BOK raises growth forecast, keeps rate steady at 2.5%

The Bank of Korea forecast a limited recovery for Asia’s fourth-largest economy this year, raising the country’s growth estimate by 0.1 percentage point on Thursday while keeping the benchmark rate steady at 2.5 percent. The central bank revised its projection for growth in this year’s gross domestic product, a key indicator of economic performance, from 0.8 percent to 0.9 percent — the first upward revision for this year’s estimate. After initially projecting 2.3 percent growth in November 2023

Aug. 28, 2025

BOK signals modest recovery with 2025 growth upgrade to 0.9%

The Bank of Korea forecast a limited recovery for Asia’s fourth-largest economy, raising the country’s growth rate by 0.1 percentage point to 0.9 percent on Thursday. While holding its interest rate steady, the central bank also increased its projection for this year's gross domestic product growth from 0.8 percent to 0.9 percent, factoring in the effects of the latest extra government spending. The forecast aligns with the Finance Ministry’s projection released on Aug. 22. Meanwhile, the BOK op

Aug. 28, 2025

From coal to clean power: Mongolia looks to Korea for energy transition

ULAANBAATAR, Mongolia -- "The forum will pave the way for new cooperation between the two countries. I am confident that the strengthening of the strategic partnership between Mongolia and Korea will lead to a healthier society in the future." Mongolian First Deputy Prime Minister Nyam-Osor Uchral said in his opening speech at the 4th Republic of Korea-Mongolia Future Strategy Forum, held at the Government Palace in Ulaanbaatar on Aug. 20. "Mongolia has the resources to develop renewable energy

Aug. 27, 2025

Mongolia pushes ‘1 Billion Trees’ project to fight desertification, seeks Korea’s support

ULAANBAATAR, Mongolia — The most frequently mentioned keyword at the Korea-Mongolia Future Strategy Forum last week was Mongolia's “Planting 1 Billion Trees” project. Tserendorj Uranchimeg, director general of Mongolia's Natural Resources Policy and Coordination Department at the Ministry of Environment and Climate Change, introduced the initiative during the forum, co-hosted by Herald Media Group and Anse Foundation, held at the Government Palace in Ulaanbaatar on Aug. 20. “For Mongolians, the

Aug. 27, 2025

Korea, Mongolia rally around energy, climate at Ulaanbaatar forum

ULAANBAATAR, Mongolia — In celebration of the 35th anniversary of diplomatic ties between South Korea and Mongolia, a major bilateral forum was held in Ulaanbaatar to deepen cooperation on energy, climate and sustainable development. Co-hosted by Herald Media Group and Anse Foundation, the fourth Republic of Korea-Mongolia Future Strategy Forum took place on Aug. 20 at Chinggis Khaan Hall in the Mongolian Government Palace in Ulaanbaatar. This year’s forum was held under the theme “Energy and Ec

Aug. 27, 2025

Tariff deal, export strength lift business sentiment to 2025 high

Business sentiment rebounded after two months of decline, climbing to its highest level this year, as policy support gained traction and tariff frictions with the US eased amid stronger-than-expected export growth, a Bank of Korea survey showed Wednesday. The Composite Business Sentiment Index for all industries rose to 91 in August, up 1 point from July, reversing two straight months of losses, according to the central bank. The CBSI gauges corporate prospects for business conditions, drawing o

Aug. 27, 2025

Incheon Intl. Airport to open fast-track immigration lane for foreign businesspeople

Incheon International Airport, South Korea's main gateway west of Seoul, will operate a dedicated immigration lane for foreign businesspeople recommended by domestic business associations starting next week, the airport operator said Wednesday. The measure, to take effect Sunday, is a follow-up on a proposal raised in a meeting between President Lee Jae Myung and heads of major business associations in June, according to the Incheon International Airport Corp. For the measure, the government has

Aug. 27, 2025

Korea, US business leaders rally for “manufacturing renaissance” in Washington

At a downtown Washington hotel on Monday, anticipation ran high as leading Korean and US executives assembled for the “Korea-US Business Roundtable: Manufacturing Renaissance Partnership.” Samsung Electronics Chair Lee Jae-yong embraced Nvidia’s Jensen Huang in a spirited greeting, while Hyundai Motor Executive Chair Chung Euisun, SK Chair Chey Tae-won and LG Chair Koo Kwang-mo exchanged handshakes with Carlyle co-founder David Rubenstein and other US tech and finance executives. When President

Aug. 26, 2025

Korea passes boardroom reform, curbing chaebol power

Korea’s National Assembly has passed sweeping corporate governance reforms that strengthen minority shareholder rights and curb the voting power of controlling families, deepening a clash between investors eager for change and conglomerates warning of instability. The legislation, championed by the ruling Democratic Party of Korea, cleared the plenary session with 180 votes in favor and two abstentions from the minor New Reform Party, while the main opposition People Power Party lawmakers staged

Aug. 25, 2025

S. Korean biz leaders head to U.S. for Lee-Trump summit

Samsung Electronics Co. Chairman Lee Jae-yong and other top executives from South Korea's major conglomerates left for the United States on Sunday to join the economic delegation for President Lee Jae Myung's upcoming summit with U.S. President Donald Trump. The Samsung chairman arrived at the Seoul Gimpo Business Aviation Center of Gimpo International Airport in western Seoul around 3:50 p.m. to board a flight to Washington. Industry attention is being paid to whether Samsung Electronics will d

Aug. 24, 2025

Half of foreign-owned apartments in Seoul belong to Americans, Chinese follow

US nationals own nearly half of all foreign-held apartments in Seoul, with a strong bias for high-value areas of the capital, data shows. Figures compiled by the Korea Real Estate Board and disclosed by Rep. Jeong Jun-ho of the ruling Democratic Party of Korea show that as of December last year, Americans owned 5,678 apartments in the capital. That represented 45 percent of the 12,516 units held by foreigners. Their preference was overwhelmingly tilted toward high-value neighborhoods. In the thr

Aug. 24, 2025

Steel exports to US fall 26% in July on higher tariffs

South Korea's steel exports to the United States tumbled 26 percent in July from a year earlier, hit by Washington's doubled tariffs, a trade association said Sunday. In June, US President Donald Trump raised tariffs on all steel and aluminum imports to 50 percent, up from the 25 percent imposed in March. Korean steel shipments to the US fell to $283 million last month from $382 million a year earlier, according to data from the Korea International Trade Association. The value marked the lowest

Aug. 24, 2025

Government aims for 3% potential growth with AI push

President Lee Jae Myung's administration has pledged to lift South Korea’s potential growth rate to 3 percent, with sweeping policy support for artificial intelligence and other strategic sectors seen as key to the country’s future. “The Korean economy is facing a rapid decline in its potential growth rate, driven by the shrinking working-age population, an investment slowdown and stagnant productivity, with actual growth lagging even below that potential,” Finance Minister Koo Yun-cheol said Fr

Aug. 22, 2025

Korea maps 30 AI, deep tech projects to reignite economy

South Korea has unveiled an ambitious economic strategy that places artificial intelligence and deep tech at the center of its growth agenda, pledging massive fiscal and regulatory support to accelerate a sweeping AI transformation and 30 national innovation projects. “Artificial intelligence is our only breakthrough that can reverse the decline in growth,” the government said in a press release, projecting that aggressive AI adoption could lift productivity by as much as 3.2 percent and expand

Aug. 22, 2025

Over half of mid-sized firms voice need for financial, tax support against US tariffs

More than half of middle market enterprises in South Korea are calling for government-led financial and tax support to ease their burdens from US reciprocal tariffs, a survey showed Friday. According to the Federation of Middle Market Enterprises of Korea (FOMEK), which conducted the survey on 123 exporting firms between July 31 and Aug. 11, 36.6 percent of respondents said the Seoul-Washington tariff deal concluded on July 30 was "somewhat disadvantageous but unavoidable." About one in four, or

Aug. 22, 2025