Tag: korea economy

korea economy

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The semiconductor windfall: Where should the extra tax revenue go? (KOR)

As semiconductor profits swell tax revenue, Korea should prioritize reinvestment in chip competitiveness and long-term growth over redistribution.

2026.6.26

The semiconductor windfall: Where should the extra tax revenue go?

As semiconductor profits swell tax revenue, Korea should prioritize reinvestment in chip competitiveness and long-term growth over redistribution.

2026.6.25

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Pedestrians walk along the streets of Yeouido in western Seoul in June. [YONHAP]

Korea's GDP growth expected to fall short of 2% in 2024

The growth of Korea’s GDP is likely to linger at 1 percent in 2023 and 2024 according to foreign investment banks JP Morgan, HSBC, Citi, Nomura and UBS, bucking the government’s prediction for an economic rebound in the second half of this year.

2023.9.8

Police commandos patrol a street of a shopping district in Daegu on Sunday. [NEWS1]

Knife attack, Covid and heat wave signal red for economy

The summer vacation season has arrived amid torrential downpours and monsoons, but domestic demand is yet to overcome recent hurdles including knife incidents, sweltering heat and the resurgence of Covid-19 that are all weighing on summer spending.

2023.8.7

A Statistics Korea official briefs on Korea's monthly industrial output report at the government complex in Sejong on Friday. [YONHAP]

Industrial output increases for second month in June

Industrial output, private spending and investment in Korea rose for a second consecutive month in June, Statistics Korea data showed Friday. The country's industrial output increased 0.1 percent in June from a month earlier but the growth slowed...

2023.7.28

Finance Minister Choo Kyung-ho, second from left, participates in a meeting with heads of midsized businesses in Seoul on Monday. [YONHAP]

Choo calls for midsized firms' proactive investment amid challenges

Korea's finance minister asked medium-sized companies to invest more by utilizing tax incentives to help the country address economic challenges.

2023.6.26

A semiconductor wafer is displayed at Semicon Korea 2023 held at Coex in Gangnam District, southern Seoul, in February. [NEWS1]

Industrial output up 1.6 percent in March, led by chips

Korea's industrial output and retail sales gained ground on month in March, on the back of the semiconductor sector, data showed Friday, while its facility investment fell over the period.

2023.4.28

Finance Minister Hong Nam-ki speaks during a briefing on Thursday. [YONHAP]

Services are key to Korea becoming 10th largest exporter

Korea wants to become the world’s tenth largest exporter by 2025 by promoting services and overhauling export regulations that have been concentrated on manufactured goods, according to Finance Minister Hong Nam-ki.

2020.8.13