With the whole nation in grief over the ferry disaster, Korean Finance Minister Hyun Oh-seok says private consumption has slowed.
Speaking with finance leaders on Tuesday, including the heads of the Korea Development Institute and the Korea Institute of Public Finance, Hyun said the economic recovery in the private sector has been sluggish since the tragedy unfolded nearly three weeks ago.
He said the effects have been especially pronounced in the service industry, including in the cultural and tourism sectors.
Private consumption has also dipped.
Hyun added that the government will keep a close watch on the situation and mull over measures to support sectors affected by the ferry disaster.