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Real-time News
South Koreas economy is projected to grow by 2.5% in 2026, supported by strong growth in the semiconductor industry and a recovery in domestic consumption, a South Korean state-run think tank said on Wednesday. The Korea Development Institute (KDI) raised its 2026 economic growth forecast from 1.9% in February, noting that despite a challenging business environment including Washingtons tariff policies, South Korea has maintained robust export growth driven by the semiconductor industry. The institute stated that domestic consumption is expected to grow by 2.2% in 2026 and 1.5% in 2027, driven by government subsidies. Infrastructure investment is projected to grow by 3.3% in 2026 and 2.4% in 2027, also driven by the semiconductor industry. According to KDIs forecast, the South Korean economy is expected to grow by 1.7% by 2027.May 13 - Railway construction progressed efficiently and effectively from January to April this year, with the national railway system completing 200.8 billion yuan in fixed asset investment, a year-on-year increase of 3.2%.On May 13, Iranian Foreign Ministry spokesman Baghae stated in a media interview on May 11 that ending the war and lifting the blockade of the Strait of Hormuz are prerequisites for any negotiations between Iran and the United States. He emphasized that the unilateral demands made by the US in the negotiations are unacceptable, and Iran will never succumb to the USs "exorbitant demands." Baghae pointed out that the urgent tasks are to end the current war, properly resolve the issues related to the Strait of Hormuz, and lift the blockade against Iran. Regarding the claim that the current ceasefire agreement is "extremely fragile," Baghae stated that Iran is prepared to deal with any unforeseen circumstances.May 13 - A 4.8-magnitude earthquake struck off the southern coast of Hokkaido, Japan, at approximately 11:24 a.m. local time on May 13. The maximum intensity was 1, and the epicenter was at a depth of 10 kilometers. There was no risk of a tsunami.According to Nikkei, an executive at U.S. chip giant Texas Instruments (TXN.O) said the company is expanding its global manufacturing scale, including in Japan and Malaysia, to increase in-house production of its “foundational” semiconductors, thereby supporting the booming artificial intelligence infrastructure market.
