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The Korea Times

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Asia

The Korea Times

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Economy

Thu, February 9, 2023 | 22:06

KDI maintains 2023 growth outlook at 1.8%; U.S. rate hikes still present risk

KDI maintains 2023 growth outlook at 1.8%; U.S. rate hikes still present risk

The Korea Development Institute (KDI) on Thursday maintained Korea's growth outlook for this year at 1.8 percent, but said it will depend on the scope of U.S. rate hikes and China's economic growth.

2023-02-09 14:32

Korea's solar power industry exports up 38% in 2022

Korea's solar power industry exports up 38% in 2022

Korea's exports of solar panels and other related parts jumped 38 percent on-year in 2022 on the back of major nations' push to expand renewable energy development, the industry ministry said Thursday.

2023-02-09 13:29

Pension reform in stalemate due to gov't-parliament discrepancy

Pension reform in stalemate due to gov't-parliament discrepancy

The government and the National Assembly are at odds over what measures should be prioritized in the overhaul of the state-managed retirement pension system to prevent pension funds from being depleted in the decades to come. Operated by the National Pension Service (NPS), the pension is receivable by the majority of retirees who paid premiums to the service during their work...

Yi Whan-woo | 2023-02-09 13:27

Manufacturers' domestic supply extends gains to 8th quarter in Q4

Manufacturers' domestic supply extends gains to 8th quarter in Q4

Korean manufacturers' domestic supply rose for the eight straight quarter in the October-December period on the back of imports of cars and electronics, data showed Wednesday.

2023-02-08 14:48

Korea's current account turns to black in Dec. but sharply smaller than prior year

Korea's current account turns to black in Dec. but sharply smaller than prior year

Korea's current account swung back to the black in December from the previous month, but the amount was quite smaller than a year before as exports dwindled amid growing global recession woes, central bank data showed Wednesday.

2023-02-08 10:14

[INTERVIEW] 'Growth slowdown can accelerate depletion of retirement pension fund'

INTERVIEW'Growth slowdown can accelerate depletion of retirement pension fund'

A slowdown in economic growth is feared to result in a drop in personal incomes, and accordingly, can accelerate the depletion of state-run retirement pensions in the face of low birth rates and an aging population, a pension expert warned. During a recent interview with The Korea Times, Seoul National University economics professor Hong Sok-chul said the serious nature of a ...

Yi Whan-woo | 2023-02-08 08:43

Korea to allow currency trading by offshore firms, extend market hours

Korea to allow currency trading by offshore firms, extend market hours

Korea plans to allow offshore financial companies to directly trade Korean won and foreign currencies here in a bid to attract international investments and expand the foreign exchange market, financial authorities announced on Tuesday. To cover the trading hours of the U.S. and European markets, Korea, Asia's fourth-largest economy, also plans to run foreign exchange trading...

Yi Whan-woo | 2023-02-07 16:54

Exchange rate on rollercoaster ride amid stronger US job recovery

Exchange rate on rollercoaster ride amid stronger US job recovery

The won-dollar exchange rate soared Monday on heightened concerns over the U.S. Federal Reserve's additional rate hikes after the country reported robust job recovery. The exchange rate closed at 1,252.8 won per dollar, up 23.4 won from the previous trading day, the highest closing price since Jan. 6.

Lee Min-hyung | 2023-02-06 16:56

Seoul stocks end lower amid Fed rate hike woes

Financial authority to strengthen direct communication with bank boards

Financial authority to strengthen direct communication with bank boards

In a move to improve financial groups' corporate governance and ethical management, the financial authority plans to strengthen direct communications with the boards of directors of major financial groups and local banks.

Anna J. Park | 2023-02-06 16:07

Korea, Australia renew expanded currency swap deal

Korea, Australia renew expanded currency swap deal

Korea and Australia renewed their currency swap deal Monday, the finance ministry and central bank said, to ensure a steady exchange of goods and services between the two countries.

2023-02-06 14:50

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