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Finance

Economy

Wed, July 6, 2022 | 03:25

Number of employed single-person households soars in 2021

The number of employed one-person households in Korea showed a steep increase last year amid the economic recovery, according to government data, Tuesday.

2022-06-21 14:51

BOK expects 2022 inflation to grow faster than anticipated, hit highest point in 14 years

Korea's central bank said Tuesday it expected inflation to grow at a faster pace than previously anticipated and possibly hit the highest level in 14 years for this year as price pressures are mounting from rising demand and a tight supply.

2022-06-21 14:04

Yoon calls for public institution reform

President Yoon Suk-yeol called Tuesday for bold measures to reform public institutions and cut back their growing debt.

2022-06-21 11:53

Exports down 3.4% during first 20 days of June

Exports fell 3.4 percent in the first 20 days of June from a year earlier due mainly to fewer working days, and Korea's trade deficit widened on higher global energy costs, customs data showed Tuesday.

2022-06-21 10:01

Seoul shares, Korean won skid to yearly lows on recession fears

Seoul shares dipped more than 2 percent to a one-year low Monday, as investors became gripped by fear that a recession in the global economy may come amid faster-than-expected monetary tightening in major economies. The Korean won also fell sharply against the U.S. dollar.

2022-06-20 17:11

Higher wage demand feared to further hike prices

The soaring inflation is likely to prompt the labor circle to demand a sharper increase in the minimum wage, which employers fear could push costs further upward. According to sources, Monday, the labor community is calling for the minimum hourly wage for next year to be raised by 29.5 percent to 11,860 won ($9.19) compared to this year.

Yi Whan-woo | 2022-06-20 16:46

Economic misery index soars to highest level in 21 years

Amid steeply rising consumer prices, the economic misery idex, which estimates the economic hardship of households, has climbed to its highest level in 21 years. Economists say that the government should focus on curbing food prices as much as it can as low-income households will suffer the most.

Yoon Ja-young | 2022-06-20 16:14

Gov't to take measures against excessive currency volatility

The government is ready to take appropriate action in response to any one-sided movements in the local foreign exchange market, the country's top financial policymaker said Monday, in his latest remarks apparently aimed at easing growing market anxiety amid the U.S.' aggressive monetary tightening and worries over a global recession.

2022-06-20 14:55

Seoul shares, Korean won skid to yearly lows on recession fears

FSS chief urges banks to intensify loss-absorbing capabilities, better manage foreign liquidity

A top financial regulator on Monday urged banks to beef up their loss-absorbing capabilities and make efforts for better management of foreign liquidity amid rising uncertainty at home and abroad from global monetary tightening and a possible economic recession.

2022-06-20 11:32

Korea to cut fuel tax by maximum cap of 37%

The government said Sunday it will cut the fuel tax by the maximum legal cap of 37 percent from the current 30 percent, to deal more effectively with mounting inflationary pressure compounded by a steep rise in global energy and commodity prices. Announced during an emergency meeting of economy-related ministers, the expanded tax cut policy will become effective July 1 and wi...

Yi Whan-woo | 2022-06-19 17:06

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