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The Korea Times

Entertainment & Arts

SCMP
Asia

The Korea Times

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Economy

Mon, June 5, 2023 | 02:59

Korea to support Madagascar on electronic customs clearance system

Korea to support Madagascar on electronic customs clearance system

The Korea Customs Service (KCS) has launched a project to help Madagascar to adopt Seoul's electronic customs clearance system on the East African country's path to advance trade-related administrative policies, the KCS said Wednesday. The project comes as Korea has exported its indigenously-developed electronic customs clearance system, UNI-PASS, to 16 countries, including s...

Yi Whan-woo | 2023-04-12 16:23

Job numbers rebound slightly in March after 9-month slowdown

Job numbers rebound slightly in March after 9-month slowdown

Korea's job additions snapped their nine-month decline in March in the face of an economic slowdown, but most jobs were created for the over-60 age group, data showed Wednesday.

2023-04-12 10:00

IMF cuts Korea's 2023 growth forecast to 1.5%

IMF cuts Korea's 2023 growth forecast to 1.5%

The International Monetary Fund (IMF) cut its 2023 economic growth forecast for Korea to 1.5 percent, Tuesday, down from a previous forecast of 1.7 percent announced in January. The IMF also lowered its world economic growth outlook to 2.8 percent from 2.9 percent, assessing that the global economy will undergo a “rocky recovery” due to the war in Ukraine, a risk of geo-econo...

Yi Whan-woo | 2023-04-11 22:00

BOK freezes key rate again amid deepening economic slowdown

BOK freezes key rate again amid deepening economic slowdown

The Bank of Korea (BOK) kept its key interest rate unchanged for the second straight time, Tuesday, in a widely expected decision to tip the balance of its monetary policy toward tackling an economic slowdown instead of fighting inflation. The move, which maintained the base rate at 3.5 percent, came after the central bank froze the rate in its previous monetary policy board ...

Yi Whan-woo | 2023-04-11 17:09

Tax agency promotes exports of Korean traditional alcohols

Tax agency promotes exports of Korean traditional alcohols

The National Tax Service (NTS) has launched a council dedicated to promoting exports of Korea's traditional alcohols, in a bid to tackle a rising liquor trade deficit, the tax agency said Tuesday. The K-Liquor Promotion Council pledged to rebrand the identity of Korean alcohols by developing proper naming that can better represent all the exported alcoholic products.

Lee Min-hyung | 2023-04-11 16:24

BOK holds key interest rate steady for 2nd straight time as recession woes rise

BOK holds key interest rate steady for 2nd straight time as recession woes rise

Korea's central bank held its key interest rate steady for the second straight time Tuesday as inflation appears to be easing and concerns are rising over an economic slowdown.

2023-04-11 10:13

Exports down 8.6% during first 10 days of April

Exports down 8.6% during first 10 days of April

Exports down 8.6% during first 10 days of April

Korea's exports fell 8.6 percent on-year in the first 10 days of April, data showed Tuesday, due to the continued downcycle in the global chip industry.

2023-04-11 10:11

BOK holds key interest rate steady for 2nd straight time as recession woes rise

Korea not likely to enjoy strong trade surplus with China anymore: Choo

Korea not likely to enjoy strong trade surplus with China anymore: Choo

Korea's trade surplus with China is expected to be weaker than in the past down the road, although it is unlikely to result in a deficit, the finance minister has said.

2023-04-11 07:47

Gov't might scrap fuel tax cuts as fiscal revenue falls

Gov't might scrap fuel tax cuts as fiscal revenue falls

The government is considering gradually scrapping its years-long tax cut on fuel, in a desperate bid to counter a massive shortage of tax revenue that could hinder the country's economic recovery, according to sources familiar with the matter, Monday.

Yi Whan-woo | 2023-04-10 16:58

FSC chief vows to extend support for startups

FSC chief vows to extend support for startups

Financial Services Commission (FSC) Chairman Kim Joo-hyun pledged to provide financial support for startup companies that are suffering due to frozen investments at a meeting on Monday. The meeting was convened to gather feedback from the industry while preparing financial support measures for venture companies in light of concerns about the economic slowdown.

Lee Yeon-woo | 2023-04-10 16:26

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