As soon as President Moon Jae-in picked South Jeolla Province Gov. Lee Nak-yon to be prime minister, attention moved to who would become the concurrent deputy prime minister and finance minister to lift the sagging economy to recovery.The new top economic policymaker will face daunting tasks, such as making sure the recent rebound of exports and consumer sentiment lead to a recovery of domestic demand and jobs. External risks include dealing with the US over a possible renegotiation of a bilater

Officials at Hyundai Asan, the operator of a halted inter-Korean tour program and developer of the closed Kaesong industrial park, announced its anticipation Wednesday for Korea’s new President Moon Jae-in to ease tension with North Korea so the company can resume its tour program and operations at the industrial park. “Hyundai Asan will by fully prepared for the moment that the two Koreas resume dialogue that could lead to a reopening of the Mount Kumgang tour. We hope that it won&r

The Korea Herald publishes a series of articles delving into the economic policies and tasks expected of the new Moon Jae-in administration. This is the first installment -- Ed.On the economic front, President Moon Jae-in faces the immediate task of putting the country’s economy on the path to full recovery by boosting domestic demand in tandem with a recent rebound in exports.At the same time, he should set a firm framework for structural reforms needed to bolster the sagging growth poten

More South Koreans feel that as parents, they should financially support their children until they get a job, a survey by the Korea Institute of Child Care and Education showed Tuesday.Eight years ago, more respondents believed they should support the children until they enter or graduate from college, while in the latest survey, more thought the support should be provided until the children become employed.The researchers said they compared the responses from the same surveys conducted in 2008

Most Ministry of Strategy and Finance officials view the economic fallout from the hosting of the controversial US missile defense system here as the most imminent economic challenge for the new president, a survey showed Tuesday.In a survey conducted by local news media eDaily on 41 high-ranking officials from the Ministry of Strategy and Finance, most picked the risk posed from the Terminal High Altitude Area Defense system as the No. 1 risk to the economy.  An official was quoted as sayi

The International Monetary Fund kept its forecast for South Korea's economic growth for this year on hold at 2.7 percent, despite signs of a recovery in the country's exports.The projection by the IMF is slightly higher than a 2.6 percent growth forecast by the Bank of Korea. South Korea's economy grew 2.8 percent last year.  In a report, the IMF cited "political uncertainty" stemming from the ouster of former President Park Geun-hye over a corruption and influence-peddling scanda

The number of South Korean recipients of "early state pension" decreased in 2016, data showed Monday, as more senior citizens opted for the regular benefit program to ensure they get a meaningful income later on in life.According to the data by the National Pension Service, the number of people receiving the early pension came to 36,614 in 2016, compared to 43,447 in 2015. The early state pension program was introduced to guarantee income for senior citizens up to five years earlier th

In the wake of continued economic uncertainty regarding US President Donald Trump, the possible abolishment of the five-year Korea-US FTA and political disputes with China, the United Nations Economic and Social Commission for Asia and the Pacific has predicted a “moderate” economic growth forecast for the Korean economy. “As an export oriented economy (Korea), overall economic growth in past years has been clouded by prolonged weakness in global trade,” said ESCAP’

South Korea has the highest employment rate of seniors among advanced countries due to the rapid aging and insufficient social welfare system, data said Monday.The employment rate of South Koreans aged 75 or older reached 17.9 percent in 2015, ranking first among 25 members of the Organization for Economic Cooperation and Development, according to the data compiled by the Paris-based agency. It is far higher than the OECD average of 4.8 percent. Mexico came next with 17 percent, followed by Japa

South Korea’s economic growth is not leading to local job creation, as the manufacturing sector’s contribution to employment has weakened in recent years, data showed Monday.The number of employees needed for 1 billion won ($883,000) in gross domestic product fell to a record low of 17.4 in 2016, according to data from the Bank of Korea, Statistics Korea and the Korea Labor Institute.The figure has declined since 2008, when it first fell below 20. Employment elasticity, or the growth

Recent data from the state statistics office and a local business lobby highlighted the need for the next administration to be installed following Tuesday’s presidential election to enhance the business-friendly environment if it wants to reduce the country’s rising youth unemployment.Figures suggested by a report from the Korea Chamber of Commerce and Industry showed Korean enterprises are increasingly creating growth and new jobs abroad rather than at home. The number of jobs

The proportion of those in their prime working age out of the total economically active population dropped to its lowest point in the first quarter this year, Statistics Korea data showed Saturday.The number of those in the 25-49 year age group was 19.241 million in the period, dropping 0.4 percent from the same quarter last year. That accounted for 44.1 percent of total economically active people, which is 43.633 million. This is the lowest rate since data was first collected in the third quart

The South Korean economy has been showing some modest signs of recovery thanks to brisk exports and investment but the momentum remains weak due to flaccid private consumption, a state-run think tank said Sunday."Exports and investment maintained high growth, signaling that economic activity has continued to expand at a moderate pace," the Korea Development Institute said in its monthly evaluation of the country's economic conditions. "Exports exhibited relatively high growth as s

Direct taxes collected by the state made up a record 55.3 percent of all dues collected in 2016, official data showed Sunday.The rise comes as the government reformed its tax credit rules on income and transfer taxes, the finance ministry said. It said the percentage of direct taxes to overall revenue earnings has been on the rise for the past three years. A rise in direct taxes generally reflects a more balanced form of taxation and better distribution of wealth.Last year, the ministry said tha

The total amount of South Korean land owned by foreigners increased 2.3 percent in 2016 compared to a year earlier, the government said Sunday.At the end of 2016, foreign investors owned a total of 234 million square meters of land worth 32.31 trillion won ($28.5 billion), accounting for 0.2 percent of the country's overall territory, the Ministry of Land, Infrastructure and Transportation said in a statement.  In the previous year, foreigners held 32.57 trillion won worth of land estimated