South Korea has regained its title as the world’s 11th-largest economy in nine years, according to national accounts data by the World Bank and the Organization for Economic Cooperation and Development.The latest data showed that Korea’s gross domestic product stood at $1.38 trillion in 2015, climbing back up to 11th place, based on the average dollar currency rate over the last three years.Korea’s ranking in terms of economic output has been sliding since 2006, beyond the top 10 during the Roh

South Korea’s export and import prices fell last month for the first time in three months due to falling oil prices and the won-dollar exchange rate, according to the Bank of Korea on Friday.The export price index stood at 78.8 in July, down more than 2 percent from 80.6 in June, while the import price index came to 75.85, down about 2.8 percent from 78.03 in the same period. The decrease rate of the import price index in July reached the highest in nine months.The appreciation of the Korean won

In the 1970s, South Korea’s industrial policy mostly focused on lifting the country out of poverty as it reeled from the aftermath of the Korean War, Japanese colonization and internal political turmoil.Its policy then concentrated on accelerating growth by handpicking key industries and developing them as rapidly as possible so that Korea could catch up with the advanced economies of the U.S., Europe and Japan.With its growth-first policy, the country encouraged those industries to research, de

South Korea’s Ministry of Trade, Industry and Energy said Tuesday that it is not considering changes to its electricity charging scheme for households, despite litigations against the state’s “unfair and excessive” billing amid the scorching summer heat.The government said that it would need social consensus before it can actually change the scheme, which it added was developed in favor of the low-income group.“This would need social consensus given that there are a variety of opinions on this s

If there is a South Korean word-processing developer that can take on the almighty Microsoft Word in the local market, it would be Hancom.The Kosdaq-listed Hancom is the only company here that develops the Korean word processor Hangul.And its presence continues to grow in the local word processing scene, especially after Hancom was exclusively selected by the Gyeonggi Provincial Office of Education last June as the lead provider of Office suite programs.Microsoft is clearly the leader and consum

South Korea’s political circles are once again engaged in a tug-of-war over the most sensitive issue -- taxes -- with the progressives locking horns with the government and the conservatives over the proposal of tax hikes on the rich and conglomerates ahead of the National Assembly’s regular session next month. With Korea’s tax burden among the lowest in the Organization for Economic Cooperation and Development, the progressive Minjoo Party of Korea is making a case with its own set of tax code

Exports, South Korea’s main growth driver, dropped more than 10 percent in July, with imports decreasing faster than outbound shipments by 14 percent.Low inflation below the 1.1 percent target on falling oil prices and slow industrial production driven by decreasing global demand continue to drag Asia’s fourth-largest economy.With key statistical data pointing south, socioeconomic outlooks showing negative signs and doubts over the impact of the government’s stimulus proposal, market analysts ar

A series of unfortunate events and negative factors abroad are hindering South Korea’s economy from growing toward its desired targets. The impact of the U.K.’s Brexit vote was beginning to ease up, with the government pledging fiscal support through a 28 trillion won ($25 billion) stimulus following the central bank’s monetary easing. But falling oil prices are now in the way of Asia’s fourth-largest economy reaching its potential.With crude oil prices dropping below $40 per barrel, the Korean

South Korea’s consumer price index rose 0.7 percent last month on-year, the slowest in 10 months, according to Statistics Korea on Tuesday.Due to falling international oil prices, the inflation rate has remained in the zero percent territory over the last three months, well below the central bank’s target of 2 percent for 2016-2018.In light of forecasts that global oil prices will decrease to around $30 per barrel on overcapacity rather than rebounding toward $50 later this year, it remains unce

South Korea’s current account surplus extended its record for the 52nd consecutive month in June, but the record surplus was mostly due to falling oil prices rather than an increase in exports over imports on global demand, according to the Bank of Korea on Monday.The current account surplus, the broadest measure of trade, hit a record of $12.17 billion in June, the biggest since the central bank began collecting the trade data in 1980. The June surplus gained $300 million, compared to a year ag

The power of gaming content is evident nowadays as a growing number of smartphone users seek quality and entertaining content whenever and wherever. Just look at Nintendo and its affiliate Niantic, which recently hit the jackpot with the augmented-reality mobile game “Pokemon Go” based on the animated character series. Similarly, Korea’s listed gamer SundayToz expects to see growth with its flagship puzzle game “Anipang.” The success of its new “Anipang” game series will be reflected in its earn

(Yonhap)The South Korean government will expand through a legal revision its policy to provide more tax breaks for corporate research and development costs and employment as a means to develop the country’s next growth engines and boost job creation.The Finance Ministry announced Thursday it would have the high-income group and conglomerates pay more taxes while easing the tax burden on the low- and middle-income brackets and small businesses.“This is in line with efforts to run a reasonable and

South Korea’s consumer sentiment index rebounded toward its previous high over three months in July, as concerns over corporate restructuring and the Brexit vote both at home and abroad fell, following policy measures to cushion the economy from possible shocks.The consumer sentiment index stood at 101 this month, up 2 points from a month before, the Bank of Korea said Wednesday.Along with the April sentiment at 101, the July index marks the highest since December last year when it stood at 102.

Finance Minister Yoo Il-ho said Wednesday that the government will deal with the laborers of conglomerates under a creditor-led workout going on strike. In an economic-related ministerial meeting in Seoul on Wednesday, the finance minister said that he was concerned that some conglomerates’ workers are protesting when they should instead be working together to overcome the difficulties of restructuring ahead.“They are only making contractors and nonregular workers uneasy. Their act, which is onl

South Korea’s economy grew 0.7 percent in the second quarter of this year, remaining in zero percent growth territory for three straight fiscal quarters, according to the Bank of Korea on Tuesday.Even though the country’s second-quarter growth exceeded that of the first quarter when Asia’s fourth largest economy expanded merely 0.5 percent, Korea’s economy performed slightly better mostly due to improved domestic consumption backed by government policies.Other key drivers of growth such as gover