In an effort to explore methods to utilize big data to achieve sustainable development, the United Nations Economic and Social Commission for Asia and the Pacific and Statistics Korea have organized a forum on innovative data approaches from Wednesday to Friday in Songdo, Incheon.  “In the information age, data is our most valuable currency,” said Kilaparti Ramakrishna, director and head of the ESCAP East and North-East Asia Office, in a press release by ESCAP on Wednesday. &ldq

South Korea’s global competitiveness ranking remained low at 29 among 63 countries in 2017, hit by a political scandal that rocked the nation last year, weak exports and fine dust, a report by an international institute showed Thursday.According to the International Institute for Management Development, a Switzerland-based private business school, Korea’s global competitiveness ranked at No. 29 in 2017, the lowest since 2008 when the economy was 31st. Among 14 countries in the Asia-P

The US Federal Reserve could raise its interest rate four times this year if the economy strengthens, a senior Fed official said Thursday.John C. Williams, President and CEO of the Federal Reserve Bank of San Francisco, said that three rate increases this year is a reasonable baseline view, but there is potential for upside occurrences in the economy. "I could imagine if the economy strengthens, four rate increases this year would be appropriate," Williams said in a news conference in

South Korea aims to attract more foreign capital as part of its efforts to promote globalization of its financial industry, the top financial watchdog said Thursday. Zhin Woong-seob, governor of the Financial Supervisory Service, made the remarks earlier in the day at an international conference of finance in the southern port city of Busan. South Korea is working to promote the derivative financial sector, although challenges remain, Zhin said.  "The financial authorities have recentl

Fewer than 4 in 10 irregular workers in South Korea benefit from the country's state pension program, a much lower percentage than full-time employees, a report said Thursday.Slightly over 36 percent of temporary workers had state pension subscriptions as of 2016, compared to 83 percent for regulars, according to the report by the Korea Labor Institute. Roughly 68 percent of all workers in the country had subscriptions to the pension scheme that was introduced in 1988 to guarantee income for the

A potential US interest rate hike in June is likely to have an insignificant impact on the South Korean stock market as it is widely expected, analysts said Thursday.The Federal Reserve is slated to hold its monetary policy meeting on June 14-15 amid widespread expectations the US central bank will jack up its benchmark lending rate for the second time this year. The Fed raised rates in March on economic optimism. "As a recent survey shows, all watchers expect a rate increase in June, it wo

The head of South Korea's central bank called Thursday for measures to cope with population aging that could undermine growth in Asia's fourth-largest economy.Bank of Korea Gov. Lee Ju-yeol said South Korea is not well-prepared for its rapidly increasing older population. Experts have expressed concerns that the aging population, coupled with a low birthrate, poses a serious threat to Asia's fourth-largest economy, as it could lead to fewer working people and increased spending on health and wel

South Korea's exports jumped 13.4 percent last month from a year earlier to extend their winning streak to seven months on the back of brisk overseas sales of computer chips and displays, the trade ministry said Thursday.Outbound shipments came to $45 billion last month, up from $39.7 billion tallied a year earlier, according to the Ministry of Trade, Industry and Energy. The country's exports have been on a steady rise since November led by an upturn in oil prices and recovering global trade. I

South Korea ranked high in first-quarter economic growth among major advanced and emerging economies as its economy got a boost from recovering exports and investment, data showed Thursday.Asia's fourth-largest economy expanded 0.9 percent on-quarter in the January-March period from three months earlier, a quarterly increase of 0.4 percentage point in the fourth quarter of last year, according to the data by the Organization for Economic Cooperation and Development. It was the sixth-highest quar

South Korea's consumer prices continued their upbeat mode to touch the 2 percent level in May on high-flying oil and livestock prices, government data showed Thursday.The country's consumer price index gained 2 percent last month from a year earlier, slightly up from the previous month's 1.9 percent rise, according to the data compiled by Statistics Korea. Consumer prices have been hovering around 2 percent since the first month of 2017 due to a sharp gain in oil prices, following a 1.3 percent

Following the ouster of former President Park Geun-hye and the election of President Moon Jae-in, some foreign investors in Korea have heaved a sigh of relief in anticipation that the country’s economic instability during the turbulent political times will finally begin to normalize. Foreign-invested firms make up 20.9 percent of the nation’s total exports and 5.7 percent of jobs. Of these firms, roughly 2,500 are European companies operating in Korea. Dimitris Psillakis, president a

South Korea’s manufacturing sentiment inched down in May from the previous month, the first decline in nine months, as producers were psychologically pressured from reduced business days with more holidays in May, the Bank of Korea said Wednesday.The business survey index in the manufacturing sector dropped to 82 in May from 81 in April. The index remained low at 71-72 from August to December but began to rise in earnest from 75 in January to 83 in April with robust exports. The manufactur

Confusion is growing over the implementation of a merit pay system at public organizations in the country, as President Moon Jae-in and his aides are pushing to repeal the measure introduced under previous administrations.During his campaign for the May 9 presidential election, Moon pledged to immediately abolish the performance-based wage system if he became president.Kim Jin-pyo, head of a commission functioning as the de facto transition team of the new administration, said last week that wor

South Korea's exports to the group of Southeast Asian countries more than doubled over the last decade as commerce and investment increased following the implementation of a free trade deal, government data showed Wednesday.Outbound shipments to the 10 member countries of the Association of Southeast Asian Nations reached US$74.52 billion in 2016, compared with $32.1 billion in 2006, according to the data by the Ministry of Trade, Industry and Energy. With the South Korea-ASEAN free trade deal t

While the number of women professionals increased significantly in the past seven years, their average wage compared to men remained low, a report by the Korea Institute for Industrial Economics & Trade showed.The KIET surveyed the number and structure of the female professional workforce aged 20-59 between 2008 and 2015.Out of all female workers, 26.6 percent were those with professional jobs in 2015, up from 22.0 percent in 2008.Comparatively, out of all male workers, 22.8 percent were in