KDI: S. Korean Economy Becoming Sluggish

Write : 2019-04-08 10:55:30 Update : 2019-04-08 17:56:06

KDI: S. Korean Economy Becoming Sluggish

Anchor: The Korea Development Institute(KDI) says the South Korean economy is becoming sluggish due to weakening demand at home and abroad, hinting the economy is entering a downturn phase. 
Lee Bo-kyung has more. 

Report: The Korea Development Institute on Sunday released its monthly report on economic trends and assessed the economy is becoming sluggish.

It’s the first time the state-run think tank has made such an evaluation since March 2015 when domestic consumption was hit hard by the outbreak of Middle East Respiratory Syndrome.

The institute had assessed since last November that the economy was slowing, but it used the word "sluggish" for the first time, which is commonly used to describe the economic condition that comes just before the stage of economic slump.

The KDI expressed concerns over recent drops in the major economic indicators of consumption, exports, investment and production. 

South Korea's retail sales posted negative growth of two percent in February from a year earlier, significantly below last year's annual average of four-point-three percent and the fourth quarter average of three percent.

Facility investment plunged 26-point-nine percent in February from a year earlier due to weakening demand in both machinery and transportation equipment. 

Exports declined for four straight months since last December due to declining exports to China and slowing chip sales. 

The KDI said the economy is in a vicious cycle of slow consumption and investment coupled with sluggish exports that have negative effects on corporate production.   

Due to gloomy prospects, major financial organizations at home and abroad slashed their economic growth outlooks for South Korea for this year to around two percent, raising speculation that the Bank of Korea may lower its key interest rate this year. 
Lee Bo-kyung, KBS World Radio News.

[Photo : YONHAP News]

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