Jin-gyu Kang

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S.Korea’s economy grows 2.0% in 2024; Q4 GDP below forecast

Jan 22, 2025 | kedglobal.com | Jin-gyu Kang

South Korea’s economy expanded 2.0% last year, falling short of the central bank’s forecast on weaker-than-expected growth in the fourth quarter amid dwindling private consumption further subdued by the country’s unexpected local political upheaval. Gross domestic product in Asia’s fourth-largest economy grew 2.0% in 2024 from the prior year, the Bank of Korea’s preliminary data showed on Thursday. This is below the central bank’s earlier projection of 2.2% made in November.
BOK lowers growth forecasts to bolster rate cut expectations

Jan 20, 2025 | kedglobal.com | Jin-gyu Kang

South Korea’s central bank slashed its economic growth forecasts on Monday, adding to views that the monetary authority will cut interest rates to revive Asia’s fourth-largest economy dampened by political turmoil following martial law and US trade protectionism. The Bank of Korea (BOK) said it expected the economy to grow 1.6-1.7% this year, lower than its previous forecast of 1.9% published last November. Its latest prediction fell short of the government’s expectation of 1.8% released on Jan. 2.
Bank of Korea seen cutting interest rates by 25 bps in January

Jan 14, 2025 | kedglobal.com | Jin-gyu Kang

The Bank of Korea (BOK) is widely expected to cut interest rates by 25 basis points on Thursday amid a softening economy and moderating inflation, shows a poll of global investment banks. Some of the respondents betting on a quarter-point reduction predict a tight call on the rate decision. JPMorgan, UBS and BNP also do not rule out that the central bank might leave interest rates unchanged at 3.00% this month.
South Korea’s forex reserves drop to 5-year low in 2024

Jan 6, 2025 | kedglobal.com | Jin-gyu Kang

South Korea’s foreign exchange reserves shrank to a five-year low at the end of last year after the country’s foreign exchange authorities sold the US currency in the foreign exchange market to prop up the weak Korean won throughout the year. According to the Bank of Korea on Monday, Korea’s foreign exchange reserves stood at $415.6 billion as of the end of December 2024, a $4.55 billion fall from a year ago.
Korean won, stocks seesaw on Yoon’s new martial law rumors

Dec 6, 2024 | kedglobal.com | Jin-gyu Kang

South Korea's foreign exchange and stock markets suffered big swings on Friday, in response to its ruling party leader's warning of a new emergency act by President Yoon Suk Yeol after his martial law declaration was overturned by parliament this week. In an opening speech of the People Power Party’s leadership meeting on Friday, its chief Han Dong-hoon said Yoon could take a radical action again, putting South Korea and citizens into a great danger.
BOK to buy repos to counter martial law-driven market tantrum

Dec 4, 2024 | kedglobal.com | Jin-gyu Kang |Se-min Huh

South Korea’s central bank will provide ample liquidity in the country’s financial markets by purchasing repurchase agreements, or repos, as part of efforts to stabilize Asia’s No. 4 economy’s financial markets following the night of mayhem caused by President Yoon Suk Yeol’s martial law declaration, which was lifted six hours later.
BOK makes first back-to-back rate cuts since 2009 global crisis

Nov 28, 2024 | kedglobal.com | Jin-gyu Kang

South Korea’s central bank lowered interest rates for a second straight meeting on Thursday in a surprise move and left the door open for another cut in the next three months to prop up Asia’s fourth-largest economy losing growth momentum amid the growing trade headwinds from US President-elect Donald Trump’s protectionism. The Bank of Korea (BOK) lowered its policy interest rate by a quarter percentage point to 3.00%.
S.Korean overseas card spending posts record $5.71 bn in Q3 - KED Global

Nov 26, 2024 | kedglobal.com | Jin-gyu Kang

With the increase in international travel during the summer, overseas card spending by South Korean residents reached a record high in the third quarter (July–September). According to the Card Spending by South Korean Residents Abroad in Q3 report released by the Bank of Korea (BOK) on Tuesday, total overseas card spending by domestic residents, including credit and debit cards, amounted to $5.7 billion.
BOK to keep rate at 3.25% in Nov despite dim GDP outlook: Survey

Nov 26, 2024 | kedglobal.com | Jin-gyu Kang

South Korea’s central bank is expected to freeze its policy rate at 3.25% during its last monetary policy meeting for this year to prevent any further fall in the country’s currency value against the US dollar despite a gloomy outlook for the country’s economic growth next year, according to a survey conducted by the Korea Economic Daily on Monday.
Korea’s economy rebounds slower than expected in Q3

Oct 24, 2024 | kedglobal.com | Jin-gyu Kang

South Korea’s economy rebounded slower than the central bank’s expectation in the third quarter on sluggish exports, adding to predictions that the Bank of Korea (BOK) may cut interest rates earlier than forecast to bolster Asia’s fourth-largest economy. The country’s gross domestic product grew 0.1% in July-September from a quarter earlier on a seasonally adjusted basis, according to the BOK’s advance estimates released on Thursday.