The International Monetary Fund on Wednesday lowered its economic growth forecast for South Korea to 2 percent next year, down from 2.2 percent projected in October, citing high uncertainties and weak domestic demand. The announcement came after a team of IMF officials led by Korea mission chief Rahul Anand made a two-week visit to Seoul for an annual country meeting with the finance ministry, the Bank of Korea and other institutions to discuss the country's economic policy measures. "

South Korea's producer prices fell for the third consecutive month in October, led by a marked fall in the prices of agricultural products, central bank data showed Wednesday. The producer price index, a major barometer of consumer inflation, fell 0.1 percent in October from a month earlier, following a 0.2 percent on-month decline the previous month, according to the preliminary data from the Bank of Korea. On a yearly basis, the index rose 1 percent last month, marking the 15th consecutiv

South Korean banks' net profit fell in the third quarter of the year from three months earlier on a fall in interest income, data showed Tuesday. The combined net profit of 20 banks in the July-October period came to 6.2 trillion won ($4.44 billion), down 13.9 percent from three months earlier, according to the data from the Financial Supervisory Service. From a year earlier, the reading marks a 14.8 percent rise. The interest income of the 20 banks came to 14.6 trillion won in the third qu

Trade Minister Cheong In-kyo emphasized on Monday that all efforts should be focused on thoroughly preparing to minimize uncertainties for businesses as former US President Donald Trump is set to take office for his second term. Cheong made the remarks during a meeting with ministry officials, as Trump, who is set to return to the White House in January next year, has pledged to implement significant policy changes, including higher tariffs on imported goods. The ministry has held a series of me

South Korean financial authorities said Monday the recent stock market plunge was excessive, given economic fundamentals, vowing to enhance market monitoring and swiftly implement a policy fund to strengthen valuation of local companies. The message was released during an interagency meeting among chiefs of the Financial Services Commission, Financial Supervisory Service and the Korea Exchange, as well as market experts and relevant institutions, in Seoul, in response to steep losses incurred in

Shares of local banks are putting up a fight in the bearish Korean stock market, as investors are pricing in expectations that lenders could excel in the second Donald Trump administration under softened regulation and higher interest rates. The KRX Banks index, representing shares of top financial service providers such as KB, Shinhan, Woori and Hana, closed at 913.69 on Nov. 7, up 2.33 percent on-day, after Trump secured his victory in the US presidential election. It was the highest-gaining i

The state-run Korea Electric Power Corp. (KEPCO) said Friday it has secured new renewable energy deals in Saudi Arabia and Guam, expected to lead to over 1 trillion won (US$717.1 million) in sales over the next 25 years. A consortium of KEPCO and Masdar, an energy firm from the United Arab Emirates, won a bid for a project led by the Saudi Power Procurement Company, under the Middle Eastern country's national renewable energy program. The project expected to cost 1.5 trillion won is aimed a

The South Korean economy is gradually recovering, supported by stabilizing prices, but uncertainties remain both at home and abroad, the finance ministry said Friday. The ministry made the assessment in its monthly economic report, the Green Book, highlighting plans to promote a road map for strengthening the sustainability of the country's economy. "Our economy is seeing a gradual recovery amid stabilizing prices, but uncertainties persist due to changing conditions at home and abroad

Trade Minister Cheong In-kyo attended an economic event for business executives at the Asia-Pacific Economic Cooperation summit in Peru, where he exchanged views on the global supply chain with other participants, his office said Friday. In the event held Wednesday, Cheong also highlighted that his country sought to gain insights from Peru about preparing for the annual summit of 21 global leaders as Seoul is set to host the 2025 APEC summit in Gyeongju, North Gyeongsang Province. During his vis

South Korea’s finance minister warned against excessively volatile currency moves on Thursday, vowing to take swift action if needed amid the rapid depreciation of the Korean currency against the US dollar. Financial authorities will bolster efforts to stabilize the financial and foreign exchange market experiencing continued fluctuation stemming from uncertainties over major anticipated US policy shifts as Donald Trump won a second term in the White House. “As uncertainties remain

South Korea's fiscal deficit grew markedly during the first nine months of 2024, the finance ministry said Thursday, partly due to increased expenditure. The managed fiscal balance, a key gauge of fiscal health calculated on stricter terms, posted a deficit of 91.5 trillion won ($65.1 billion) in the January-September period, up 20.9 trillion won from the same period last year, according to the finance ministry. This year's tally was the third-largest figure for the cited period, the m

Finance Minister Choi Sang-mok said Thursday the government will take active steps, if necessary, to address excessive volatility in the foreign exchange (FX) market. Since Donald Trump's victory in the US presidential election last week, the local currency has been fluctuating around the psychologically significant level of 1,400 won against the US dollar. In a meeting with other economic policymakers in Seoul, Choi said that if there is excessive volatility in the financial and FX markets

South Korea will proactively address changes in the global trade environment ahead of the launch of the new US administration, while upgrading existing trade pacts with key partners to maintain upward momentum in exports, the industry ministry said Wednesday. The Ministry of Trade, Industry and Energy made the announcement in a report marking the start of the second half of the Yoon Suk Yeol administration, unveiling plans to sustain export growth, which has continued for 13 straight months thro

South Korea's import prices rose by the largest margin in six months in October due to rising global oil prices and the weak Korean currency, central bank data showed Tuesday. The import price index advanced 2.2 percent last month from a month earlier, snapping two months of drops, according to the preliminary data from the Bank of Korea. The figure marked the highest on-month increase since April when the prices jumped 3.8 percent. From a year earlier, import prices fell 2.5 percent foll

NHN Corp., a South Korean information technology and game company, said Tuesday it turned to a net loss in the third quarter despite record sales due to an one-off factor sparked by massive payment delays by e-commerce platforms earlier this year. The company posted a net loss of 110.3 billion won ($78.7 million) for the July-September period, turning from a profit of 8 billion won a year earlier, according to its regulatory filing. It also swung to an operating loss of 113.4 billion won from a

The Yoon government has successfully maintained stable macroeconomic conditions to mitigate the impact of multiple global crises, the finance ministry said Monday, highlighting the success of the Yoon Suk Yeol administration's economic and fiscal policies over the past 2 1/2 years. The review was presented in a report issued by the Ministry of Economy and Finance to mark the midpoint of President Yoon's single five-year term, which fell on Sunday. "From the start of the administ

South Korea's exports slid 17.8 percent on-year in the first 10 days of November due mainly to fewer working days and falling demand from major economies, data showed Monday. Outbound shipments reached $14.91 billion in the Nov. 1-10 period, compared with $18.13 billion tallied a year earlier, according to the data from the Korea Customs Service. The number of working days during the cited period of this year came to 7 days, compared with 8.5 days a year earlier. Per-day exports only slippe

Loans from savings banks, credit unions and other secondary financial institutions rose sharply last month as authorities tightened credit regulations for major banks, officials said Sunday. Loans from savings banks, credit card firms, insurance companies and other second-tier lenders surged over 1.5 trillion won ($1.02 billion) in October, the largest gain since July 2021, according to the officials from the financial sector. In detail, cash advances and other loans from credit card firms and c

The South Korean central bank said Friday uncertainties have grown over global growth, inflation, and monetary policy paths of major economies following Donald Trump's presidential election victory, vowing enhanced market monitoring and timely responses. Bank of Korea Deputy Gov. Ryoo Sang-dai made the comment during a meeting meant to check the market situation after the Federal Reserve on Thursday decided to cut the benchmark interest rate by 0.25 percentage point, the second consecutive

The US Federal Reserve lowered its benchmark interest rate by a quarter-percentage point on Thursday, marking the second consecutive reduction following a jumbo 50-basis-point cut in September. After the two-day Federal Open Market Committee meeting, the central bank announced the decision to reduce the rate to the 4.50 to 4.75 percent range. It came after Republican flag-bearer Donald Trump won in Tuesday's presidential election over Vice President Kamala Harris. In a press release, the Fe