Anchor: A new survey has found that seven out of ten economic experts believe that South Korea’s economy has entered into a state of long-term low growth. The pessimistic economists said that the economic foundation’s fundamental weakening was the reason for low growth. 
Our Bae Joo-yon has more.
 
Report: The Federation of Korean Industries(FKI) recently conducted a survey of some 60 economists and found that 70 percent of them believe the South Korean economy has entered into a long period of low growth.

A total of over 96 percent of the respondents said that the South Korean economy has or will soon enter the low-growth phase.
 
Among the pessimistic economists, the top business lobby group said eight out of ten respondents blamed the low growth on fundamental economic structural issues in the economy.

An FKI official in charge of the survey said that the structural problems led to falls in South Korean companies’ competitiveness in the global market.

As a result, 90 percent of respondents said they believe that South Korea’s economy is unlikely to enjoy the growth it had experienced in the past even if the global economy picks up.
 
As the largest risk faced by South Korea’s economy, experts picked the delay in overhauling the economic system.
 
Experts assessed that with a delay in efforts to abolish regulations and in labor reforms, the economy’s overall efficiency and vitality are losing strength.
 
Experts also cited Chinese firms’ quickly catching up to South Korean firms, wage inequality and a slump in domestic consumption as other risk factors.
 
As steps for the nation’s economy to overcome low growth, experts stressed the need for mid-and long-term approaches, including creating new industries and reforming industrial structures rather than short-term measures, including a supplementary budget and policies on revitalizing domestic demand.
Bae Joo-yon, KBS World Radio News.