Countries with high income inequality and national debt have reported more COVID-related deaths in the first year of the pandemic, a report showed Tuesday. Of the 38 Organization for Economic Cooperation and Development member nations, those with a high Gini coefficient -- a gauge of economic inequality such as levels of income -- and high national debt saw the most deaths from COVID-19 in 2020, a report released by the Korea Institute of Public Finance said. “Our research showed that if

Financial authorities plan to launch a stock market stabilization fund as part of efforts to counter downswings amid growing worries over global financial tightening and slowing economic growth, industry sources said Tuesday. Consultations are ongoing among relevant agencies with an aim to complete preparations for the launch of the around 10 trillion-won ($7 billion) fund within this month, according to the sources. The move comes as stock markets here have nose-dived this year on worries over

One-person households increasingly tightening belts, setting average retirement savings goal of W770m

Finance Minister Choo Kyung-ho elected chair of 2023 ADB meeting in Songdo

President Yoon Suk-yeol said Friday the government will take necessary and timely steps to protect the people against increasing financial volatility. Yoon made the remark while presiding over a macrofinancial meeting with government and business officials, citing an "unprecedentedly strong dollar" and the US Federal Open Market Committee's decision last week to raise the interest rate. "The level of shock from the crisis that began from external factors will depend on how we

Combined assets held by 100 individuals worth W2.52tr, or 206 homes each

South Korea's tax revenue increased 41 trillion won ($28.8 billion) in the first eight months of this year compared with a year earlier as the collection of corporate and income taxes rose, the finance ministry said Thursday. Tax revenue amounted to 289.3 trillion won in the January-August period, compared with 248.2 trillion won the previous year, according to the ministry. In August alone, the government collected 28.3 trillion won in tax revenue, up 3.7 trillion won from a year ago. Sout

The European Chamber of Commerce in Korea (ECCK) on Wednesday called for South Korea to consider revising regulations on electric vehicles and several other key sectors to provide more procedural clarity and flexibility in line with international standards. The ECCK made the recommendations to the South Korean government in its latest annual white paper for this year, which contains a total of 96 comments on the regulatory issues across 18 industries, including automotive, energy and environment

South Korea's global ranking in terms of digital technology competitiveness climbed to No. 8 this year, the science ministry said Wednesday, citing the International Institute for Management Development (IMD). According to the ministry, South Korea climbed four notches from last year's 12th spot in the 2022 IMD World Digital Competitiveness Ranking report. The country ranked 19th in 2017 and later reached the 14th and 10th spots in 2018 and 2019, respectively. The IMD, a Switzerland-ba

Sales of South Korea's top 500 firms have soared nearly 40 percent over the past 10 years with the information technology and electronics sector taking up the biggest share, a corporate tracker said Wednesday. The combined top line of the leading businesses stood at 3,286 trillion won ($2.3 trillion) in 2021, up 39 percent from a decade earlier, according to CEO Score. The IT, electronics and electric industry accounted for the largest percentage of the total at 17.3 percent last year, up 3

South Korea's inflation expectations declined for a second straight month in September amid falling oil prices, a central bank survey showed Monday. Ordinary people expected consumer prices will grow 4.2 percent over the next year, down 0.1 percentage point from 4.3 percent of the previous month, according to the poll conducted by the Bank of Korea (BOK). The inflation expectations index has shown a gradual decline since July, when the monthly figure peaked at an all-time high of 4.7 percen

SEJONG -- The Organization for Economic Cooperation and Development forecast Monday that South Korea will rank 12th among members of the Group of 20 for 2022 gross domestic product growth, hinting that the nation will see weakened momentum for economic growth. In its Interim Economic Outlook, the France-based OECD predicted that Korea will post a 2.8 percent growth this year. This is lower than the organization’s forecast for other G-20 members, including 4.1 percent growth in Australia,

South Korea's consumer inflation is likely to stay in the 5-6 percent range for a considerable period of time amid high energy and food prices and the local currency's sharp weakness against the US dollar, the chief of the country's central bank said Monday. Asia's fourth-largest economy is expected to see slowing growth momentum into next year due to China's slowdown and heightened external conditions, Bank of Korea Gov. Rhee Chang-yong told a parliamentary committee me

A South Korean vice finance minister on Friday asked the food industry to minimize raising food prices as the country is grappling with high inflation. The government also plans to expand the supply of agricultural products, including napa cabbage and white radish, in a bid to better deal with high demand for kimchi-making events ahead of the winter season, according to First Vice Finance Minister Bang Ki-sun. "In light of the stabilizing trends of grain prices, we are asking (the food sect

Central bank likely to accelerate rate hike upon steeper-than-expected US rate hike