Korea’s major industries including IT, cars and petrochemicals are forecast to see their business conditions improve in the fourth quarter of this year, according to a report from the Korea Chamber of Commerce and Industries. But the steel and shipbuilding industries are expected to remain in a slump during the period.

The International Monetary Fund lowered its growth estimate for the world economy next year from 3.8 percent to 3.6 percent, saying global growth was still weak and risks remained. It cut the growth forecasts for Korea, China and the United States while raising the estimates for Japan and Britain.

Only three Korean companies ― Samsung Electronics, LG Electronics and LS Industrial System ― were named among the world’s top 100 global innovators, according to an annual study by Thomson Reuters.Korea lagged far behind the United States with 45 companies on the list and Japan with 27 companies.

The government’s budget plans submitted to the National Assembly on Sunday showed large cuts from the Defense Ministry’s original request in key arms procurement projects, despite North Korea’s growing nuclear and missile threats.

The average age of Korean workers reached 44 this year from 35 in 1970, according to a report from the Bank of Korea released Wednesday. This seems to be affected by an increase of the older generation in the labor market, while there is a decline of younger people.

According to data from Statistics Korea and the Finance Ministry, Korea’s richest households earned tenfold more than those in the poorest income brackets last year, showing the nation’s wide income gap between the haves and have-nots.

Seniors aged 65 or older made up more than 12 percent of all Koreans this year, raising concerns that the fast-aging population could weigh on the nation’s future economy.

Thanks to the nation’s power shortages, the sales income for Korea’s 13 power generators in the private sector has increased by nearly 40 percent annually for the past three years, according to data from the Korea Power Exchange. It is expected that the total sales for this year by private power generators, including SK E&S, POSCO Energy and GS Power, are expected to surpass 12 trillion won ($11.1 billion).

New draft for basic pension programThe new basic state pension plan, proposed by the government on Wednesday, covers only seniors making up the poorest 70 percent, in terms of income and assets, starting July next year.

According to data from the World Bank, Korea’s 2012 global ranking of nominal gross domestic product remained at 15th for the fifth straight year. The U.S. economy topped the list with $15.7 trillion in GDP, followed by China with $8.36 trillion and Japan with $5.96 trillion.

Korea spent only 0.8 percent of its gross domestic product on family benefits in 2009, placing the country at 32nd among 34 OECD member states in child welfare spending, according to a report by the Korea Institute of Health and Social Affairs.OECD countries spent on average 2.3 percent of their GDP on child and family benefits in the same year.

According to data from Statistics Korea, financial loans to household heads in their 20s and 30s sharply increased between 2010 and 2012. Financial analysts attributed the surge to the drastic increase in housing rental fees.