The Ministry of Economy and Finance is painting a rosy outlook for the national economy. “There have been signs of a gradual economic recovery,” the ministry said in a report released on Friday. That assessment is even more positive than a previous one that said, “The economic downturn trend has been slowing.” This time, the word “recovery’’ was used. As the ministry put it, the nation’s manufacturing sector and exports have begun to show signs of a rebound, boosted by the recent rally in the semiconductor industry. The service sector has also shown a robust trend.
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A Korean state-run economic think tank slashed its outlook for global economic growth to 2.8 percent for next year Tuesday on high interest rates in major nations and China s slowdown.
More women in their early 30s are working in Korea, but it will not necessarily lead to higher productivity and is rather feared to weaken such productivity in the long term, a state-run think tank warned in its latest report.
South Korea’s private spending remains in a protracted slump, while a growing number of people go on overseas trips, particularly to Japan, where they tend to spend more generously, offering a contrasting snapshot of the country’s consumption trends. Korea’s domestic private consumption stood at $206.53 billion in the second quarter, down $5.25 billion or 2.47 percent from the previous quarter, acco.