Korea has adopted industrial robots more quickly than the United States, Japan and Germany — so fast that it's starting to affect the employment rate for humans and even their wage increases.
Korea's gross domestic product (GDP) fell 1 percent last year due to the coronavirus pandemic, the Bank of Korea said Tuesday, marking the lowest growth rate in 22 years.
Korea's economic growth retreated by 1 percent last year affected largely by the coronavirus pandemic.
Bank of Korea (BOK) Gov. Lee Ju-yeol warned the local stock market has been growing at a dangerously fast pace and expressed concerns about those borrowing to invest during an online press briefing held Friday.
Korea's central bank maintained the benchmark interest rate at a record low of 0.5 percent on Friday.
Household debt to banks grew by a record amount last year, increasing by over 100 trillion won ($90.7 billion), as people borrowed to purchase properties and stock and to cover living expenses during the coronavirus pandemic.
Korea's consumer sentiment fell for the first time in three months in December due to tougher antivirus measures and worsened economic expectations, central bank data showed Tuesday.
Bank of Korea Gov. Lee Ju-yeol said it is inevitable for the bank to maintain an accommodative monetary policy for now considering the slow growth in consumer prices affected by the resurgence of the coronavirus pandemic,
Korea and the United States extended their $60 billion bilateral currency swap agreement for six months as uncertainties over the global coronavirus pandemic continue, the central bank said Thursday.
Export prices fell to the lowest level in 36 years in November due to the strength of the Korean won against the U.S. dollar, central bank data showed Wednesday.