Seoul, April 17 (IANS) Escalating geopolitical tensions linked to the prolonged Middle East conflict are posing risks of inflation and greater downside pressure on the South Korean economy, the finance ministry here said on Friday.The Ministry of Finance and Economy made the assessment in its monthly economic report, known as the Green Book, heightening its warning from last month, when it noted only potential fallout, reports Yonhap news agency.”The economy has faced increasing downside risks d…
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Seoul, April 10 (IANS) South Korea’s central bank kept its benchmark rate unchanged on Friday, as uncertainty in the Middle East prompted a cautious stance amid risks of inflation, currency weakness and slower growth.In a widely anticipated decision, the Monetary Policy Board of the Bank of Korea (BOK) held the key rate steady at 2.5 percent in its latest rate-setting meeting in Seoul, reports Yonhap news agency.It marked the seventh consecutive on-hold decision, even as the central bank remains…
Seoul, April 7 (IANS) Downside risks to the South Korean economy are increasing amid the prolonged conflict in the Middle East as rising global oil prices and supply chain disruptions could have broader negative impacts on prices, consumption and exports, a state-run think tank said on Tuesday.”The economy, which had shown a gradual recovery, is now facing heightened downside risks due to surging oil prices and growing global supply chain uncertainties stemming from the conflict in the Middle Ea…
New Delhi, March 7 (IANS) Crude oil prices surged further on Saturday to reach $91.84 per barrel amid the escalating US-Israel and Iran war.Brent crude reached $91.84 while West Texas Intermediate (WTI) hit $89.62. With this, both Brent and WTI have jumped 24.55 per cent and 32 per cent, respectively, reviving fears around consumer prices.Brent crude futures crossed $90 per barrel for the first time since April 2024. WTI crude advanced 11 per cent to the day’s high of $89.62 per barrel.Earlier, …
Seoul, Feb 9 (IANS) The South Korean economy is showing a moderate increase in production, thanks to improved consumption, a state-run think tank said on Monday.”Recently, our economy has maintained moderate production growth, led by the service sector, thanks to improvements in consumption,” the Korea Development Institute (KDI) said in its monthly economic assessment, reports Yonhap news agency.In December, industrial output rose 1.5 percent from the previous month, while retail sales increase…
Seoul, Jan 15 (IANS) South Korea’s central bank again left its benchmark interest rate unchanged on Thursday as a weakened won and rising inflation concerns limited room for further easing.In a widely expected decision, the Monetary Policy Board of the Bank of Korea (BOK) held the key rate at 2.5 per cent at its rate-setting meeting in Seoul, marking the fifth consecutive on-hold decision since July, reports Yonhap news agency.”Inflation is expected to gradually decline, though the elevated exch…