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Mon, December 4, 2023 | 14:38
Bank of Korea expected to deliver 7th straight rate hike Friday
The Bank of Korea (BOK) is likely to deliver its seventh straight rate hike in this year's first rate-setting meeting scheduled for Friday, as inflation remains high and has room to rise higher due to planned hikes on utility costs, according to analysts, Tuesday. They said the BOK will also need to ensure the interest gap with the United States does not widen by too much.
Special customs clearance to keep Lunar New Year holiday prices under control
The Korea Customs Service (KCS) said Friday it will temporarily allow customs clearance of imported goods around the clock beginning Jan. 9 in a bid to stabilize the prices of import items in the lead-up to the Lunar New Year long weekend from Jan. 21 to 24. Customs clearance will be allowed for three weeks through Jan. 27.
Gov't urged to encourage reshoring of more Korean firms through deregulation
The government needs to ease more business regulations to attract Korean enterprises active abroad to reshore their operations here, as a part of efforts to boost the market-driven economic strategy as addressed by President Yoon Suk-yeol, according to multiple studies and economists.
Pay in longer, get paid out later: one way to prevent pension depletion
The younger the taxpayers are, the more they will pay over time and the longer they will have to wait to receive their retirement pensions. That idea was brought up this week during a National Assembly-driven discussion, as the country's population is dwindling and aging rapidly, and it is feared that the state-run pension fund will be depleted by the 2050s.
Duty-free sales to be allowed on all overseas flights out of rural airports
Any international flights departing from Korea's regional airports will be able offer duty-free shopping on board, the Korea Customs Service (KCS) announced on Thursday. In-flight duty-free sales on planes bound for overseas destinations have been allowed only under the condition that the duty-free items are loaded directly from the airports where the corresponding planes dep...
Vietnam becomes source of largest trade surplus for Korea
Vietnam has become the source of Korea's largest trade surplus for the first time as the economic partnership between the two countries has expanded over the past few years amid shrinking trade with China, according to data released Wednesday. The Ministry of Trade, Industry and Energy said Korea posted a surplus of $34.25 billion in trade with Vietnam in 2022, with exports t...
Gov't to frontload 60% of 2023 budget in 1st half
The government said Wednesday that it will prioritize creating more jobs and stabilizing prices in the first half of this year by front-loading at least 60 percent of its 2023 budget, which is worth 638.7 trillion won ($500 billion).The decision came as the nation's economy is forecast to remain in the doldrums for the time being amid a global economic slowdown caused by high...
Will Korean economy slip into recession in 2023?
Korea could face a mild recession in 2023, as exports and private spending ― the twin engines of the nation's economy ― are forecast to falter at the same time amid a global economic slowdown caused by high inflation and supply chain disruptions, according to multiple analysts. A recession is technically defined as a contraction in gross domestic product (GDP) for two or more...
Banking groups rush to attract wealthy customers
Banking groups are racing to attract wealthy customers as more rich individuals are parking their money in savings accounts due to the steep hike in the benchmark interest rate and a subsequent rise in the deposit rate. The nation's three largest financial groups ― KB, Shinhan and Hana ― are using their respective private banking (PB) centers and digital technology to offer t...
Electricity, public transportation fee hikes hinder efforts to fight inflation
The planned price hikes of utilities and public transportation fees in 2023 pose challenges to Korea's fight against inflation that still remains high while stabilizing at a slow pace, according to analysts. On Friday, the Ministry of Trade, Industry and Energy announced plans to increase electricity rates in the first quarter of 2023 by 13.1 won ($0.01) per kilowatt hour (kW...