Korea’s inheritance tax is too high compared to G7 countries, leading to the Korea discount (the undervaluation of the Korean stock market) and discouraging investment, according to a proposal to adjust it to a reasonable level in this year’s tax law revision.“Over the past 30 years, G7 countries ha
Hyundai Motor Company is recalling about 90,000 Genesis vehicles in the United States due to the risk of engine fire.Hyundai Motor America is recalling a total of 90,907 vehicles, including the 2015-2016 Genesis, the 2017-2019 Genesis G80-G90, and some 2019 Genesis G70 cars, according to the Nationa
South Korea has climbed to the third highest position among the Organization for Economic Cooperation and Development (OECD) countries in terms of the proportion of corporate taxes to the Gross Domestic Product (GDP), marking the highest level in the last 50 years.According to the report “Current St
The slow growth of South Korea’s per-capita income widened its income gap with the Group of Seven (G7) countries. In 2020, the nation surpassed Italy in the GNI per capita standings, celebrating its economic takeoff to rival G7 economies. But South Korea stayed above Italy for only one year, and its
A forecast suggests that South Korea’s potential growth rate will fall below 2 percent for the first time this year and is expected to further decrease to 1.7 percent next year. The factors contributing to the decline in growth rate include issues related to low birth rates, an aging population, and
The World Bank (WB), along with the Group of Seven (G7) countries, has decided to invest US$40 million in developing countries in order to stabilize global supply chains. The WB plans to raise US$100 million within five years, and the Korean government will contribute US$3 million in the early stage
Germany, once considered the growth engine of Europe, is mired in an economic slump. The International Monetary Fund (IMF) has projected that Germany will experience negative growth of 0.3 percent this year, making it the only G7 country among the seven major economies to undergo a contraction. The
The preliminary estimate indicates that in this year’s second quarter, the GDP of the member countries of the Organisation for Economic Co-operation and Development (OECD) grew by 0.4% compared to the previous quarter. South Korea recorded a growth rate of 0.6%, tying with the United States for 10th
South Korea’s household electricity rates are 40 percent of Japan’s, making it cheaper compared to the G7 countries, according to a new report.Japan’s Nikkei calculated the 2022 household electricity bills of the G7 countries based on International Energy Agency (IEA) statistics and found that Italy
South Korea, the United States, and Japan recently and simultaneously announced that a trilateral summit involving President Yoon Suk-yeol of Korea, President Joe Biden of the United States, and Prime Minister Fumio Kishida of Japan will be held at Camp David, the U.S. Presidential Retreat, on Aug.
The South Korean government plans to contribute US$10 million to the World Bank’s Ukraine Relief, Recovery, Reconstruction and Reform Trust Fund for Ukraine’s reconstruction.On July 18, according to the Ministry of Strategy and Finance, while attending the G20 Finance Ministers’ meeting in Gandhinag
South Korea’s nominal gross domestic product (GDP) is provisionally ranked 13th in the world. It has dropped out of the global top 10.According to statistics released by the Bank of Korea (BOK) on July 12, South Korea’s nominal GDP at market exchange rates was US$1.6732 trillion in 2022. It ranked 1
Genesis’ Electrified GV70 sport utility vehicle (SUV) took the top spot in Germany, beating out even German-made electric vehicles (EVs).German automotive magazine Autobild recently conducted a comparative evaluation of three vehicles – the Electrified GV70, the Audi Q8 e-tron, and the Mercedes-Benz
South Korea’s labor unions have proposed a 24.7% increase in the minimum wage for next year.This proposition comes as the country’s minimum wage, which is already the highest in Asia, is set to exceed that of France, placing it among the top tier in Europe alongside the U.K., Germany, and the Benelu
The United States is officially shifting its Chinese strategy from “decoupling” to “derisking.”On June 4, White House National Security Advisor Jake Sullivan said in a CNN program, “The U.S. economy does not seek to decouple from China, it seeks to derisk it.” This came more than two months after he
Japan is pushing to build a global supply chain alliance to take the initiative in the secondary battery industry by 2030. It laid out an ambitious plan to become the center of secondary battery development and production in partnership with the United States, the European Union and the world’s majo
The Korea Institute of Science and Technology Information (KISTI) participated in the International Supercomputing Conference (ISC) High Performance 2023. The ISC High Performance 2023 is an international conference and exhibition that fosters the growth of a global high performance computing (HPC)
The United States and the European Union (EU) are preparing a joint regulatory proposal to limit Chinese investment in high-tech sectors such as semiconductors. They are stepping up their pressure on Beijing after the leaders of the Group of Seven (G7) announced a joint response to China’s economic
“Korea considers its relationship with China important,” Korean Vice Prime Minister and Minister of Strategy and Finance Choo Kyung-ho said at a plenary session of the National Assembly’s Planning and Finance Committee, when asked about the impacts of the Korean government’s focus on the United Stat
The national competitiveness ranking of Korea, invited to the Group of Seven (G7) Summit scheduled from May 19 to 21 in Hiroshima, Japan, has emerged as the sixth in the world, demonstrating a level comparable to G7 nations.On May 17, the Federation of Korean Industries (FKI) announced the findings