The Organization for Economic Cooperation and Development (OECD) has released its bi-annual economic survey of Korea, which praises the nation for its strong recent economic performance, and recommends areas with potential for long and mid-term improvement. On June 15th the OECD released Economic Survey of Korea 2010, the latest economic analysis of the nation. The report commends Korea for having one of the strongest post-2008 recoveries in the OECD, which was attributed to outstanding export performance and the largest fiscal stimulus package among ... Read More

Governments of emerging Asian economies have been warned to be ready for sudden increases in investment capital inflows, and prepare appropriate policy responses. On May 18th the Asian Development Bank (ADB) released its annual Asian Capital Markets Monitor report, which investigates the performance and outlooks for the equity, bond and currency markets in emerging economies. According to the report, several factors have cumulatively increased the risk of Asian economies facing sudden high levels of investment capitals, leading potential destabilization of currency and financial ... Read More

The European Union (EU) and South Korea have initialed a Free Trade Agreement (FTA). After a series of negotiations and two legal review meetings in July and September, the FTA between South Korea and the EU came to be initialed on the 15th of October. The FTA document was signed by Catherine Ashton, EU Trade Commissioner, and Kim Jong-hoon, South Korean Trade Minister, in a ceremony in Brussels. The Free Trade Agreement is heralded as one of the most important agreements of its kind ... Read More

The South Korean Government expects its tax collection to grow by 9.2% annually, between 2011 and 2013. According to the report submitted by the Finance Ministry to the National Assembly of Korea, the nation will see an annual increase of approximately 9.2% in its tax collection and a 5% rise in GDP, annually between the years of 2011 and 2013. Government figures place the expected income at approximately KRW187 trillion for 2011, KRW 204 trillion in 2012 and KRW223 trillion in 2013. Plans ... Read More

The Korean Government has announced an expected 3.9% increase in their tax collections for 2010. According to statements made by the Korean Ministry of Strategy and Finance, on the 23rd of September, the country will see an extra KRW3.1 trillion tax receipts in 2010. The total tax take is projected to reach KRW171.1, approximately equivalent to US$143.1 billion. The details of the increased tax receipt are expanded in the Korean government's draft budget plan, which will be submitted to the National Assembly on ... Read More