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Finance

Economy

Fri, January 29, 2021 | 00:30

S&P highlights Hyundai, Samsung, LG, SK betting on futuristic cars

S&P highlights Hyundai, Samsung, LG, SK betting on futuristic cars

S&P Global Ratings picked aggressive investments by Korean conglomerates in electric vehicles (EVs) and self-driving technologies as one of the most important issues to keep an eye on this year, expressing an optimistic outlook for businesses engaging in the semiconductor, IT and automotive industries. “Hyundai Motor Group is aggressively investing in self-driving vehicles an...

Park Jae-hyuk | 2021-01-27 15:05

IMF, JPM revise up Korea's growth outlook

IMF, JPM revise up Korea's growth outlook

The local economy saw its worst performance in over two decades in 2020, but grew at a faster-than-expected pace in the fourth quarter, also raising hopes that it will bounce back in 2021 in line with a recovery in global trade. In a report released Tuesday, the Bank of Korea (BOK) noted that the country's gross domestic product (GDP) contracted 1 percent in 2020 from a year ...

Kim Yoo-chul | 2021-01-26 22:01

Korea's economy contracts 1% in 2020 amid pandemic - the worst on-year growth in over 20 years

Korea's economy contracts 1% in 2020 amid pandemic - the worst on-year growth in over 20 years

The South Korean economy's performance was the worst in over two decades last year, bearing the brunt of the pandemic, but it appears to have gotten back on a growth track on the back of a mild recovery in exports, according to the central bank Tuesday. The country's gross domestic product (GDP) shrank 1 percent in 2020 from a year earlier, according to advance data from the ...

2021-01-26 09:37

Households' food expenses surge amid pandemic

Households' food expenses surge amid pandemic

The outbreak of the COVID-19 pandemic resulted in a surge in household spending on food, with fewer people enjoying outdoor activities and eating out in 2020, according to Bank of Korea (BOK) data.

Lee Min-hyung | 2021-01-25 10:40

[INTERVIEW] Korea urged to brace for side effects of 'Bidenomics'

[INTERVIEW] Korea urged to brace for side effects of 'Bidenomics'

A noted economist here has warned against adopting a blind optimism about the possible influence of the Joe Biden administration's policies on the Korean economy, amid a rosy outlook for recovery from the global economic downturn resulting from the COVID-19 pandemic. Institute for Global Economics (IGE) Chairman Jun Kwang-woo, who previously served as the first chairman of th...

Park Jae-hyuk | 2021-01-22 17:01

Dollar expected to lose ground under Biden presidency

Dollar expected to lose ground under Biden presidency

The inauguration of U.S. President Joe Biden will induce changes in Korea's currency market and the central bank's low interest rate stance, but the level of changes will depend on how fast the coronavirus spread subsides here and abroad throughout 2021, market experts said Thursday.

Lee Min-hyung | 2021-01-21 16:29

K-shaped recovery widens inequality in Korea

K-shaped recovery widens inequality in Korea

When the novel coronavirus first arrived in South Korea a year ago, Bang Su (alias) didn't know it would upend her career and family all of a sudden. The Pilates instructor worked less than two months last year as on-and-off social distancing measures restricted the operation of a sports center run by the Seocho ward office.

2021-01-20 10:45

Fast debt pile-up feared to threaten Korean households

Fast debt pile-up feared to threaten Korean households

Concerns are mounting that the rapid increase in household debt could escalate into a financial crisis, as a sudden fall in the values of homes and stocks could put many overleveraged borrowers into default, experts warned Sunday. They said the Korean economy could fall into a vicious cycle whereby the financial status of lenders becomes compromised and worsens rapidly due to...

Lee Kyung-min | 2021-01-15 17:57

Is inflation returning with economic rebound?

Is inflation returning with economic rebound?

Concerns about inflation are emerging on the back of hopes of an earlier-than-expected economic recovery sparked by the beginning last December of mass vaccinations against COVID-19 in some countries - a dramatic turnaround from worries over deflation raised amid the economic meltdown brought on by the coronavirus pandemic. Some say it is too early to worry about inflation at...

Lee Kyung-min | 2021-01-14 14:41

Korea suffers biggest job losses since 1998 amid pandemic

Korea suffers biggest job losses since 1998 amid pandemic

Korea shed 218,000 jobs in 2020 from a year earlier due to the COVID-19 pandemic, the sharpest decline in employment in 22 years since 1998 when the Asia financial crisis wiped out over 1.27 million jobs, according to Statistics Korea data, Wednesday.

Lee Kyung-min | 2021-01-13 16:03

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