Concerns over deepening economic slowdown and a bleak outlook for global business conditions, experts predicted that this year the country’s economy would fall deep into a dark and chaotic situation as if it "goes down the rabbit hole." Korea Chamber of Commerce and Industry summarized the opinions of some 85 economics and management experts including university professors as "falling down the rabbit hole." The KCCI survey respondents said an unprecedented economic en

Monetary Policy Committee to meet on interest rate Friday

Sales of imported vehicles in South Korea rose 24 percent last month from a year earlier despite the extended chip shortage, an industry association said Wednesday. The number of newly registered foreign vehicles stood at 29,640 units last month, up from 23,904 units a year ago, the Korea Automobile Importers & Distributors Association said in a statement. The three bestselling models last month were Mercedes-Benz's E 250 sedan and E 350 4MATIC sedan, and BMW's 520 sedan, the state

South Korea's finance ministry said Wednesday it plans to use around 30 billion won ($23.5 million) to offer discounts on major food products in line with efforts to stabilize their prices ahead of the Lunar New Year. The government also plans to increase the supply of 16 food items with high demand ahead of the four-day holiday that starts Jan. 21, according to the Ministry of Economy and Finance. In detail, the amount of popular agricultural products, including apples and pears, released

South Korea's finance ministry said Wednesday it aims to spend at least 60 percent of the annual budget in the first half of 2023 amid the slowdown in exports and employment. "Of the expenditure plan of 638.7 trillion won ($500 billion), we will seek to spend at least 60 percent, or 383.2 trillion won, in the first half," the Ministry of Economy and Finance said in a statement. In late December, the National Assembly passed the government budget for 2023. The final package was down 314

Industrial Bank of Korea Chairman Kim Sung-tae took office on Tuesday to lead the state-run bank after a recent approval from President Yoon Suk-yeol. A veteran insider, Kim has worked for IBK for over three decades since joining in 1989. At the inauguration ceremony held earlier in the day, the new chairman pledged to put his priority on supporting small- and medium-sized businesses.

South Korea's electricity consumption touched a record monthly high in December as the country was gripped by a nationwide cold wave and heavy snow, the power operator said Tuesday. The country's average maximum power consumption stood at 82,716 megawatts last month, up 5.1 percent from a year earlier, according to the Korea Power Exchange. It was higher than the previous monthly record of 82,007 MW set in July last year. The December tally also marks the first time that the country�

The Bank of Korea warned Monday that the aging population could drive down the macroeconomic benefits of fiscal expenditure. According to the central bank's monthly research report, studies show that one percentage point in an increased aging population leads to a 5.9 percent drop in the fiscal growth of gross domestic product. The bank announced the figures based on overseas research which showed that the change in the population structure weakens the growth effect of fiscal expenditures.

'Half-baked' chips act needs revising, says Samsung executive-turned-lawmaker, calling it a big step back from her original proposal

1. Tough living conditions ① COVID cases The number of COVID-19 cases grew by 28.2 million this year due to the highly transmissible omicron subvariant. The figure was 635,253 on Jan. 1 but surged to 28.7 million at the end of this year. ② Inflation Fried chicken: 9.2% Gas: 36.2% Ramen: 12.6% Cooking oil: 43.3% (Nov. 2022, Year-on-year increase) South Korea has been no exception to global inflation, with “everything has risen except my salary” becoming a popular catchphrase. 2. U

President Yoon Suk-yeol on Friday ordered ministries to actively consider measures further expanding tax incentives for the semiconductor sector and other national strategic industries. Yoon requested the Ministry of Economy and Finance to come up with ways to further expand tax benefits for national strategic technologies such as semiconductors as they are "our security assets and core technologies," a president office’s deputy spokesperson said. His remark came after the ruling

South Korea's tax revenue grew 50.2 trillion won ($39.7 billion) in the first 11 months of 2022 from a year earlier, data showed Friday, on the back of improved corporate earnings. Tax revenue amounted to 373.6 trillion won in the January-November period, compared with 323.4 trillion won tallied the previous year, according to the Ministry of Economy and Finance. In November, the government collected 18 trillion won in taxes, up 2 trillion won from a year earlier. The ministry attributed th

South Korea's consumer prices grew at the fastest pace in more than two decades in 2022, government data showed Friday, as the country felt the pinch of soaring prices of raw materials and energy sources following the Russia-Ukraine war. Consumer prices rose 5.1 percent on-year in 2022, accelerating from a 2.5 percent gain in 2021, according to the data compiled by Statistics Korea. It marked the steepest on-year rise since 1998, when consumer inflation spiked 7.5 percent in the wake of the

The US dollar's recent downward move will likely continue for the time being, but its value could bounce back next year when global recession woes arise, the foreign reserve management team of South Korea's central bank said Tuesday. The dollar has recently been under downward pressure after gaining marked ground against major currencies thanks to aggressive monetary tightening in the United States. The Korean won has also rebounded recently after tumbling through the 1,400 mark in Sep

Lowering profitability, growing debt coupled with rate hikes weigh down prospects for Korean businesses next year: KCCI