Korea plans to reduce the issuance of bonds by state-run companies, the finance ministry said Monday, in line with the country's efforts to stabilize the bond market hit by uncertainties.
Korea will carry out eased lending rules for first-time homebuyers and owners of one home next month as the once-hot housing market appears to be entering a downturn amid rising interest rates, the land ministry said Thursday.
Korea plans to provide a wide array of support to local shippers and venture companies to add vitality to the weak investment sentiment amid the looming global recession, the finance minister said Friday.
Korea plans to overhaul a set of business regulations as part of efforts to bolster investment, the finance ministry said Monday, amid growing fears over an economic slump.
The fiscal deficit jumped 70 percent on year in the first eight months of the year as the government spent heavily on Covid relief and on support for lower-income households, though in the month of August a surplus was achieved.
Finance Minister Choo Kyung-ho is concerned about 2023 growth as he remains generally sanguine and doesn't anticipated stagflation or a repeat of the 1997 crisis.
Granting special pardons to business leaders would help the economy, according to the finance minister.
Korea will take pre-emptive measures to prevent market volatility in the wake of the U.S. Federal Reserve's 75-basis-point rate increase Wednesday, Finance Minister Choo Kyung-ho said.
"The government is planning bold regulatory rollback through tax reforms, including corporate tax and inheritance tax cuts," Choo said in a meeting with business lobbies on Thursday.
Bank of Korea Gov. Rhee Chang-yong said a half-point rate increase is not out of the question.