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Economy

Thu, July 7, 2022 | 05:07

Rhee stresses central banks' role as inflation fighters, hints at additional hikes

Bank of Korea (BOK) Governor Rhee Chang-yong underscored the role of central banks as inflation fighters, Friday, warning that inflation could worsen if countermeasures are not taken in a timely manner. He implied that the BOK might raise the benchmark interest rate again in July and August, following five other pandemic-era rate hikes that have been carried out since August ...

Yi Whan-woo | 2022-06-10 16:21

ECB signals rates lift-off, eyes bigger move in September

The European Central Bank ended a long-running stimulus scheme Thursday and said it would deliver its first interest rate hike since 2011 next month, followed by a potentially larger move in September. With inflation at a record-high 8.1 percent and still rising, the ECB now fears that price growth is broadening out and could morph into a hard-to-break wage-price spiral, hera...

2022-06-10 14:53

Korea posts 1st current account deficit in 2 years in April

Korea posted its first current account deficit in two years in April as soaring energy and commodity prices pushed up import bills, and overseas dividend payments expanded, central bank data showed Friday.

2022-06-10 09:10

Prices of gasoline, diesel hit over 2,040 won amid Russia-Ukraine war

The average prices of gasoline and diesel in Korea have hit over 2,040 won ($1.62), data showed Thursday, as tight global supplies continue to drive up fuel costs amid Russia's war with Ukraine.

2022-06-09 17:56

Gov't to launch deregulation task force

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho underscored the need for a “drastic paradigm shift in economic policy,” Thursday, as the government is buckling down to stimulate a market-driven economy, with the aim of overcoming the structural crisis of low growth and polarization, as promised by President Yoon Suk-yeol. Choo said he will launch a spe...

Yi Whan-woo | 2022-06-09 16:55

BOK voices concerns over growing inflation expectations, weak currency amid rising prices

Expectations of rising inflation have been adding upward pressure on prices, and their impact on the trajectory of overall inflation will likely intensify going forward, the central bank said Thursday.

2022-06-09 14:01

Economic recovery momentum weakens: KDI

Economic recovery momentum weakens: KDI

Korea's economic recovery momentum has weakened as the manufacturing industry is losing steam due to prolonged supply chain disruptions and soaring raw material prices, a state-run think tank said Thursday.

2022-06-09 14:01

BOK voices concerns over growing inflation expectations, weak currency amid rising prices

OECD cuts Korea's 2022 growth outlook to 2.7%, hikes inflation forecast to 4.8%

The Organization for Economic Cooperation and Development (OECD) lowered its 2022 growth forecast for Korea from 3 percent to 2.7 percent, Wednesday, in the latest bleak economic outlook for the world's 10th-largest economy. The OECD's forecast comes as a protracted war between Russia and Ukraine, China's COVID-19 lockdown and other global economic uncertainties impact the wo...

Yi Whan-woo | 2022-06-08 20:00

What changes will prosecutor-turned-FSS chief bring?

Former chief prosecutor Lee Bok-hyun's appointment as the head of the Financial Supervisory Service (FSS) is an unprecedented case in many regards. First, he is the first-ever FSS governor to have been a prosecutor before assuming the chief role at the financial authority. Born in 1972, he is also the youngest-ever FSS governor ― he's even younger than most of the directors a...

Anna J. Park | 2022-06-08 16:58

Yoon under fire for too many ex-prosecutors taking key posts

15 in 100 employed people in Korea changed jobs in 2020

Nearly 15 out of 100 employed people in Korea changed jobs in 2020 amid a sluggish employment market hit by the COVID-19 pandemic, data showed Wednesday.

2022-06-08 14:03

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