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APEC finance ministers' meeting kicks off in Incheon
Finance ministers from the Asia-Pacific Economic Cooperation member economies convened in South Korea on Tuesday to discuss a broad range of issues related to innovation, finance, fiscal policy and structural reform, Seoul's finance ministry said. The APEC Finance Ministers' Meeting opened in the western port city of Incheon for a three-day run under the theme of "Building a Sustainable Tomorrow," ahead of the official APEC Summit. It marks the final ministerial-level meeting before the APEC Sum
Oct. 21, 2025 -
S. Korea's biggest export promotion fair kicks off ahead of APEC summit
South Korea's largest export promotion fair kicked off Tuesday for a three-week run to bring global attention to Korean companies ahead of the Asia-Pacific Economic Cooperation summit set to take place here later this month, the industry ministry said. The 2025 Boom-up Korea Week is set to run through Nov. 7, bringing some 1,700 global companies from 70 countries to discuss business opportunities with around 4,000 Korean firms, according to the Ministry of Trade, Industry and Resources. The mini
Oct. 21, 2025 -
Korea to launch consumption festival to accelerate recovery
The Korean government is actively preparing to boost domestic demand through upcoming consumption events, as the economy shows signs of recovery. Speaking at the government complex in Seoul during an economy-related ministers' meeting on Monday, Finance Minister Koo Yun-cheol said the nation is moving away from prolonged sluggishness. "Policies such as consumer coupons and stimulus measures are starting to produce results, leading to a positive shift in consumption," Koo said. He pointed out tha
Oct. 20, 2025 -
Trade minister meets economic delegation from Montana on potential cooperation
South Korean Trade Minister Yeo Han-koo met with a visiting economic delegation from the northwestern US state of Montana on Monday to discuss ways to bolster bilateral cooperation in energy, manufacturing and supply chains, Yeo's office said. Yeo held talks with the Montana delegation, led by Gov. Greg Gianforte, in Seoul to exchange views on ways to bolster economic cooperation between South Korea and the United States, according to the Ministry of Trade, Industry and Resources. In the meeting
Oct. 20, 2025 -
Chief regulator warns of additional steps to curb household debt
The country's chief financial regulator said Monday that financial authorities are ready to take additional measures, if needed, to rein in soaring household debt. During a parliamentary audit, Lee Eog-weon, the chairman of the Financial Services Commission, said his agency is taking preemptive measures to secure financial stability. "We are ready to take more steps, if necessary (to curb household debt), while keeping a close eye on the market situation," he said. His remarks came as household
Oct. 20, 2025 -
S. Korea's exports hit record high in Q3 on semiconductors, automobiles: ministry
South Korea's exports reached a new quarterly high of $185 billion in the July-September period, led by robust demand for semiconductors and automobiles, the industry ministry said Monday, vowing efforts to maintain the export momentum amid trade uncertainties. In the first nine months of this year, the country exported $519.7 billion worth of goods, up 2.2 percent from a year earlier, according to the Ministry of Trade, Industry and Resources. The ministry said exports have posted an on-year in
Oct. 20, 2025 -
Finance chief says S. Korean economy showing signs of 'vitality'
Finance Minister Koo Yun-cheol said Monday that South Korea's economy is gradually recovering from a prolonged slump and showing signs of "vitality," vowing efforts to sustain the momentum. Speaking at a meeting of economy-related ministers in Seoul, Koo said consumer spending is rebounding, largely supported by policy measures such as cash handouts, called "consumption coupons," in recent months. He also noted that the number of people employed in September posted the largest increase in 19 mon
Oct. 20, 2025 -
Koreans in 20s have highest loan delinquency rates, data shows
South Koreans in their 20s have a higher rate of overdue loans, both for household and credit borrowing, than any other age group, according to bank data released Friday. According to data from the country’s five major banks — KB Kookmin, Shinhan, Hana, Woori and NH NongHyup — the age group had a household loan delinquency rate of 0.41 percent. The household loan delinquency rate refers to the share of personal loans overdue by more than one month. Those in their 50s followed at 0.37 percent, tr
Oct. 17, 2025 -
Economy recovering from first-half downturn despite lingering concerns: finance ministry
The South Korean economy is recovering from a downturn in the first half despite lingering concerns over external uncertainties, the finance ministry said Friday. The Ministry of Economy and Finance made the assessment in its monthly economic report, the Green Book, striking a more upbeat tone compared with last month. "Despite monthly fluctuations, key indicators are showing an overall improving trend, signaling a rebound from the slump seen in the first half of this year," the report said. In
Oct. 17, 2025 -
Korea, US near breakthrough in $350b trade talks
Negotiations between South Korea and the United States over a $350 billion investment fund have entered a decisive phase, with both sides expressing increasing confidence that a breakthrough could be imminent. According to senior government officials, Finance Minister and Deputy Prime Minister Koo Yun-cheol, who is in Washington for the G20 Finance Ministers’ Meeting and the IMF–World Bank annual gatherings, will join Presidential Policy Chief Kim Yong-beom and Industry Minister Kim Jeong-kwan i
Oct. 16, 2025 -
Lee vows to ease unnecessary regulations to spur economic growth
President Lee Jae Myung said Thursday the government will ease unnecessary regulations and take a more active role in mediating conflicting interests to revitalize business activities and support economic recovery. Lee made the remarks in an interagency meeting on regulatory reforms focused on bio, renewable energy, and cultural industries held at the presidential office. "To revive the economy, we must reinvigorate business activities, and rationalizing regulations is a key task," Lee said. "Ou
Oct. 16, 2025 -
Prices for basic necessities rise faster than overall inflation over past 5 yrs: study
Prices for everyday necessities, such as housing, food and clothing, have risen at a faster pace than overall inflation over the past five years, a study showed Thursday. According to the research conducted by Kim Sang-bong, an economics professor at Hansung University, commissioned by the Federation of Korean Industries, the cost of basic necessities increased by an average of 4.6 percent annually between 2019 and 2024. The study noted that the rate is higher than the 2.8 percent average annual
Oct. 16, 2025 -
All Seoul districts designated as speculative zones, lending rules tightened
All of Seoul and 12 areas in Gyeonggi Province were designated as overheated speculative zones on Wednesday, with housing loan rules tightened as the government moves to curb surging home prices in the capital region. “The housing market has seen instability spread from areas near the Han River, amid expectations of global rate cuts and supply-demand imbalances,” Land Minister Kim Yun-duk said during a related ministerial meeting held in Seoul that morning. “The government is acting preemptively
Oct. 15, 2025 -
Govt. to 'rationalize' property tax system: finance minister
Finance Minister Koo Yoon-cheol said Wednesday the government will soon propose a comprehensive plan to "rationalize" the real estate taxation system, amid rapidly rising housing prices in the wider Seoul area. "(The government) will devise a property tax reform plan after carefully considering factors such as encouraging capital flows into productive sectors, the principle of fair burden-sharing and public receptiveness," Koo said during a press conference to announce the third major housing po
Oct. 15, 2025 -
IMF ups Korea's 2025 growth outlook to 0.9%
The International Monetary Fund on Tuesday raised its 2025 economic growth forecast for South Korea to 0.9 percent, up from its July projection of 0.8 percent. The IMF kept its 2026 outlook for the country’s real gross domestic product expansion unchanged at 1.8 percent. The 0.9 percent forecast matches the Bank of Korea's projection and is slightly above the Korea Development Institute's 0.8 percent estimate. It is marginally lower than the 1 percent forecast by the Organization for Economic Co
Oct. 14, 2025