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Economy

Sun, November 27, 2022 | 03:35

Digital capabilities to determine competitive edge for local banks: Deloitte report

Digital capabilities to determine competitive edge for local banks: Deloitte report

Korea's banking sector has been quickly innovating with expanded roles taken by digital banking since the COVID-19 outbreak. This deepened reliance on digital banking is not confined to Korea. “Digital maturity,” or an organization's ability to respond and adapt to technological trends, has been surveyed to have risen across the entire banking sector globally over the past tw...

Anna J. Park | 2022-11-24 17:12

Bank of Korea lowers 2023 growth outlook to 1.7%

Bank of Korea lowers 2023 growth outlook to 1.7%

The Bank of Korea (BOK) slashed its 2023 growth outlook for Korea to 1.7 percent, Thursday, from its previous projection of 2.1 percent, citing anticipated slowdowns in exports and the pace of recovery in private spending. The 2023 forecast is alarming for Asia's fourth-largest economy as its growth potential had been estimated to be in the 2 percent range for the past few ye...

Yi Whan-woo | 2022-11-24 17:06

[INTERVIEW] OECD calls for Korea to reform college entrance exam

INTERVIEWOECD calls for Korea to reform college entrance exam

The expansion of Korea's education system has played a significant role in the country's economic development. But the education system is now facing demographic headwinds and also needs improvements to meet the needs of the modern labor market.

Kim Yoo-chul | 2022-11-24 14:58

Producer prices up in Oct. on higher electricity, gas bills

Producer prices up in Oct. on higher electricity, gas bills

Korea's producer prices rose for the second straight month in October, as high energy and gas prices drove up manufacturing costs, central bank data showed Thursday.

2022-11-24 10:55

BOK hikes policy rate by quarter point, lowers growth projection for next year

BOK hikes policy rate by quarter point, lowers growth projection for next year

Korea's central bank raised its policy rate by a quarter percentage point Thursday to tame persistently high inflation but slowed the pace of monetary tightening amid worries over high borrowing costs and their impact on economic growth.

2022-11-24 10:25

Corporate direct financing dives 49% in Oct. amid rate hikes

Corporate direct financing dives 49% in Oct. amid rate hikes

Corporate direct financing in Korea fell 49 percent in October from the previous month as rate hikes weighed on corporate activities, data showed Thursday.

2022-11-24 10:01

Household debt reaches new heights on surge in loans from non-banking financial firms

Household debt reaches new heights on surge in loans from non-banking financial firms

People are borrowing more money from private lenders and non-banking financial firms, which in turn has led the total amount of household debt in Korea to surge to a record 1,870.6 trillion won ($1.38 trillion) in the third quarter, according to the Bank of Korea (BOK). According to the BOK's preliminary data, Tuesday, outstanding household debt, including the amount of credi...

Yi Whan-woo | 2022-11-23 15:40

Procurement market offers launch pad for businesses to leap forward as global players

Procurement market offers launch pad for businesses to leap forward as global players

Procurement markets overseas offer huge opportunities for businesses to grow into global players, but many of them have been hesitant due to high entry barriers. The Public Procurement Service (PPS) has been accompanying businesses to successfully enter the blue ocean market, and help their exports rise to record highs in the first quarter.

Yoon Ja-young | 2022-11-23 14:32

OECD slashes Korea's growth forecast to 1.8% for 2023

OECD slashes Korea's growth forecast to 1.8% for 2023

The Organization for Economic Cooperation and Development (OECD) lowered its growth forecast for Korea next year to 1.8 percent, Wednesday, down from its previous outlooks of 2.2 percent in September and 2.5 percent in June. The 2023 outlook for Asia's fourth-largest economy contrasts with a global economic growth forecast of 2.2 percent. The Paris-headquartered OECD assessed...

Yi Whan-woo | 2022-11-22 20:22

Financial authorities pressure banks over deposit interest rates amid liquidity shortage

Financial authorities pressure banks over deposit interest rates amid liquidity shortage

Commercial banks are under pressure to lower deposit interest rates to prevent excess cash inflow due to steep rate hikes delivered by the Bank of Korea (BOK), which in turn, squeeze non-banking financial firms with liquidity shortages. The situation faced by the lenders is in stark contrast to what they have faced in past months when they were pressed to raise deposit rates ...

Yi Whan-woo | 2022-11-22 16:36

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