South Korea’s financial authorities cautiously watch the fluctuation of the Korean currency’s value against the US dollar in recent weeks, a fresh warning sign that may threaten to undermine the recovery of the country’s economy. The Korean won against the dollar opened at 1,390.5 won on Monday before hitting an intraday high of 1391.5 won. It closed down at 1,385 won. On Tuesday, the Korean currency has ended at 1,386.5 won. In the short term, the fluctuations in the past two

I received a handwritten thank-you card from my childhood friend’s daughter this week. I sent a birthday check a little while ago. I very much appreciated it, and it shows that my friend has taught her daughter well, and that her daughter has good manners. I constantly remind my students to write thank-you notes (even a simple email message). I dare not ask them to handwrite thank-you cards. However, every so often, a handwritten thank-you card will appear. It is an exceedingly rare event.

The number of foreign residents living in the country for three months or longer as of November last year hit an all-time high of 2,459,542, a report by the Ministry of the Interior and Safety showed last week. The report defines all foreign nationals living in Korea for over three months, naturalized citizens who are not ethnically Korean and children born here to foreign national parents as "foreign residents." This record was attributed to a surge in the numbers of foreign workers a

South Korea’s economy posted surprisingly weak growth in the third quarter, as exports declined due to cooling demand from major markets like China, while construction investment plummeted amid a persistent slump in the domestic real estate market, according to official estimates from the central bank. Disappointing growth and slowing inflation typically point to a need for loosening in monetary policy to support the economy. However, most analysts predict the Bank of Korea will not lower

Gaining and maintaining popularity is not necessarily the top priority for a president. After all, the person who leads the nation often has to embrace policies that may generate protests but need to be enacted for the country’s future. However, data on the popularity of a president can be viewed from a different angle. If the president's approval rating remains near rock bottom, and the reasons for such dismal results are related to bad policies or unwise decisions, the data inevitab

The degrowth movement, which had a moment a few years ago, is over -- and not a moment too soon. As nations in Europe and North America face mounting debt and aging populations, politicians are again talking about how to increase economic growth. There’s only one problem: No one is advocating policies that will actually work. Doing that would require embracing change, which is the last thing any politician beholden to populism wants to do. The best recent illustration is former President D

It is a pleasant surprise that South Korea's number of newborn babies rose on-year for two months in a row in August, a development that offers a glimmer of hope for the country struggling to resolve its demographic crisis. Korea has long suffered a dismal birth rate, painting a negative picture of economic health in tandem with the rapidly aging population. But according to data compiled by Statistics Korea, 20,098 babies were born in August, marking a respectable 5.9 percent increase from

In this season of Nobel Prize awarding, South Koreans were happily surprised twice. The biggest news was of course the winning of the Nobel Prize in literature by the novelist Han Kang. Equally important, but perhaps less noticed news was the fact that the three winners of the Nobel Prize in economics revealed their work was largely inspired by the success of the Korean economy. In studying why some countries succeed economically, while others fail, they used Korea as a prime example of a succ

Why have some countries grown rich and others not? The three winners of this year’s Nobel Prize in Economic Sciences -- Daron Acemoglu, Simon Johnson and James A. Robinson -- offer a simple answer: institutions. Countries with “inclusive” institutions -- which underpin an open society, accountable government, economic freedom and the rule of law -- do better than those with “extractive” institutions that reward those in power. The World Bank’s institutional qu

Over the past few days, the Korean Peninsula has been exposed to a flood of sensitive security issues. Above all, the news that North Korea was sending 12,000 special forces troops to Russia drew attention not only from South Korea but also from the international community. This explosive story changed the mood of major domestic politics. In particular, the quantity of negative stories about President Yoon Suk Yeol and his wife has decreased to a certain extent. There was also an incomprehensibl

Lee Jung-kuen, chair of the Korean Senior Citizens Association, said in his inaugural address on Monday that he will propose that the government raise the official age at which people are considered senior citizens from the current 65 to 75. The minimum age is used for senior citizen welfare benefits, including free subway rides, free vaccinations and the basic old-age pension. Noting that Korea’s senior population is expected to double from the current 10 million to 20 million by 2050, he

If someone says that they are both a progressive and a conservative, or leftwing and rightwing, we may think that they are a sly opportunist, a hopelessly contradictory person, or a case of dissociative identity disorder. Not anymore. Today, a perfectly normal person can become such a broadminded person who can cross the border between the two and embrace them, if they have courage and capacity. Moreover, they are an ideal person we need in order to build a non-polarized, better society. The ren

For the past decade, the United States has been mired in a repetitive, pointless conversation about “voter fraud,” helped in no small part by Donald Trump’s efforts to undermine voters’ faith in the electoral process. During the presidential debate with Kamala Harris in early September, Trump insisted that he was the true winner of the 2020 election, and he has repeatedly hinted that he will not accept the election results this November if they are not in his favor. Since

South Korea’s potential growth rate is forecast to stay at 2 percent for two years in a row, painting a gloomy picture of the country’s economic health and illustrating the need to address weak growth momentum. The OECD projects Korea’s potential growth rate to stand at 2 percent this year, according to data submitted by the Finance Ministry to the National Assembly. Over the past five years, Korea’s potential growth rate has been declining. In 2020 and 2021, the figure w

South Korea’s National Intelligence Service on Friday disclosed three satellite photos of Russian naval vessels transporting North Korean special forces soldiers. The agency said that the ships transported roughly 1,500 North Korean troops from a North Korean region to the Russian Far Eastern city of Vladivostok from Oct. 8-13. It also confirmed the North has decided to dispatch around 12,000 troops from special operations brigades to support Russia in its war with Ukraine. Ukraine's

About two years ago, in the aftermath of the COVID-19 pandemic, China’s economy hit a roadblock. As all sectors underwent deleveraging, economic growth slowed, household savings rates increased and businesses scaled back their investments and accumulated savings. Many now wonder whether consumers and companies are stuck in a self-reinforcing cycle of declining spending and falling prices, which would have the pernicious effect of increasing the real value of debt. For a long time, the gove

By Choe Ju-weon Director general of Korean National Police Agency Future Policing Policy Bureau Visitors to South Korea are often astonished by how safe the country feels -- whether walking around at any time of the day or leaving a phone or wallet unattended in a cafe. Korea ranks well on numerous recent global safety rankings for personal security, and many cite the country’s stable public safety as a reason for living here. This sense of security stems from the high, law-abiding spirit

Yeomyung School is where young North Korean refugees are wrapped in hope. Yeomyung means “the light of dawn.” It embodies hope for the dawning of unification. Perhaps its students will end up being the vanguards of unification as cross-border guides. But nowadays, accusations and provocations are eroding hopes. Of course, the Korean Peninsula is no stranger to bombast and hyperbole. For the authorities on both sides, verbal exchanges have been not much more than brinkmanship to gain

After years of being a proud conservative Republican, you really weren’t happy when you realized some time ago that your patriotic party had somehow morphed into a hero-worshiping cult. But “Make America Great Again” at least made it sound like it was still your kind of place. So you stayed. Even though the mean-spirited, name-calling, threats and lies of Trump Republicans wasn’t really your thing. But in the last couple of weeks the Great News Funnel has been pouring all

The rise in the number of single-person households is hardly surprising in South Korea as the family structure has been shifting in recent decades. However, the spike in the number of those who die alone is alarming in multiple ways. The number of what is called “lonely deaths” -- or “godoksa” in Korean -- stood at 3,661 in 2023, up from 3,559 the previous year, according to the data released by the Ministry of Health and Welfare. The figure about individuals dying in iso