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Reporter : Yi Whan-woo
Sat, June 3, 2023 | 06:59
IMF cuts Korea's 2023 growth forecast to 1.5%
The International Monetary Fund (IMF) cut its 2023 economic growth forecast for Korea to 1.5 percent, Tuesday, down from a previous forecast of 1.7 percent announced in January. The IMF also lowered its world economic growth outlook to 2.8 percent from 2.9 percent, assessing that the global economy will undergo a “rocky recovery” due to the war in Ukraine, a risk of geo-econo...
BOK freezes key rate again amid deepening economic slowdown
The Bank of Korea (BOK) kept its key interest rate unchanged for the second straight time, Tuesday, in a widely expected decision to tip the balance of its monetary policy toward tackling an economic slowdown instead of fighting inflation. The move, which maintained the base rate at 3.5 percent, came after the central bank froze the rate in its previous monetary policy board ...
Gov't might scrap fuel tax cuts as fiscal revenue falls
The government is considering gradually scrapping its years-long tax cut on fuel, in a desperate bid to counter a massive shortage of tax revenue that could hinder the country's economic recovery, according to sources familiar with the matter, Monday.
Super-rich favor investing in art
The super-rich in Korea favor art as a form of investment more than less wealthy groups of people, according to a report, Sunday. Released by Hana Institute of Finance, the “2023 Korea Wealth Report” defined the super-rich as people whose financial assets, such as stocks and bonds, exceed 10 billion won ($7.58 million) in value, or those whose aggregate wealth is worth at lea...
Bank of Korea may opt for another rate freeze this week
The Bank of Korea (BOK) is anticipated to freeze its benchmark interest rate this week for the second straight time, as inflation keeps falling while signs of an economic downturn are heightening, according to analysts, Sunday. The BOK is scheduled to hold a rate-setting meeting, Tuesday, after halting a monetary-tightening campaign that lasted for more than a year and kept t...
Gold price soars to all-time high
The price of gold soared to a record high this week, fueled by a growing preference for safe-haven assets by investors in the face of financial market volatility sparked by the recent global banking turmoil. A gram of gold was priced at 84,980 won ($64.40) on the Korea Exchange (KRX), Wednesday, up 1.86 percent from the previous session. The price of gold hit an intraday high...
Wealth gap widens between top and middle-income workers
The top 0.1 percent of salaried workers in Korea earn nearly 32 times more than middle-income workers, data showed Thursday. Statistics from the National Tax Service cited by Rep. Kang Jun-hyeon of the main opposition Democratic Party of Korea (DPK) showed that the per capita annual income of the richest 0.1 percent of salaried workers stood at 956.15 million won in 2021.
Daishin heir on course for third-generation succession
Daishin Financial Group heir Yang Hong-seok is on course for the third-generation succession of the mid-sized financial services company. The group said Vice Chairman Yang, 42, has been named to chair the board of directors at its flagship affiliate Daishin Securities.
Korea to push to finalize FTAs with Ecuador, Gulf states
Korea will diversify its free trade partnerships with more countries in the face of export declines and concerns over an economic slowdown, the country's top economic policymaker said Wednesday. Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho said the government accordingly will try to finalize ongoing negotiations on free trade with Ecuador and the si...
Hana introduces benefits for families with multiple children
Hana Financial Group said Tuesday it will introduce a range of financial benefits for families with two or more children as part of efforts to join the country's campaign against low birth rates and aging population. The banking group said the benefits will be offered by Hana Bank, Hana Card and Hana Securities, with the goal of forming a “favorable environment for marriage a...
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