South Korea expects to see effect of low oil prices over medium-term
[SEOUL] South Korea's economy is expected to see definite effects from low global oil prices over the medium-term, its vice finance minister said on Tuesday. "About US$33 billion is estimated in income transfer from oil producing companies to flow into South Korea," said Vice Finance Minister Joo Hyung-hwan on the sidelines of an event in Seoul.
Mr Joo added that lower oil prices should trickle down to consumption and investment, but that had yet to be seen in the local economy.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Chinese firms are investing abroad at fastest pace in eight years
Sri Lanka’s economy expected to grow 3% in 2024, central bank says
Yellen says US can bring inflation down without hurting jobs
US dollar briefly falls versus yen after GDP data
US weekly jobless claims unexpectedly fall
US economic growth slows more than expected in Q1