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The Korea Times

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Economy

Tue, October 3, 2023 | 06:53

Summer holiday season fails to help economy recover

Summer holiday season fails to help economy recover

Domestic travel is getting more expensive in Korea, prompting refrain from summer vacations here, thereby affecting the consumer spending crucial for economic recovery. The heat wave is also prompting people to stay home instead of going out to spend money.

Yi Whan-woo | 2023-08-07 16:54

Housing loan defaults skyrocket among young borrowers

Housing loan defaults skyrocket among young borrowers

The default rate for housing loans among borrowers in their 20s and under has dramatically surged, hitting an all-time high. Particularly alarming is that one out of five borrowers aged 19, is in default, according to data released on Monday.

Lee Yeon-woo | 2023-08-07 16:16

Korea's economic slowdown 'gradually moderating': KDI

Korea's economic slowdown 'gradually moderating': KDI

The Korean economy's slowdown appears to be "gradually moderating" on the back of the looming recovery in the chip industry, a state-run think tank said Monday.

2023-08-07 13:44

Heat wave drives up food prices, causing 'heatflation'

Heat wave drives up food prices, causing 'heatflation'

The abnormal heat wave baking the country is causing nationwide disruptions in food production, leading to surging prices. Market watchers believe that such a situation could push the country toward inflation once again.

Lee Yeon-woo | 2023-08-06 15:41

Number of elderly Koreans living alone hits record high

Number of elderly Koreans living alone hits record high

More than one out of five elderly Koreans live alone, a record-high for single-person households among senior citizens and an emerging concern related to the nation's rapidly aging society.

Yi Whan-woo | 2023-08-04 16:42

New US credit rating downgrade to temporarily impact Seoul's financial markets: experts

New US credit rating downgrade to temporarily impact Seoul's financial markets: experts

The Korean won is anticipated to lose ground against the U.S. dollar only for a short term as it settles at the mid-1,200 level per dollar, in the wake of Fitch Rating's downgrade of the U.S.' credit rating, analysts said Thursday.

Yi Whan-woo | 2023-08-03 16:44

Foreign reserves up for 2nd month in July on weak dollar

Foreign reserves up for 2nd month in July on weak dollar

Korea's foreign reserves increased for a second straight month in July as the U.S. dollar's fall boosted the conversion value of holdings in other currencies and increased investment returns, central bank data showed Thursday.

2023-08-03 08:54

Korea's per capita GDP shrinks at 3rd-fastest pace among major economies

Korea's per capita GDP shrinks at 3rd-fastest pace among major economies

Korea's gross domestic product (GDP) per capita fell at the third-fastest pace among the world's major economies last year, driven by a sharp depreciation of the Korean currency against the U.S dollar, according to a report, Wednesday. Compiled by the Bank of Korea (BOK) and released by Rep. Jin Sun-mee of the Democratic Party of Korea (DPK), the report showed GDP per capita ...

Yi Whan-woo | 2023-08-02 16:34

What's behind Korea's relatively low inflation amid global surge?

What's behind Korea's relatively low inflation amid global surge?

Korea's consumer prices rose by 2.3 percent in July, easing to a 25-month low. Given that major economies are still facing continuous price increases, Korea's low rate of inflation stands out as an exception. Market watchers believe that the government's indirect intervention in private sector prices explains this difference.

Lee Yeon-woo | 2023-08-02 15:59

SME exports shrink 5.5% in H1

SME exports shrink 5.5% in H1

Exports by Korean small and medium enterprises (SMEs) fell more than 5 percent in the first half of the year amid a global economic slowdown, data showed Tuesday.

2023-08-02 14:38

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