Economic shocks from the coronavirus pandemic are deepening. Bank of Korea Gov. Lee Ju-yeol said Thursday that it will not be easy for the South Korean economy to grow 1 percent this year even if the pandemic subsides in the second quarter. The Korea Economic Research Institute forecast minus 2.3 percent, and global institutes including Nomura Securities and Fitch Ratings projected that Korea will show negative growth this year. The Korean economy shrank on two occasions, in 1980 (minus 1.6 pe

Late last month, some local media outlets reported that Seoul and Washington had reached a tentative agreement to renew a bilateral deal on how to split the cost of stationing 28,500 US troops here. Quoting an unnamed official at South Korea’s presidential office, the reports said a final deal could be announced as early as April 1. At the time, there was speculation that negotiations between the two sides had gained momentum after President Moon Jae-in and his US counterpart, Donald Tru

Two female workers entertaining men at a large hostess bar in southern Seoul recently tested positive for the new coronavirus, raising concerns about mass infections at nightlife locations. About 100 male customers and staff workers of the bar are said to have been exposed to the workers. First of all, it is surprising that hostess bar business was booming even when most people were enduring the inconvenience of social distancing voluntarily. The outbreak at the bar raises concerns that night

Rival political parties have competitively proposed to provide more people with more money in emergency rescue aid to cushion the impact of the novel coronavirus crisis. Such populistic competition is engulfing other policy issues in the campaign for the April 15 general election. The ruling Democratic Party of Korea pledged Monday it would push to expand the scope of recipients of planned emergency relief funds to all households. Party leader Lee Hae-chan said it was important to show that t

The new academic year for elementary, middle and high schools is scheduled to begin gradually with online classes following repeated postponements due to the novel coronavirus. Middle and high school students in their third and final year will start to learn online Thursday. Online classes will open on April 16 for first and second graders at middle and high schools and fourth to sixth graders at elementary schools. First to third graders at elementary schools will receive remote education sta

Massive lockdowns imposed around the world to reduce the spread of the novel coronavirus have drastically slowed down international trade and food supply chains. This led three related international agencies last week to warn of a potential global food shortage if the coronavirus crisis is not managed properly. “Uncertainty about food availability can spark a wave of export restrictions, creating shortages in the global market,” said the joint statement signed by the heads of the U