South Korea’s economy expands 2.7% in second quarterJuly 27, 2017 - 14:21 AMT PanARMENIAN.Net - The Bank of Korea said Thursday, July 27 that South Korea’s economy grew at a 2.7 percent annual pace during the April-June quarter as gains in capital expenditures and consumer spending offset lower exports, The Associated Press reports. The central bank said in a preliminary reading that Asia’s fourth-largest economy saw lower exports but a big jump in capital spending and improved consumer spending supported growth. The economy grew 2.9 percent in the previous quarter. On a quarterly basis, the economy grew 0.6 percent from the January-March period. Earlier this week, the government upgraded its forecasts for growth in this year to 3 percent, citing strong exports led by semiconductor companies that sharply increased capital spending. If achieved, the growth rate would be the highest rate in three years. President Moon Jae-in’s administration plans $10 billion in stimulus to create jobs and improve the country’s social safety nets, to help revive lagging consumer demand in the mostly export-driven economy. Moon, who took office in May, has vowed to help support household income during its tenure by sharply increasing minimum wage and narrowing gaps between full-time regular jobs and irregular work. While big manufacturers like Samsung Electronics post record profits, incomes of individual Koreans have lagged while concern grows over unemployment and poverty. Related links: Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | The Power of One Dram to benefit Road of Life charity The companies inform that the May beneficiary of The Power of One Dram is the “Road of Life” charitable organization. Ucom General Director gives lecture at French University in Armenia The General Director of Ucom Ralph Yirikian delivered a lecture at the French University of Armenia. Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty. Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. |