SEJONG -- State demographic data for last month indicates that South Korea is on the threshold of the era of population decline.According to the Ministry of Interior and Safety, the nation’s population fell by 1,566 to record 51.849 million as of December, compared to the previous month’s figure of 51.851 million.This marked the first time in more than 10 years since April 2009 (when it posted minus 2,716) that the monthly figure fell. While the drop in April 2009 was a sporadic occu

SEJONG -- South Korea has secured 16 free trade partners -- 12 countries and four trade blocs -- around the globe since it started pursuing bilateral free trade agreements two decades ago.The 12 countries include the US (the world’s largest economy), China (the second-largest) and India (the seventh-largest). The four trade blocs are the 28-member European Union, the 10-member Association of Southeast Asian Nations, the four-member European Free Trade Association and a five-member Central

SEJONG -- Sejong is expanding most quickly among the eight major cities and nine provinces in South Korea. The city is absorbing households from Seoul, Gyeonggi Province, Daejeon and the South and North Chungcheong provinces.The special self-governing city -- which was founded on July 1, 2012 northwest of Daejeon -- saw its population reach 338,647 as of November 2019, compared to 148,151 five years earlier in November 2014.The construction of apartments, government complexes and government agen

SEJONG -- Data provided by a state-funded agency showed that the volume of unemployment benefits paid to the jobless has sharply increased over the past two years.The figures, from the Korea Employment Information Service, suggest that the economic slowdown is forcing more and more people to leave their workplaces or close their businesses.South Korea saw monthly payouts of unemployment benefits reach 704.4 billion won ($605.1 million) in October 2019, compared with 388.8 billion won in October

SEJONG -- South Korea’s policymakers are struggling to invigorate the sluggish economy, having suffered minus 0.37 percent on-quarter growth in the first quarter this year.The nation posted 1.04 percent on-quarter economic growth in the second quarter, on the back of the base effect from the deep slump in the previous quarter.But its third-quarter growth stayed at 0.41 percent due to continuous lackluster export performance and slower-than-expected improvement in private consumption.The fi

SEJONG -- South Korea’s sex ratio -- ratio of males to females in a population -- has been showing drastic changes in recent years.The female population in Korea came to 25.98 million as of November 2019, which is higher than the figure for men by 120,000, according to the data of the Ministry of Interior and Safety.Women began outstripping men on June 2015, with 25.7157 million female Koreans as against 25.7153 million for males.The latest data suggests that women, who have longer lifespa

SEJONG -- South Korea’s benchmark interest rate ranged between 3 percent and 5.25 percent per annum from 2000 to 2008.Though the monetary policy committee of the Bank of Korea cut the key rate to 2 percent in 2009 in the wake of the 2008-09 global financial crisis, the figure went into normalization in the early 2010s to reach 3.25 percent during the 2011-2012 period.Most analysts shared the view that the Korean economy had been resilient to negative external factors on the back of its rob

SEJONG -- South Korea’s benchmark interest rate ranged between 3 percent and 5.25 percent per annum from 2000 to 2008.Though the monetary policy committee of the Bank of Korea cut the key rate to 2 percent in 2009 in the wake of the 2008-09 global financial crisis, the figure went into normalization in the early 2010s to reach 3.25 percent during the 2011-2012 period.Most analysts shared the view that the Korean economy had been resilient to negative external factors on the back of its rob

SEJONG -- As the 2010s is due to expire in two weeks, South Korea continues to face heightened economic uncertainties.The year 2000 was a new starting point for the fourth-largest economy in Asia. After overcoming the 1997-98 financial crisis, Korea posted 8.9 percent economic growth in the last year of the 20th century.The nation’s gross domestic product growth was robust in the early 2000s. Following a 7.7 percent rise in 2002, buoyed by the Korea-Japan FIFA World Cup

SEJONG -- The sluggish domestic economy and a spike in statutory minimum wage in South Korea in recent years have dealt a severe blow to the self-employed. Most have been forced to close shop or have been saddled with huge debts amid cutthroat competition, but they are getting back on their feet by starting new microbusinesses, although not very successfully.This reflects the tough job market here, as self-employment is still considered the most viable option for many people to make a living.Acc

SEJONG -- The approval ratings for President Moon Jae-in have recently inched up to hover around 45 percent, according to a variety of surveys by major pollsters.A noteworthy point in the latest polls was that citizens showed wide disparity in their approval or disapproval of the president according to policy segments. This was seen in support ratings for Moon between real estate policies and prosecution reform.According to a survey from Gallup Korea -- conducted Dec. 3-5 and released Dec. 8 --

SEJONG -- In South Korea, the government does not include people with nonregular jobs -- like temporary or contract employees -- when it counts the official number of jobless. As a result, the nation’s official unemployment rate stayed at 3 percent as of October (the latest figure).The figure is far from the people’s sentiment toward the hiring market, in which the “extended (or sentiment–reflected)” unemployment rates, compiled by Statistics Korea, have remained ab

SEJONG -- The number of residents in Seoul stood at 9.73 million as of November 2019, according to the Ministry of Interior and Safety. This is estimated to be the lowest figure in more than 30 years.Given unofficial statistics showing that Seoul was home to 9.2 million in 1983 and 10.28 million in 1988, the current population level is assumed to be similar to that seen in the years between 1984 and 1987.Compared to the figure of 10.21 million in November 2009, the population of the capital of S

SEJONG -- South Koreans born in 1969 or later cannot enjoy the old-age annuity benefits, paid by the national pension operator, for five years after they retire at the age of around 60. As they have to wait until they turn 65 (the initial age regarded as a senior) to be classified as recipients under the rules, there could be a longer income vacuum, compared to those born before 1969.   Though it is possible for younger people (aged 50 or under as of 2019) to apply for early payouts, which

SEJONG -- The number of people over the age of 70 is rapidly increasing in South Korea, which was dubbed an “aged society” two years ago, according to standards set by the United Nations.Further, the number of people aged 100 or over has also posted the highest growth among all age groups over the past decade.There were 20,102 centenarians in Korea as of November -- the highest so far -- as per the monthly demographic data of the Ministry of Interior and Safety, with 4,812 men and 15

SEJONG -- More than 3 million of the working-age population, aged 15-64, in South Korea have been de facto out of work, while the government highlighted that the nation’s jobless people stayed under 1 million (864,000) last month with official unemployment rate falling to 3 percent.According to the Supplementary Index for Employment III, a database held by Statistics Korea, the extended (or sentiment-reflected) jobless rate posted 10.6 percent as of October 2019.The figure is generated fro

SEJONG -- South Korea has yet to see any positive signals of an economic revival although the government predicted it would bounce back in the second half of the year.The financial woes of companies are continuing while the stock market is lackluster. In addition, another round of the US dollar’s strong position is aggravating the situation.Korea saw its exports fall by 10.3 percent during the Jan. 1-Nov. 20 period, on year, according to the Korea Customs Service. The nation’s outbou

SEJONG -- President Moon Jae-in started the latter part of his term this month amid discontent with his administration’s policies on real estate and education.Alongside sagging economic indices, a number of other factors have led citizens to express frustration or anger with Moon. Among these are skyrocketing apartment prices in Seoul and alleged irregularities by former Justice Minister Cho Kuk and his family.Though President Moon’s approval ratings remain above the psychologically

SEJONG -- For South Koreans who say they do not support the incumbent administration, jobs are one of the main reasons cited in polls. President Moon Jae-in’s detractors say the government’s labor policies consist largely of pouring taxpayers’ money into the creation of temporary jobs in the public sector.Critics point to figures showing improved employment rates for senior citizens, who gained temporary jobs at public institutions, but bleaker outcomes for those in their 40s i

SEJONG -- A large proportion of middle-aged South Koreans have become hugely indebted to financial firms over the past few years due to their apartment purchases.The previous Park Geun-hye administration provided them with relaxed loan terms in a bid to induce as many households as possible to purchase apartments, a policy aimed at boosting the economy.More recently, younger people in their 20s and 30s have joined the move, a lawmaker has reported.Those, who have bought homes in Seoul in the two