Busans leading competitor, Riyadh, said it has already earnedsupport from more than 60 countries and organizationsincluding China, France, some African nations, the intergovernmental Caribbean Community, and the Organization of Islamic Cooperation. Netflix drama Squid Game brought home a Leading Actor Emmy, a BTS member performed at the World Cup Opening Ceremony, and films Broker and Decision to Leave were rewarded at the Cannes film festival. Convictions for criminal defamation are based only on whether what was said is in the public interest, not its verity, and can result in up to seven years imprisonment and a fine. of 5.1% for 2022 compares with an average CPI inflation rate of As expressed during President Yoons speech at Davos, South Korea wants to contribute to establishing a global digital order and it will be interesting to see what rules and standards they will set both domestically and globally in 2023. The impacts of COVID and the draconian efforts to prevent its spread are likely to continue to be a leading issue for Pyongyang in 2023. Jan. 12, 2023. . The gender divide has become a key issue in South Korea's presidential race which will be decided in March. South Korea | Today's latest from Al Jazeera Please try again. Korea Economic Snapshot - OECD South Korea is far from alone. services contracted in the fourth quarter, this was mitigated by But no more. ICT exports in December 2022 down 23.6% y/y. At time of writing, the government was still discussing how to carry out the abolition of the Ministry of Gender Equality and Family. 2022 was a big year for South Korea pop culture exports, particularly K-pop, K-dramas and cinema. per year by 2050 due to demographic ageing. the second half of 2022. North Koreas Weapons Tests and the Prospects for Renewed Negotiations. petrochemicals exports down 25% y/y. The most significant event to impact the Korean Peninsula in 2022 was Russias invasion of Ukraine. in late 2022 and early 2023. Discrimination against LGBT people remains pervasive in South Korea. South Korea's Celltrion Healthcare has launched a copycat version to AbbVie Inc's Humira at about a 5% discount, adding to the growing competition for the blockbuster rheumatoid arthritis drug in the U.S. SEOUL (Reuters) -South Korea's military said on Wednesday it had retrieved the wreckage of a North Korean spy satellite that plunged into the sea in May after a botched launch and found it had no meaningful military use as a reconnaissance satellite. BBC World Service. For the first quarter of this year . Despite continuing pressure from unions and civil society groups, the government has not ratified Convention No. GDP growth is projected to decline to 1.5% in 2023 before picking up to 2.1% in 2024. 15 Jun 2023 North. 190, which requires ratifying states to implement measures to end harassment and violence in the workplace. generation. SEOUL (Reuters) -South Korea's consumer inflation slowed more than expected and hit a 21-month low, official data showed on Tuesday, weighed by falling oil and agricultural product prices. conditions have resulted in weaker ICT exports in late 2022, with in the fourth quarter of 2022. performance across the electronics manufacturing sector. the 50.0 no-change mark, rising only slightly from 48.2 in This has brought total cumulative tightening to 250 basis points annual average for a since 2011. surveyed, falling international oil prices helped to alleviate some Japan-South Korea Joint Declaration 1998 . In the 712-page World Report 2023, its 33rd edition, Human Rights Watch reviews human rights practices in close to 100 countries. While trade remains below pre-pandemic levels, the increases over the last year raise the question of whether Pyongyang will open up further in 2023. Yet, in memorializing the alliances history, foundational documents, and institutional underpinnings, U.S. and ROK leaders will also have to navigate clashing perspectives. Reuters has been granted rare access to Sweden's state-of-the-art submarine fleet. The views expressed here are the authors alone. Moving into 2023, Kim has made clear his regimes intention to exponentially increase nuclear weapons production and stresseda willingness to use them for offensive and defensive purposes. Current Issues Monitor Daily . This is lower than the consensus forecast of 2.1% growth for 2023. South Korean GDP growth is estimated to moderate from 2.5% in The Bank of Korea (BOK) warned, though, that inflation is set to heat up again in 2023. costs in the latest survey period, with operating expenses rising Share this via Printer. As the US and EU are also among South Korea's largest export long-term demographic ageing, which will have severe implications Amid North Koreas advancing capabilities and worsening U.S.-China relations, such differences may come to the fore as the allies reexamine longstanding assumptions about the proper division of labor within the alliance and reassess whether existing alliance arrangements for the defense of South Korea and stability of the region are consonant with rapidly shifting strategic conditions. In July, Seoul celebrated its first LGBT Pride parade in three years, which was attended by an estimated 13,000 people. As a result for Seoul, 2023 could be the year for a review of its energy dependency, not just on Russia but also on suppliers from the Middle East and elsewhere. hikes during 2021-23 having increased financial pressures on highly A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. According to the Bank for International Settlements, household debt in South Korea amounted to 105.4% of GDP at the end of the first quarter of 2022, with non-financial corporations' liabilities equivalent to 115.2% of GDP. While Korean electric vehicle battery makers are the leaders in the development of new battery facilities in the United States, they will need to adjust their supply chains rapidly to meet the laws content requirements. of GDP, is expected to face increasing headwinds during 2023 due Economic Outlook Note - Korea. According to Brand Finance Global Soft Power Index, South Korea ranked 12th in global national branding in 2022. Domestically, the government continued to lag in addressing rampant discrimination against women and girls, migrants, foreigners, older people, people with disabilities, and lesbian, gay, bisexual, and transgender (LGBT) people. The international environment will bring no respite. y/y, while services output rose by 3.5% y/y and construction output The Finance Ministry now sees gross domestic product expanding 1.4 per cent in 2023, down from 1.6 per cent forecast in December, according to its mid-year outlook on Tuesday. President Yoon filled the long-vacant position of special ambassador for North Korean human rights and pledged to establish the North Korean Human Rights Foundation, mandated by law, to fund further investigations and action on rights abuses. 190 of the International Labour Organization, which promotes measures to end harassment and violence in the workplace. In a way, they collectively make up for the lack of a regional security structure. The BOK's readiness to inject liquidity when market conditions become fraught, and commercial banks' deep capital buffer will ensure that a systemic crisis in the financial sector will not take place. South Koreas public health measures to limit the spread of Covid-19 raised serious privacy concerns when the government announced it would test AI facial recognition technology to track the spread of the disease. (bps) since the beginning of 2022. The ROK defense ministry also reportedly plans to reinsert the enemy designation for North Korea in its Defense White Paper (it had disappeared during diplomatic negotiations in 2018-2020). whole or in part without permission is prohibited. trade agreement and major bilateral FTAs. Other ways to share Hosting the Expo in Busan would provide South Korea with a unique opportunity to share its economic success story with theworld and showcase the now global reach of its culture. This includes the large recent RCEP multilateral Share this via Twitter SEOUL - South Korea trimmed its growth outlook for 2023, citing uncertainties over momentum in China and the United States, the world's two largest economies. As Vietnam is an important production On a Such a high South Korea's economy faces rising headwinds in 2023 202120748H. Other ways to share and by 0.8% q/q in the third quarter. production. The finance ministry now sees gross . Share this via Telegram However, easing of COVID-19 restrictions is expected from 1,189 against the USD on 1st January 2022 to 1,428 by 12th An additional 15,000 anti-LGBT protesters also showed up to protest the marchers. However, the Inflation Reduction Act also placed new restrictions on the sale of electric vehicles by requiring that to be eligible for the tax credit they be assembled in North America and beginning in 2023 meet new standards for the content of minerals and components in their batteries. The same month, South Korea also co-sponsored the annual resolution at the United Nations General Assembly condemning North Korean human rights violations, which it had been unwilling to sponsor since 2019. South Korea Economy: Population, GDP, Inflation, Business, Trade, FDI In Japan-South Korea relations, can recent security gains last His campaign included appeals to anti-feminist male voters that included blaming feminism for the decline in birthrate (which now hovers around 0.81, the lowest in the world), pledging to abolish the Ministry of Gender Equality and Family (which promotes womens rights and combats domestic violence), promising to enhance punishments for false accusations of sexual violence, and claiming there is no systemic gender discrimination in South Korea. The war has already left an indelible mark. of Korea (BOK), South Korea's central bank, has tightened monetary The PMI dataset features a headline number, which indicates the overall health of an economy, and sub-indices, which provide insights into other key economic drivers such as GDP, inflation, exports, capacity utilization, employment and inventories. The Supreme Court of Korea overturned the military convictions against two gay soldiers who had been prosecuted for same-sex conduct under article 92-6 of the Military Criminal Act. manufacturing output, which fell by 0.7% q/q in the second quarter recent peak 6.3% y/y in July. A New Chapter in U.S.-South Korea Relations: Seoul Embraces a Broader of 2022, albeit still up 3.6% y/y. in both domestic and external markets. Vietnam is also a key export market for South Korean electronics World Report 2023: South Korea | Human Rights Watch We therefore believe that such proposals will be shelved in 2023. The two men, whose identities were revealed by lawmakers in September, faced torture, forced labor, and possible execution when they were involuntarily returned without fair process. The slowdown will result partly from global economic deceleration and a decline in global trade. Although we do not expect the US and South Korea to respond to such an event beyond broader economic sanctions and joint military exercises, troops will be mobilised along both sides of the inter-Korean demilitarised zone, raising the risk of miscalculation and crossfire.
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