, m

South Korea's chief economic policymaker said Friday that the government will do its utmost to maintain decent growth for the country in the new year."The new year will mark the first time (for the economy) to achieve a (per capita GDP) $30,000 level," Finance Minister Kimg Dong-yeon said in his message for 2018. "(The government) will redouble efforts to help the economy maintain its solid expansion."Earlier, the finance ministry said it will implement its economic policy ne

South Korea and the United States are to start the first round of negotiations to amend their bilateral Free Trade Agreement on Jan. 5 in Washington, Seoul’s Trade Ministry said Wednesday.The move to revise the 5-year-old trade deal, triggered upon US President Donald Trump’s request, is expected to raise differences between the two countries regarding their stances toward the automobile and agricultural and livestock goods sectors.“During the forthcoming negotiations, we plan