arirang news

The World On arirang

FRI, 2015-09-04 KST

arirang Head Menu

Institutions considering slashing growth outlook for Korean economy Updated: 2014-05-29 06:28:57 KST

Slow recovery following sluggish domestic consumption is prompting institutions to slash their growth projection for the Korean economy.
Much of it has to do with consumers spending less after the Sewol-ho ferry disaster in April which the Korea Economic Research Institute says has raised red flags.

(Korean: )
"Forecasts for private consumption and household spending fell and they're not expected to pick up any time soon. Private consumption has not increased in the past two quarters as it was fueled by negative consumer sentiment following the Sewol-ho disaster."

The state-run economic policy think tank, the Korea Development Institute has cut the country's growth forecast to 3.7-percent this year, down point-2-percentage point from previous estimates.
Finance minister Hyun Oh-seok also voiced concerns that a freeze in consumer sentiment could slow down the Korean economy.
Retail and leisure sectors were among those most affected by the ferry incident according to reports by the Bank of Korea released on Wednesday.
A need to contain this sentiment from further spreading into the corporate circle is gaining weight as it could add uncertainties, hampering business investments.
Senior researcher of the K-E-R-I, Byun Yang-gyu, suggests getting a verdict on some 3-hundred bills stalled at the National Assembly concerning labor laws that could make it harder for employers to lay off employees and shorten working hours.
Kim Ji-yeon, Arirang News.

Comment

fatboyme (USA) 2014-05-29 08:52:13 KST    

Great.

KOGL : Korea Open Government License
본 저작물 중 본문에 해당하는 뉴스 스크립트는 공공누리 제1유형-출처표시 조건에 따라 이용할 수 있습니다.
단, 영상 자료는 저작권 문제로 자유이용이 제한되니, 담당자에게 확인하여 주시기 바랍니다.
(국제방송교류재단 김형선 : ☎02-3475-5263)