Category: South Korea

Struggling Exports in South Korea Hurt Economy

The South Korean President, Mr. Park Geun-Hye, warned that his country’s economy could be at risk of falling into serious long-term stagnation. As a result, he has urged that parliament act quickly when it comes to dealing with economic bills.

The economy is actually worse considering they are able to defray some of their self-defense costs to America as the U.S. spends billions of dollars every year protecting South Korea. Many people in the U.S. wonder how long that will continue.

South Korea Unveils $15.3bn Stimulus Plan

The South Korean government on Tuesday unveiled a 17.3 trillion won ($15.3 billion) stimulus plan to boost slowing growth in Asia’s fourth largest economy, which has been hit by a slowdown in exports and sluggish capital investment.

The extra budget includes 12 trillion won to cover a shortfall in revenues and an additional 5.3 trillion won in new spending, the finance ministry said in a statement yesterday.

South Korea Should Consider Developing Nuclear Weapons, Says Top Lawmaker

A prominent South Korean official on Tuesday said his country should consider matching the North’s nuclear work step-by-step, or bring back a former U.S. arsenal, as a way to deter its belligerent neighbour.

Speaking at the Carnegie Endowment for International Peace Conference, Chung Mong Joon, a billionaire businessman and former presidential candidate, said South Korea has the right to withdraw from the Non-Proliferation Treaty as the latest crisis on the Korean peninsula showed that diplomacy has failed with Pyongyang.

South Korea Launches $1.35 Billion ‘National Happiness Fund’ To Ease Consumer Debt

The South Korean government on Monday announced the creation of a $1.35 billion fund that will help low-income households restructure or repay overdue loans, the Associated Press reported.

Tech Start-ups In South Korea Surge As Youths Snub Jobs At Big Companies

Thousands of South Korean students are rejecting the opportunity to secure lifetime jobs at the nation’s biggest companies in order to begin their very own technology start-ups, said a report by Bloomberg News on Tuesday, as more and more start-ups continue to spring up on the back of entrepreneur-friendly tax incentives and bank loans.

South Korea To “Drastically” Increase Missile Capabilities

South Korea’s defence ministry plans to spend up to 2.5 trillion won ($2.1 billion) over the next five years in order to purchase 500-600 new cruise and ballistic missiles that will supplement the nation’s defence against the neighbouring North Korean military, said a report by the Yonhap News Agency on Tuesday.

Spiralling Wedding Costs Send South Korean Couples Into Debt

South Korean couples must fork out an average of nearly $200,000, or more than four times the annual average household income, in order to get married, said a report by Reuters on Friday, with the sky-high cost said to stem from a combination of cultural traditions and soaring inflation.

According to the report, the average cost of a wedding in South Korea has risen by 270 percent since 1999, while inflation grew by 45.5 percent during the same period.

South Korean President Dons Thermal Underwear To Save Electricity

South Korean President Lee Myung-bak will be donning thermal underwear over the winter period, in an attempt to persuade his citizens to make some sacrifices in order to conserve electricity amid surging power demands in the country.

[quote]“Naturally, I had to wear warmer underwear which was uncomfortable initially. But after a while, I got used to it, and now I am very warm and comfortable wearing it,” said Lee in his fortnightly national radio address on Monday.[/quote]