News in Brief from South Korea: Startups, business, economy, finance, technology & more

It looks like an upward trend for the Korean economy as the consumer sentiment gains more ground and the International Monetary Fund (IMF) forecast for economic growth raised higher. Also, Coupang makes first domestic investment after debut at the NYSE. Riiid Labs launches mobile app in the Middle-East as Cherry trees bloom in Korea mark the arrival of spring and better tomorrow.

“Korea’s growth rate of 3.6% this year,” IMF forecast raised again

Source: TheJoongAng

The International Monetary Fund (IMF) raised the forecast for Korea’s economic growth this year to 3.6%. It has been two months since the Korean economy predicted that it will grow 3.1% this year. On March 25th, the IMF predicted that South Korea will grow by 3.6% this year through a report of its annual consultation with the government. This is a forecast that is 0.5 percentage points higher than the forecast in January.

The IMF said, “As the risk factors from the novel coronavirus infection (Corona 19) gradually decreased and external demand increased, the growth rate forecast was raised to 3.4%, but it is expected to be 3.6%, reflecting the effect of the recently announced supplement.” It is analyzed that the government’s additional budget (additional budget), which passed the National Assembly on this day, will increase the growth rate by about 0.2 percentage points.

Consumer sentiment gains for 3rd month in March

Source: The Korea Herald

Apartment complexes in Korea (Yonhap)
Apartment complexes in Korea (Yonhap)

South Korea’s consumer sentiment rose for a third consecutive month in March, as exports showed signs of a modest recovery amid the COVID-19 vaccine rollout, central bank data showed on March 26. The composite consumer sentiment index (CCSI) came in at 100.5 for March, up 3.1 points from the previous month, according to the data from the Bank of Korea (BOK). A reading above 100 means optimists outnumber pessimists.

Coupang and Wanju-gun, Jeollabuk-do, signed an MOU for investment in a new distribution center

Source: Munhwa Ilbo 

Coupang announced on March 26th that it has signed a memorandum of understanding (MOU) with Wanju-gun, Jeollabuk-do for the establishment of a new distribution center. This is the first investment in Korea, only two weeks after Coupang was listed on the New York Stock Exchange (NYSE), and is part of Coupang’s continued efforts to revitalize the local economy and create new jobs. In accordance with the MOU signed with Wanju-gun, Jeonbuk, Coupang plans to invest more than 100 billion won to establish a new logistics center in Wanju-gun.

Riiid Labs and ConnecME launch AI-enabled ACT test preparation mobile app in the Middle East

Source: Riiid Labs Media Release 

Riiid - ConnecME
Riiid – ConnecME launch mobile app.

Riiid Labs, the global arm of Riiid, a leader in AI education solutions, and ConnecME Education, an international education company, announced the launch of an AI powered ACT test preparation app in Egypt, UAE, Turkey, Saudi Arabia, and Jordan. The app is initially available on the Android platform, with an iOS-compatible version planned for 2021. The launch marks the fruition of a partnership that the two companies commenced in July, 2020 with the intent of introducing a new level of innovative instruction for students in the Middle East.

 

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