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South Korea Sees One of Strongest Recoveries Among Major Economies – BNN

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(Bloomberg) — President Moon Jae-in expects South Korea’s economy to rebound to pre-pandemic levels in the first half of the year, saying it will have one of the strongest recoveries among major economies.

“South Korea managed to minimize the economic damage of Covid last year,” Moon told the World Economic Forum’s Davos Agenda on Wednesday. “The combined growth rate last year and this year is expected to be the highest among the OECD nations,” Moon added, referring to the Organisation for Economic Co-operation and Development.

Moon said South Korea will begin its Covid-19 vaccination program next month. Although it’s later than many advanced economies, South Korea has posted relatively low infection and death rates after it slowed the virus’s initial spread without a lockdown, relying instead on rapid testing and contact-tracing to mitigate flareups.

South Korea ended the pandemic year of 2020 with a 1% contraction in gross domestic product, likely to be the smallest among OECD members. Government spending that included four extra budgets helped limit the damage from a slump in consumer spending, with exports powering the recovery from the second half of the year.

Korea Economy Shrinks Just 1% in 2020 on Exports, Virus Control

The Bank of Korea expects the economy to expand 3% this year. The government’s plan to increase housing supply is helping the construction industry, while policies to provide more pandemic relief are being mulled.

The small annual contraction leaves South Korea in better shape than most developed economies. Finance Minister Hong Nam-ki said in a Facebook post Tuesday that the country’s performance stood out when considering that the world’s 10 biggest economies probably shrank between 3-10%.

©2021 Bloomberg L.P.

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S&P/TSX composite gains almost 100 points, U.S. stock markets also higher

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September 13, 2024

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TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.

The S&P/TSX composite index closed up 93.51 points at 23,568.65.

In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.

The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.

The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.

The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.

This report by The Canadian Press was first published Sept. 13, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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Economy

Statistics Canada reports wholesale sales higher in July

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September 13, 2024

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OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.

The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.

The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.

The personal and household goods subsector fell 2.5 per cent to $12.1 billion.

In volume terms, overall wholesale sales rose 0.5 per cent in July.

Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.

This report by The Canadian Press was first published Sept. 13, 2024.

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S&P/TSX composite up more than 150 points, U.S. stock markets mixed

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September 12, 2024

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TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 172.18 points at 23,383.35.

In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.

The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.

The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.

The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.

This report by The Canadian Press was first published Sept. 12, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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