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S. Korea to slow down pace of wage hikes amid slow growth forecast

The South Korean government on Monday set the country’s growth rate for next year at 2.6-2.7 percent, lowering its earlier forecast amid a slowing global economy. It also indicated that it may slow down the pace of legal minimum wage ... Read More

Consumer prices on rise, weighing down consumption

South Korea's consumer prices have been on the rise in recent months, which has weighed down domestic consumption, government agencies said Monday. The development has been cited one of the causes holding back growth in Asia's fourth-largest economy. Among others, ... Read More

Korea to build 30,000 smart factories by 2022

The South Korean government said Thursday it will greatly expand the number of smart factories and industrial complexes that adopt advanced technologies by 2022 to upgrade the nation's manufacturing industry. The Ministry of Trade, Industry and Energy and the Ministry ... Read More

[Monitor] Fewer South Korean companies make it into ‘1 trillion won club’

While the number of South Korean companies with at least 1 trillion won in annual revenue has increased 2.5-fold in the 20 years since the financial crisis, the number has decreased in recent years, a report by local market research ... Read More

Korea’s economy showing signs of gradual slowdown: KDI

South Korea's economy is showing signs of a gradual slowdown with export growth cooling amid sluggish private consumption, a state-run think tank said Monday. "The growth pace of exports slowed and domestic demand remained weak, implying that overall economic activity ... Read More

[News Focus] Korea expanding cooperation with Latin America on cruise-logistics ports

SEJONG - South Korea is expanding its economic partnership with South and Central American countries, which involves co-development projects on maritime affairs in the logistics and tourism segment. Earlier this year Korea signed a free trade agreement with five Central ... Read More

Despite 6-year low growth, Korea’s GNI to surpass US$30,000

South Korea's per capita income is likely to surpass US$30,000 this year, though the economy is forecast to record its lowest growth rate in six years, observers said Sunday. Gross national income is expected to reach $31,243 in 2018, up ... Read More

Korea’s exports expected to surpass $600b this year

South Korea's exports are expected to exceed $600 billion for the first time this year on upbeat sales of memory chips, machinery and petrochemical products, the trade ministry said Friday. Outbound shipments were expected to reach the benchmark on Dec. ... Read More



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