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Today Economy

Job data heighten calls for policy shift

Calls are growing for President Moon Jae-in’s administration to readjust its income-led growth policy, which experts say has been only worsening unemployment and low-income households’ livelihoods.According to the latest data from Statistics Korea, the country’s jobless rate stood at 4 percent last month, up from 3.6 percent in May last year, when Moon took office. The figure for young people aged 15-29 rose from 9.2 percent to 10.5 percent over the cited period.The overall and youth jobless rat

Govt. to step up readjustment of budget spending to boost job creation, innovative growth

SEJONG -- The government said Monday that it will continue its efforts to realign budget spending in a way to tackle the country's chronic low birth rate, boost job creation and facilitate innovative growth."The government will focus on the three key policies by improving the country's overall budget spending scheme," Deputy Finance Minister Kim Yong-jin said in a policy meeting.Kim said government agencies are urged to actively respond to changes in policy implementation and to do more for dere

Today
Economy
Job cuts most serious for 30s and 40s: data

While South Korea’s employment indexes continued to struggle amid controversies on increased minimum wage, the job decreasing rate turned out to be the most drastic for the primary labor force age clusters in their 30s and 40s, data showed Sunday. The number of newly employed people in their 40s stood at 669.7 million in May, down 88,000 from the same period last year and marking a decline for 31 consecutive months, according to data released by Statistics Korea.This was the longest period of no

Today
Economy
S. Korea's jobless rate rises in May, job creation lowest in over 8 yrs

South Korea's jobless rate rose slightly in May due to a fall in employment in the retail, manufacturing and educational service sectors, while job creation remained sluggish, government data showed Friday.The unemployment rate stood at 4 percent last month, up 0.4 percentage point from a year earlier, marking the highest rate recorded for May in 18 years, according to the report compiled by Statistics Korea.The number of employed people reached 27.06 million in May, up 72,000 from a year earlie

Jun 15, 2018
Economy
ECB to keep interest rates at record lows at least through summer

The European Central Bank on Thursday said it expected key interest rates to remain at their current historic lows "at least through the summer of 2019."The headquarters of the European Central Bank. (AFP-Yonhap)The Frankfurt institution's main refinancing rate currently stands at zero percent, the rate on the marginal lending facility at 0.25 percent, and the rate on deposits at -0.4 percent, meaning banks pay to park money with the ECB. (AFP)

Jun 14, 2018
Economy
US rate hike likely to have limited impact on Korea: officials

Seoul troubled by rate hike pressure, slow growth dilemma

Jun 15, 2018
Economy
Banks preparing for possible resumption of inter-Korean projects

South Korean banks have stepped up preparations for a possible resumption of economic projects in North Korea, as a historic summit between US President Donald Trump and North Korean leader Kim Jong-un raised hopes of more reconciliation between Seoul and Pyongyang.After about five hours of talks in Singapore on Tuesday, Trump and Kim signed a joint statement committing to the "complete denuclearization of the Korean Peninsula." But the statement fell short on details of how the North's denuclea

Jun 14, 2018
Economy
Denuclearization talks may give momentum to new economic road map for 2 Koreas

President Moon Jae-in's "new economic road map" for the Korean Peninsula may get its needed momentum once North Korea's denuclearization gets on track, with details getting added to the unified market and economic cooperation belts that he envisioned, according to watchers here Thursday.Prospects of improved and even new economic tieups with the North brightened after the historic North Korea-US summit in Singapore on Tuesday. The premise is that the international sanctions imposed on the North

Jun 14, 2018
Economy
Korea needs a boost to domestic demand

With the prospects for Korea’s exports in the coming years dimming, there is increased pressure to expand domestic demand, particularly by promoting service industries through drastic deregulation.A downturn in exports, which have shored up Asia’s fourth-largest economy in recent years amid sluggish domestic demand, could rattle it unless offset by an increase in local consumption and investment, experts say.According to recent data from the Bank of Korea, exports made a 1.8 percentage point con

Jun 14, 2018
Economy
[US-NK Summit] Major research institutes, ministries join peace mood of US-NK summit

Think tanks expand NK economy research teams, ministries name senior experts as inter-Korean team chiefs

Jun 13, 2018
Economy
Weak manufacturing increases employment woes

Korea is lagging behind in global competition to enhance the productivity and employment of manufacturing industries, experts here say.Asia’s fourth-largest economy saw its manufacturing sector’s proportion of gross domestic product shrink from 31.36 percent in 2011 to 29.33 percent in 2016, according to data from the World Bank. The corresponding figure for member states of the Organization for Economic Cooperation and Development rose by 1.1 percentage points on average over the cited period.

Jun 12, 2018
Economy
Seoul’s stock market buzzes ahead of Trump-Kim summit

Experts warn against hasty anticipations, call caution on US, EU monetary policy changes

Jun 12, 2018
Economy
Self-employed biz earnings growth falls to 6-year low in 2017: report

The earnings growth rate for South Korea's self-employed businesses fell to a six-year low in 2017 amid social and economic changes under way in Asia's fourth-largest market, official data showed Sunday.Profit growth by relatively small, self-employed businesses reached 1 percent last year compared with 2016, information provided by Statistics Korea showed. This is the worst showing after a 0.7 percent increase tallied in 2011.Industry watchers said the falling off of workplace-related eating an

Jun 10, 2018
Economy
10 out of top 30 conglomerates cut number of workers in 2017: report

South Korea's leading business groups scaled back the number of employees on their payrolls in 2017 amid challenging market conditions and restructuring efforts undertaken by some industries, a report by a corporate information provider said Sunday.According to the data compiled by Chaebol.com., 10 out of the 30 largest conglomerates in terms of assets, had fewer workers last year than in 2016, with four cutting their workforces by more than 1,000.Of the groups that cut workers, Kumho Asiana, wh

Jun 10, 2018
Economy
Finance minister calls for corporate support in job creation, innovative growth

HANAM -- South Korea's top economic policymaker on Friday asked companies to do more to create jobs and spearhead innovative growth in the latest appeal to the business community to join the government's efforts to push for a more balanced and sustainable economy.In a meeting with Shinsegae Vice Chairman Chung Yong-jin and top executives of affiliates of the business group in Hanam, just southeast of Seoul, Finance Minister Kim Dong-yeon stressed the importance of cooperation between the private

Jun 8, 2018
Economy

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