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Yi Whan-woo

Korea Times Politics & City Reporter

Yi Whan-woo is a Korea Times journalist primarily covering finance. He writes in-depth articles on macroeconomy and financial markets and previously covered sports, politics, diplomacy and inter-Korean affairs, among others. Feel free to contact him at yistory@koreatimes.co.kr.

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Economy

IMF slashes Korea's 2025 growth outlook to 1%

The International Monetary Fund (IMF) slashed its 2025 economic growth outlook for Korea to 1 percent, Tuesday, marking a drastic cut from its previous 2 percent forecast in January. The new GDP forecast for Korea is far lower than the one for the global economy, which was revised down to 2.8 percent from 3.3 percent, and also for the advanced economies, which was brought down to 1.4 percent from 1.9 percent. This was the IMF's first update on its World Economic Outlook report after U.S. President Donald Trump’s global tariffs — some of which are now on hold — were unleashed on April 2. Before April 2, multiple economic institutions in Korea and abroad projected that Korea’s GDP would grow this year in the mid 1-percent range. While U.S. trading partners were hit by Trump’s tariffs, the 1-percentage-point cut in Korea’s 2025 growth estimate was also steeper compared to most major economies, according to the Ministry of Economy and Finance. The IMF did not elaborate on the details behind its lowered growth forecast for Korea. The institution simply noted that risks to the global

Apr 22, 2025By Yi Whan-woo
IMF slashes Korea's 2025 growth outlook to 1%
Banking & Finance

Mirae Asset sets milestone in Australian ETF market

Mirae Asset Global Investments said Tuesday that its exchange-traded fund (ETF) in Australia surpassed 10 billion Australian dollars ($6.41 billion) in assets under management (AUM). The achievement came about three years after the asset management arm of Mirae Asset Financial Group acquired a local company, ETF Securities, in June 2022. The company was rebranded to Global X Australia. Mirae Asset Global Investments has quickly expanded its presence in Australia since then, with Global X Australia marking a more than two-fold increase in AUM, which refers to the total market value of the securities a financial institution manages on behalf of its clients. The AUM amounted to AU$4.64 billion in June 2022, before rising to AU$6.21 billion in December 2023, AU$9.13 billion in December 2024 and over AU$10 billion this year. Global X Australia’s AUM grew 22.3 percent on average annually, far above the annual growth rate of 18.6 percent recorded by all Australian ETF issuers. It ranks as the fifth-largest equity-traded fund manager on the Australian market, following Vanguard, Betashares, iSh

Apr 22, 2025By Yi Whan-woo
Mirae Asset sets milestone in Australian ETF market
Economy

Financially pressed older adults urged to downsize homes to secure cash

Older people should consider downsizing their homes to secure cash, as many do not have stable incomes amid soaring costs of living, according to economists and researchers on Monday. They cited a report released by the Hana Institute of Finance, which showed that 81.3 percent of Koreans aged 65 or older in 2023 were either living alone or with an additional family member, usually a spouse. A separate report from the Bank of Korea (BOK) in 2024 showed that 57 percent of those aged 65 or older found their income not sufficient for their needs after retirement. The BOK report showed the surveyed group was financially strained, with more than 85 percent of their assets tied to their houses and other forms of real estate that cannot be quickly converted to liquid funds. “Under the circumstances, downsizing a house can be an option for the seniors to secure cash and improve their financial well-being,” said Chung Yoon-young, who authored the Hana report. “By moving to a smaller or less expensive home, seniors can use the money that is left over after selling the property to pay taxes, in

Apr 22, 2025By Yi Whan-woo
Financially pressed older adults urged to downsize homes to secure cash
Policy

Customs agency to crack down on country-of-origin fraud in US exports

Korea will carry out a sweeping crackdown on foreign goods that are deceptively labeled as Korean-made before export to the United States in a bid to lessen the tariff burden imposed by the U.S. government, the Korea Customs Service (KCS) said Monday. The customs agency said the crackdown will center on goods from countries where the U.S. levies higher rates of import duties than Korea, such as China, in light of U.S. President Donald Trump’s widening tariff war. The KCS has so far seized 28.5 billion won ($20 million) worth of goods this year that were shipped from overseas and disguised as being manufactured in Korea before attempts to export them to the U.S. That amount already surpasses the total amount of goods confiscated throughout all of 2024 due to fraudulent origin labeling. Last year, the total value was 21.7 billion won. “It can seriously damage Korean exporters’ credibility in the U.S. and even result in toughened regulations against our products if foreign goods are falsely labeled as ‘Made in Korea’ to bypass the U.S. tariff policy for illicit gains,” KCS Commi

Apr 21, 2025By Yi Whan-woo
Customs agency to crack down on country-of-origin fraud in US exports
Economy

'Loneliness economy' emerges as more Koreans live alone

Living alone in his early 40s after divorce ended his four-year marriage, an office worker surnamed Suh spends hundreds of thousands of won per month on premium food brands, top-rated grooming services and insurance for his Maltese dog. Suh acknowledges that he may be spending “excessively” on his dog, considering Korean pet owners spend 142,000 won ($99) on average per month according to a 2024 report released by the Ministry of Agriculture, Food and Rural Affairs. Nevertheless, he finds it “worthwhile,” as his dog helps him escape loneliness, which he previously struggled with following his divorce. “The joy and happiness that my dog brings as a lifetime companion is priceless, especially as I do not have kids and also rarely keep in touch with friends and family in recent years,” Suh said on condition of anonymity due to privacy concerns. According to economists, Suh’s unsparing financial commitment to his canine companion reflects the burgeoning “loneliness economy” — a segment of goods and services that capitalize on people’s feelings of isolation and social di

Apr 18, 2025By Yi Whan-woo
'Loneliness economy' emerges as more Koreans live alone
Policy

Stats agency considers using AI to increase household survey credibility

Statistics Korea is considering adopting artificial intelligence (AI) to enhance the credibility of government data for households that are increasingly unwilling to do in-person surveys in the digital era, officials said Thursday. They said the stats agency recently outsourced a feasibility study to the private sector to determine whether AI-driven surveys are more effective than in-person surveys in identifying household incomes, spending and consumption patterns. "The study is anticipated to last throughout 2025, and AI-driven surveys may start in 2026 if such method is deemed practical," a Public Procurement Service (PPS) official said. The PPS oversees the government's purchase of goods and services from the private sector. If AI is adopted, it will be used to collect, compile and analyze records of financial activities, such as receipts and bookkeeping journals, submitted through digital devices by a sample group of households. A Statistics Korea official said that the need for AI gained ground as the sample group has not sufficiently provided the relevant financial records over th

Apr 17, 2025By Yi Whan-woo
Stats agency considers using AI to increase household survey credibility
Banking & Finance

Regional banks struggle with soaring loan delinquency rates amid economic downturn

Commercial banks that primarily serve customers in provincial areas are grappling with higher rates of repayments that are past due as the ongoing economic downturn hits regional economies harder. According to the Bank of Korea (BOK) on Wednesday, the delinquency rate of loans taken by households from these banks in Busan, Daegu, Gwangju and Jeju Island reached an all-time high in January. The figure hit 0.45 percent in Busan, up from 0.29 percent two years ago. Over the two-year period, the rates shot up from 0.26 percent to 0.5 percent in Daegu and from 0.39 percent to 0.58 percent in Gwangju. The delinquency rate was most severe on Jeju Island, where it more than doubled from 0.49 percent to 1.19 percent in the 2023-25 period. The regional lenders’ increase in delinquency rate also aggravated their respective financial holding companies’ business conditions, as nearly 100 percent of their profits come from banking services. For instance, the delinquency rate for Busan-headquartered BNK Financial Group went up from 0.6 percent in 2023 to 0.94 percent in 2024. The rate climbed from 0.

Apr 16, 2025By Yi Whan-woo
Regional banks struggle with soaring loan delinquency rates amid economic downturn
Economy

Korea, Japan to enhance cooperation to crack down on tax dodgers

Top tax officials from Korea and Japan agreed to enhance cooperation in cracking down on delinquent taxpayers who hide assets overseas, the National Tax Service (NTS) said Wednesday. The NTS said the agreement between Commissioner Kang Min-su and Japan’s National Tax Agency Commissioner Tatsuo Oku was made during Kang’s visit to Tokyo on Tuesday, as the two seek to take cooperation to a higher level on the 60th anniversary of formal diplomatic ties this year. “The two commissioners acknowledged that tax authorities face tough challenges in easing taxpayers’ burdens and ensuring stable fiscal revenues at the same time while grappling with economic uncertainties that make collecting taxes tricky,” the agency said. It also said Kang and Oku had in-depth discussions on Korea’s asset tracking investigations against wealthy individuals who are habitually delinquent in tax payments. They also discussed Japan’s tax policy on new types of financial assets. “To implement their policies more effectively and uphold tax justice, the two sides agreed to respond more resolutely to tax d

Apr 16, 2025By Yi Whan-woo
Korea, Japan to enhance cooperation to crack down on tax dodgers
Banking & Finance

Ex-Woori Financial PR official committed to serving students from low-income households

Kim Byung-jin, deputy general manager of Woori Financial Group Future Foundation, strongly believes he made the right choice in his banking career by joining the foundation, as he is able to help high school students from low-income households. Kim was a founding member of the foundation in July 2022. He also played a key role for Woori Learner, a project launched in March 2024 to offer financial support for high school students unable to afford private tutoring and other forms of after-school classes. The foundation runs the project on a yearly basis in tandem with two school semesters, offering a check card to each selected student to spend up to 2 million won ($1,400) per year on private educational expenses. The project grew fast, and for 2025 a total of 150 students have been selected to receive assistance, up from 93 in 2024. The 2025 program also expanded to benefit high school sophomores, after focusing solely on freshmen last year. Moreover, the foundation opened the door wider for all eligible students nationwide to apply for the program, after restricting it to those in Seoul i

Apr 16, 2025By Yi Whan-woo
Ex-Woori Financial PR official committed to serving students from low-income households
Economy

Korea to hike extra budget to $8.44 bil. on heightened risks

The government has proposed to increase the much-anticipated supplementary budget to 12 trillion won ($8.44 billion) from the previous 10 trillion won in light of the heightened threats against Korea’s exports and protracted consumer spending, officials said Tuesday. The revised proposal came after Economy and Finance Minister Choi Sang-mok’s March 30 announcement on an extra budget worth 10 trillion won, which did not take into account worse-than-expected external and internal risks afterward. These risks include U.S. President Donald Trump’s tariff hike on American trading partners, which has spooked Korean exporters and investors in the local stock market. On the domestic front, the country’s worst-ever wildfires that swept the southeastern region in March took a heavier toll on supply of regional produce, jobs and consumer demand for relevant items. “Under the circumstances, we’re in a pressing need to implement the supplementary budget,” Choi said as he presided over a meeting of economy- and commerce-related ministers at Government Complex Seoul, Tuesday. The planned e

Apr 15, 2025By Yi Whan-woo
Korea to hike extra budget to $8.44 bil. on heightened risks
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