Korea’s cabinet approves Yoon’s 1st bill on 59 trillion won extra budget
The budget, drawn up by a group of ministries, is mostly aimed at supporting the self-employed and microbusiness owners.
Kim Yon-se
South Korea far outstrips G-20 average in growth of collective debt
The nation’s collective debt-to-GDP ratio was also found to have continued to rise amid the pandemic.
South Korea’s consumer price growth hits 13-year high in April
The surge came despite a Bank of Korea benchmark interest rate hike by 25 basis points to 1.5 percent per annum on April 14.
Palm oil incident adds uncertainty over Korea’s GDP
According to the Korea Customs Service, import prices of palm oil had already rapidly increased due to a surge in global demand.
At G-20 meeting, Korea’s fiscal chief stays out of protest against Russia
South Korea’s Deputy Prime Minister and Finance Minister Hong Nam-ki kept his seat while others walked out in protest of Russia’s invasion.
South Korea’s longest serving fiscal chief to retire amid mixed reviews
While some say that Hong Nam-ki has uplifted the economy, critics argue he has taken the lead in reckless use of taxpayers’ money despite mounting government debt.
IMF slashes Korea’s growth forecast to 2.5%
In contrast, the Ministry of Economy and Finance of Korea and the Bank of Korea have yet to revise their growth target of the 3.1% predicted in Dec 2021 and 3% in Feb 2022.
IMF suggests to Korea to keep tight mortgage policy
However, the suggestion contrasts with the real estate-related pledge of President-elect Yoon Suk-yeol.
Natural decline in S. Korea’s population hits all-time high in November
Seoul is likely to see its population, sink below 9.5 million during the first half of 2022.
2022 economy faces downside risks: South Korea finance minister
The remarks came amid growing concerns over a discord in fiscal policies between the government and the central bank.