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The Korea Times

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Economy

Sat, June 3, 2023 | 00:08

FSC vice chief promotes Korean finance in Central Asia

FSC vice chief promotes Korean finance in Central Asia

Financial Services Commission (FSC) Vice Chairman Kim So-young is setting off for Central Asia with leaders of domestic financial firms, accelerating financial regulators' efforts to support the firms' overseas expansion. According to the FSC, Kim will visit two Central Asian countries - Uzbekistan and Kyrgyzstan - from Tuesday to Friday. This will be Kim's first time taking ...

Lee Yeon-woo | 2023-05-16 15:19

Global economic growth estimated at 2.6% amid strong US job market, China's reopening: KIEP

Global economic growth estimated at 2.6% amid strong US job market, China's reopening: KIEP

Korea's state-run economic think tank said Tuesday it has raised the global economic growth outlook to 2.6 percent for 2023, on the back of the strong U.S. job market and China's reopening.

2023-05-16 15:00

Borrowers with low credit scores turn to loan sharks for money

Borrowers with low credit scores turn to loan sharks for money

As many as 71,000 people with low credit scores were found to have turned to loan sharks to borrow money last year as interest rates surged, according to a recent survey by Korea Research Institute for Financial Inclusion, whose results were announced, Monday.

Anna J. Park | 2023-05-16 08:18

Gov't, Assembly remain divided over belt-tightening policy

Gov't, Assembly remain divided over belt-tightening policy

The government and the opposition-led National Assembly remain poles apart over the government's push to curb the fiscal deficit and improve financial soundness.

Yi Whan-woo | 2023-05-15 16:42

Will utility fee hikes affect inflation cooldown?

Will utility fee hikes affect inflation cooldown?

The hikes in the costs of utilities starting Tuesday are prompting speculation over how they may affect the course of inflation, which has been cooling down in recent months. Analysts said Monday the price increases are not likely to disrupt the easing of headline inflation, the overall measure of change in value of all goods and services within an economy.

Yi Whan-woo | 2023-05-15 16:41

Electricity, gas rates to be raised to cap soaring losses

Jobs for 40-somethings fall for 10th month amid manufacturing slump

Jobs for 40-somethings fall for 10th month amid manufacturing slump

The number of jobs for people in their 40s in Korea decreased for the 10th consecutive month in April, data showed Sunday, amid the protracted slump in the country's manufacturing industry.

2023-05-14 09:41

Choo highlights role of MDBs in tackling poverty in developing nations

Choo highlights role of MDBs in tackling poverty in developing nations

South Korean Finance Minister Choo Kyung-ho emphasized the importance of multilateral development banks' role in tackling poverty in developing nations at a Group of Seven ministerial meeting, his ministry said Saturday.

2023-05-13 15:09

Fiscal deficit grows faster than expected amid falling tax revenue

Fiscal deficit grows faster than expected amid falling tax revenue

Korea's fiscal deficit surpassed 90 percent of the total amount projected for all of 2023 in the first three months of the year, data showed. The government is struggling with falling tax revenue while clinging to belt-tightening policy to improve financial soundness.

Yi Whan-woo | 2023-05-12 16:23

US default would send shockwaves through global markets: experts

US default would send shockwaves through global markets: experts

The possibility of the U.S. government defaulting on its debt could cause repercussions in Korea and seriously dent its efforts for economic recovery, even though the chances of that happening are slim, according to analysts in Seoul, Friday. The experts noted that the Korean financial market is highly influenced by the U.S. economy and a failure in raising the U.S. debt ceil...

Yi Whan-woo | 2023-05-12 16:00

Delinquency rate of businesses adds to economic concerns

Delinquency rate of businesses adds to economic concerns

Companies are borrowing more money from banks while increasingly failing to make repayments on time, fueling concerns of corporate debt and risks of defaults that can further disrupt the country's efforts to revitalize its sluggish economy. According to data from five major banks, KB Kookmin, Shinhan, Hana, Woori and NH NongHyup, Thursday, the remaining balance of loans taken...

Yi Whan-woo | 2023-05-11 17:14

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