A private domestic research institute called for a fundamental review of South Korea’s new 52-hour workweek system as it will wreak havoc on the Korean economy.Pi-touch Institute released a report on the economic ripple effects of the shortened workweek on Feb. 19. The report said that the new workw

The Economic, Social and Labor Council of South Korea announced on Feb. 19 that an agreement has been reached on extending the unit period of flexible working hours to up to six months from the current unit period of up to three months. Once the new unit period becomes effective, the working hours o

The South Korean government will invest a total of 2.93 trillion won (US$2.60 billion) in the biotech sector this year, up 2.9 percent from a year ago. The Ministry of Science and ICT finalized the “2019 Biotechnology Promotion Plan” at a biotechnology policy council meeting held at Korea Bio Park i

The International Monetary Fund (IMF) has sent a team to South Korea in six years to check the country’s macroeconomic soundness and systems for financial stability. The team stayed in South Korea from Feb. 12 to 14, looking into the country’s household debts exceeding 1,500 trillion won as well as

The South Korean government has begun to respond to the U.S. Commerce Department’s report for tariff imposition on automobiles and auto parts exported to the United States. The Commerce Department submitted the report to President Donald Trump on Feb. 17 in accordance with Section 232 of the Trade E

The National Tax Service (NTS) will strengthen taxation on multinational companies, such as Google and Facebook, by hiring more workers for overseas financial information collection. The number of tax investigation into multinational firms is expected to greatly increase as a legal basis is now in p

The Ministry of Trade, Industry and Energy (MOTIE) announced on Feb. 14 that it supplied 2,989 MW renewable energy facilities last year. The figure was 72 percent in excess of the target for 2018 set in the government’s Renewable Energy 3020 Plan."New facilities increased 19.8 percent compared to th

The number of unemployed people broke through 1.22 million in January, hitting a 19 year high. The unemployment rate was 4.5 percent, the highest level in nine years. On the other hand, the number of employed persons rose by fewer than 20,000 and the employment rate dropped by 0.3 percentage point t

Foreign investment banks again lowered their estimates of South Korea’s economic growth for this year with its total exports having declined for the second consecutive month, led by a decrease in semiconductor exports, and its investment showing no signs of recovery for months.Specifically, nine for

South Korea’s foreign exchange reserves reached US$405.51 billion last month, increasing by US$1.82 billion in just one month and hitting an all-time high yet again. The reserves broke the US$400 billion mark for the first time in history in June 2018 before hitting a record high for the third conse

The business community is jittery as three major labor policies are still up in the air. The policies are related to more flexible working, a new minimum wage determination method, and discussions regarding ratification of the core conventions of the International Labour Organization (ILO).South Kor

Private exchanges between South Korea and Japan are still brisk despite the escalating conflict between the governments of the two neighboring countries.Statistics Korea announced on Jan. 28 that a total of 2,921,360 Japanese people, excluding flight attendants, visited South Korea last year with a

Tensions are escalating between South Korea and Japan over the ongoing fire control radar issue and the recent judgment of the former’s supreme court on forced wartime labor. Under the circumstances, South Korean enterprises are keeping a close watch on the situation.“The Japanese government may blo

The Ministry of Strategy and Finance announced on Jan. 27 that South Korean manufacturers’ overseas direct investment totaled US$12.45 billion for the first three quarters of 2018 whereas the annual total had been US$7.89 billion in 2017. An increasing number of Korean manufacturers are leaving thei

Korea Land and Housing Corp. (LH) announced on Jan. 27 that it signed a preliminary agreement with Kuwait’s Public Authority of Hosing Welfare on its investment in South Saad Al Abdullah New Town in Kuwait on Jan. 24.The preliminary agreement was designed to set the basic direction of the project be

The Korean government will introduce a radio frequency licensing system to simplify the procedures that companies and individuals have to undergo to be allowed to use the frequencies they need.Currently, they have to go through the assignment, designation and approval procedures to be granted the ri

The venture investment market delivered an “earnings surprise” last year as three indexes, including fresh venture investment, venture fund establishment and the amount of invesments recouped, all set a new record. The growth was led by 4.60 trillion won (US$4.07 billion) worth of new venture funds

International credit rating agency Fitch Ratings said on Jan. 23 that South Korea’s private investment and exports are likely to slow down, forecasting its economic growth for 2019 and 2020 at 2.5 percent each. That day, the Bank of Korea and the South Korean government forecast this year’s economic

The Korea International Trade Association (KITA) announced on Jan. 23 that consumer goods exports from South Korea to China added up to approximately US$5,509 million last year. For reference, the value was US$4,687 million in 2017 during China’s THAAD retaliation and US$7,021 million in 2016 before

Opposition parties and civic organizations opposed to the South Korean government’s nuclear phase-out policy are putting pressure on it by collecting signatures from more than 330,000 people.The ill-advised policy is increasingly becoming untenable as it will lead to a lack of new work for more than