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Yoon Ja-young

Korea Times AI content 1 team Reporter

Yoon Ja-young is in charge of articles translated by a generative AI system and edited by The Korea Times. She is interested in improving the newspaper through AI.

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Economy

Optimistic outlook hampering economic policy

By Yoon Ja-youngThe country is accustomed to seeing government and economic think tanks lower their economic growth forecasts, but this custom is hampering the right economic policies, according to LG Economic Research Institute (LGERI).In June, the Ministry of Strategy and Finance lowered its economic growth outlook to 3.1 percent from 3.8 percent. More recently, Minister Choi Kyung-hwan said even the 3.1 percent growth seems to be hard to achieve.LGERI economist Lee Geun-tae pointed out that the actual economic growth rates have been falling below forecasts of both domestic and overseas institutes since 2011. The country’s five major economic think tanks, including LG, expected the economy to mark on average 3.7 percent annual growth between 2011 and 2014, but the actual growth rate stood at a mere 3 percent.Of course, there were unanticipated economic shocks that expanded this gap. Lee cited the earthquake in Japan, the Arab Spring, the tragic sinking of the Sewol ferry and an outbreak of Middle East Respiratory Syndrome (MERS) as external shocks that were impossible to fore

Nov 20, 2015By Yoon Ja-young
Economy

Korea and China resembling Japan

By Yoon Ja-youngWith China seeing a slowdown of its economic growth, concern is increasing over the Korean economy which relies on China for exports. Some analysts show concern that both Korea and China may be following in the footsteps of Japan.At a seminar organized by the Korea Chamber of Commerce and Industry in the United States, economist Ken Goldstein of The Conference Board predicted the Chinese economy will grow by only an annual 3.7 percent this year and the next. The figure is much lower than the Chinese government’s 7 percent target this year, but he explained that his estimation, which is based on statistics not used by the Chinese government, is more reliable.Though a hard landing isn’t likely, analysts generally agree that the era of China’s high growth rate is gone.This could further pull down the growth rate of Korea, which fears that it may be following in the footsteps of Japan. Japan’s real GDP fell 0.2 percent in the third quarter from Q2, marking minus growth for two consecutive quarters.Kim Yu-mi, an economist at BNK Securities, said Kor

Nov 20, 2015By Yoon Ja-young
Economy

'3 pct. growth achievable'

By Yoon Ja-youngChoi Kyung-hwanStrategy and Finance MinisterThe country’s finance minister said Friday that it was possible for the country to achieve over 3 percent economic growth next year. “The economy grew 1.2 percent in the third quarter from the previous quarter, which is the highest in five years. Private consumption is rebounding and facility investment is continuing the increase,” Strategy and Finance Minister Choi Kyung-hwan said in a meeting with the heads of the country’s economic think tanks.He said consumer sentiment has recovered and so has housing transactions, adding that 3 percent range economic growth would be achievable if this momentum continues.It contrasts with the outlook of major global investment banks, which expect the Korean economy to grow less than 2.5 percent next year. Hyundai Research Institute suggested 2.8 percent, LG Economic Research Institute 2.7 percent, and Korea Economic Research Institute 2.6 percent.While the International Monetary Fund (IMF) expects the global economy to grow 3.6 percent next year, the minister

Nov 20, 2015By Yoon Ja-young
'3 pct. growth achievable'
Economy

Discounts distrusted by consumers

By Yoon Ja-youngDepartment stores and other retailers are offering discount events to boost sales, but too frequently such events make consumers doubt their sincerity. Analysts warn that they may be hurting their brand value in the long run while sales will be boosted for only a short period.Lotte Department Store, for instance, held numerous sales events this year. Starting with its New Year’s Sale in January, it ran a spring sale, summer sale and fall sale. It also organized the Black Shopping Week Sale, Black Super Shopping Sale, and Black Friday Sale. More recently it launched K-Sale Day. Lotte Department Store has held sales this year for more than 100 days so far.Hyundai Department Store also held a New Year’s Sale, three seasonal sales, and a 44th anniversary sale, with the number of sales days also totaling over 100. Shinsegae Department Store is no exception, with total sales nearing 100 days.The sales have helped boost sales.Hyundai Department Store had a sales increase of 8.7 percent in October thanks to the government-led Korea Black Friday Day sales event, wh

Nov 18, 2015By Yoon Ja-young
Economy

Rich dad, rich son

By Yoon Ja-youngIt is harder to become self-made in Korea, with inheritance from parents taking a greater role in one’s wealth, a new study showed Tuesday.Young people from lower- and middle-class families are increasingly depreciating themselves on the Internet as born with an “earthen spoon” in their mouths, compared to those born with a silver spoon.They say they could never keep up with those lucky people.Prof. Kim Nak-nyeon of Dongguk University, who authored the study, said such sarcasm actually has a basis in reality. “One accumulates wealth by saving part of one’s income, or inheriting wealth from parents,” he explained.“In a society with a high economic growth rate, the door is open for anyone to accumulate wealth through individual effort without relying on inheritance. When the economic growth rate falls, however, such opportunities disappear and inherited wealth matters more,” he noted.In his research, he showed that inheritance contributed to 42 percent of wealth accumulation in the 2000s. In the 1980s, it took up only 27 p

Nov 17, 2015By Yoon Ja-young
Rich dad, rich son
Economy

FTC recommends credit cards for direct purchases from overseas

By Yoon Ja-youngWhen making direct purchases abroad, it is better to use credit cards, and be sure to avoid foreign online shopping malls that aren’t widely known. These are some of the tips provided by the Fair Trade Commission (FTC) for making direct purchases ahead of Black Friday on Nov. 27.Black Friday is the start of the Christmas shopping season in the United States, when retailers sell off their stock with an average 40 percent discount.An increasing number of Koreans are making direct purchases during this season, but also consumer complaints are increasing. The Korea Consumer Agency said it received 3,412 complaints regarding online purchases from foreign businesses in the first half of this year.Ahn Hong-sun, a housewife in South Gyeongsang Province, for instance, purchased shoes by paying an overseas shopping agent 134,000 won.Such shopping agents help local consumers make purchases overseas, by going to shopping malls in other countries to buy the items ordered by the consumers.As she wasn’t satisfied with the quality, Ahn asked for a refund, but the agent de

Nov 16, 2015By Yoon Ja-young
Economy

Lotte CEOs referred to prosecution

By Yoon Ja-youngShin Kyuk-hoLotte Group founderLotte Group founder and general Chairman Shin Kyuk-ho has filed a complaint against chief executives of the group’s subsidiaries.The move is to pressure executives who stood by the younger of his two sons in a power struggle to take the helm of the country’s fifth-largest conglomerate operating in Korea and Japan.DW Partners, a law firm based in Seoul, said Monday that it had submitted complaints to the Seoul Central District Prosecutor’s Office against chief executives of Lotte Group’s seven subsidiaries, on behalf of the Shin. The seven are Lotte Hotel, Lotte Shopping, Lotte Corporation, Lotte Confectionery, Lotte Aluminum, Lotte Engineering and Construction, and Lotte Chilsung Beverage.The law firm said that they are charged with work obstruction ― the seven CEOs have allegedly refused to report to Shin since Oct. 20, regarding the group’s business affairs despite continuous demands from Shin to do so. It added that the executives didn’t execute Shin’s other commands, either, obstructing

Nov 16, 2015By Yoon Ja-young
Lotte CEOs referred to prosecution
Economy

Land minister to focus on housing for working class

By Yoon Ja-young A new minister has been inaugurated to lead the Ministry of Land, Infrastructure and Transport (MOLIT) Thursday, promising that he will focus on stabilizing housing for the middle and working classes.The newly inaugurated Minister Kang Ho-in pledged that the government will work to meet demand for public rental apartments for the working class.“Private rental homes supplied by businesses should also be promoted so that the middle class can reside for the long term without concern,” Kang said in a statement at his inauguration. “We should also look into how institutional investors could play an active role there.”He added that deregulation should be used to create jobs and strengthen the country’s competitive edge.“Regulations related with the life or safety or those aiming at technological and industrial development, such as energy efficiency rating of buildings, should be maintained,” he said, “but irrational regulations hampering free competition and creativity of businesses should be overhauled.”He also em

Nov 13, 2015By Yoon Ja-young
Economy

Soaring jeonse ousting Seoulites

By Yoon Ja-young More people are moving out of Seoul because of soaring rents.And the outflow is likely to continue as the rental market goes through a transition.According to Statistics Korea data, Seoul had a net outflow of 37,520 people in the third quarter compared with a year ago. It is the biggest net outflow since the second quarter of 2002 when 42,078 people left.The capital city has experienced a net outflow of population since the second quarter of 2009. Gyeonggi Province, which surrounds Seoul, had a net inflow of 25,919 people in the third quarter. It is the biggest inflow since the fourth quarter of 2012.Statistics Korea said it might have to do with soaring jeonse prices in Seoul.Jeonse is Korea’s unique home rental system where the tenant gives a lump sum deposit to the landlord without monthly rent, to get the full deposit back at the end of the contract. The system had been preferred by landlords as they could deposit the money in their bank accounts to earn interest or use the money for other investments during the contract period, without having to pay intere

Nov 13, 2015By Yoon Ja-young
Economy

Conglomerates rushing to sell headquarter buildings

By Yoon Ja-young Struck by economic hardships, cash-strapped conglomerates are selling off their office buildings, which are getting the spotlight in the real estate market as they offer stable rent.Samsung Engineering announced last month that it will sell its headquarters building in Sangil-dong, southeastern Seoul. The sale is part of a restructuring plan for the company, which sustained operating losses of 1.5 trillion won in the third quarter.The shipbuilding industry and steel industry, hit hardest by the global recession, are the most active in selling their buildings.Daewoo Shipbuilding and Marine Engineering (DSME), which sustained 5 trillion won in operating losses in the second and the third quarters, is also selling its 17-story building in downtown Seoul. The shipbuilder selected Mirae Asset Global Investments and Kiwoom Asset Management as preferred bidders. When the deal is complete, DSME is expected to receive around 180 billion won.STX Group, which is going through corporate restructuring, also sold its R&D center in southern Seoul to Pacific Asset Managemen

Nov 13, 2015By Yoon Ja-young
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