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Reporter : Lee Yeon-woo
Sat, September 30, 2023 | 21:31
Pension payouts to exceed revenues by 2027
Korea's record low birthrate is expected to reduce the number of contributions to the state-run retirement pension by approximately 860,000 over the next five years, while the number of pensioners will increase by 2.4 million during the same period.
BOK wants '10-won bread' to stop looking like money
Makers of Gyeongju's “10-won bread,” a popular street food shaped like a Korean 10 won coin, are facing pressure from the Bank of Korea (BOK) to change its design.
Growing financial pressure spurs early withdrawals from youth savings schemes
One out of four subscribers of the installment savings product introduced during the previous Moon Jae-in administration has closed their account, according to data from the Financial Supervisory Service (FSS).
Circular economy identified as new growth engine in exports
Finance Minister Choo Kyung-ho pledged to accelerate the development of a “circular economy” as a new engine of growth that could enhance exports.
KDB chief confident about Korean Air's acquisition of Asiana
Korean Development Bank (KDB) Chairman Kang Seog-hoon expressed confidence over Korean Air's acquisition of Asiana Airlines, Tuesday, stressing that he does not consider a “Plan B,” in preparation for failure, at all necessary.
Economic policy to focus on rebound in H2
The government is expected to shift its economic strategy from tackling inflation to promoting a recovery in the second half of this year. According to sources and media reports, Monday, the Ministry of Economy and Finance is currently preparing economic policy directives for the second half of this year, which will be announced early next month.
Crypto yield platforms Haru Invest, Delio face class-action lawsuits
Two crypto platforms in Korea, Haru Invest and Delio, are expecting class-action lawsuits from investors, a few days after they abruptly suspended customer deposits and withdrawals. According to legal circles and media reports, Friday, 410 investors from Haru Invest and 120 investors from Delio have launched a Kakao group chat to prepare for a lawsuit.
Record weakening of yen spurs Koreans to buy Japanese currency, visit Japan
An increasing number of Koreans are purchasing Japanese currency and traveling to Japan as the yen depreciates to the lowest level in eight years. The exchange rate is falling closer to 900 won ($0.71) per 100 yen, having dropped to 904 won per 100 yen on Tuesday, which is the lowest level seen since June 2015.
[INTERVIEW] Korean economy likely to struggle longer amid rising protectionism
Many expected the Korean economy to improve once the coronavirus pandemic ends. That moment has finally arrived, but the country's economy is showing few signs of a recovery. For the first time since the 1997 Asian financial crisis, Korea's trade deficit has persisted for over 15 months, due mainly to the reduced demand for the country's semiconductors and a decrease in expor...
Rapid population aging to accelerate income inequality: BOK
Income inequality in Korea is likely to accelerate due to a rapidly aging population, according to a report released by the Bank of Korea (BOK) on Wednesday.