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Economy

South Korea's Factory Output Plunges on Weak Exports and Confidence

South Korea's factory output fell sharply in November, according to government data released Monday by Statistics Korea, exceeding economists' forecasts and signaling further strain on the manufacturing sector. The industrial output index (KRIO) dropped 0.7% on a seasonally adjusted monthly basis, compared to expectations of a

China, Nigeria Extend $2 Billion Currency Swap to Boost Trade, Reduce Dollar Reliance

China and Nigeria have renewed their three-year, 15 billion yuan ($2 billion) currency swap arrangement, aiming to deepen financial cooperation and reduce reliance on the US dollar for bilateral transactions. The People's Bank of China, as reported by Bloomberg, announced the renewal on Friday, stating that the currency

China to Continue Housing Market Stabilization in 2025

China will continue its efforts to stabilize its real estate market and prevent further declines in 2025, according to Reuters, citing a report from China Construction News based on a recent work conference held by the housing regulator. The report detailed the government's plans to address the ongoing

China to Boost Fiscal Support for Consumption in 2023

China will significantly increase fiscal support for consumption next year, aiming to stimulate domestic demand and drive economic growth, according to a statement released by the finance ministry on Tuesday, as reported by Reuters. The ministry, following a two-day national fiscal work conference, outlined a series of measures designed to

China Urged to Curb Overinvestment in Inefficient Infrastructure

A Beijing-based think tank, Anbound, has called for a curb on China's overinvestment in large, inefficient infrastructure projects. As reported by the South China Morning Post, the think tank argues that outdated practices, rather than true economic need, are the root cause of this issue. At a recent

South Korea to Ease FX Rules, Pump More Funds into Market

South Korea will loosen foreign exchange regulations and inject more funds into the domestic stock market in an effort to stabilize the won and broader financial system, according to a report by Korea Economic Daily. These measures aim to counter the recent sharp depreciation of the won against the US

South Korea Overtakes Japan in Per Capita GDP for First Time, Signaling Shift in Economic Power

South Korea has surpassed Japan in per capita gross domestic product for the first time ever, according to data released by Japan's Cabinet Office. The shift, reported by Nikkei Asia, marks a significant change in the economic landscape of East Asia and is attributed to Japan's

High Interest Rates Squeeze Russia's Railway Industry, Impacting China Trade

Sanctions and Russia's war in Ukraine are creating a perfect storm for Russia's railway industry, severely impacting its crucial trade channel with China, reports Business Insider. The Russian railway sector is experiencing its most significant slowdown since the Great Financial Crisis, according to an analysis by

US New Home Sales Rebound in November, But Rising Mortgage Rates Loom

Sales of new US single-family homes rebounded in November after being depressed by hurricanes the previous month, according to the Commerce Department's Census Bureau. However, rising mortgage rates could dampen sales in the coming year, reports Reuters. New home sales jumped 5.9% to a seasonally adjusted annual

South Korea Consumer Sentiment Plunges to 2-Year Low Amidst Political Turmoil

South Korea's consumer confidence has taken a sharp downturn, hitting a more than two-year low in December, as political uncertainty surrounding President Yoon Suk Yeol's impeachment weighs heavily on consumer sentiment, reports Reuters. The Bank of Korea's monthly survey revealed a significant drop in