The Korea Development Institute(KDI) says recent upticks in consumption and construction investment are not strong enough indicators to conclude that the economy is reviving.
 
The state-run think tank delivered the assessment in a report on economic trends for July on Wednesday, saying that sluggish exports and equipment investment are delaying the economic recovery.
 
It said although exports of ships temporarily grew in June, shipments of other products remained on a downward slope.
 
The KDI also expressed concerns about the evident doldrums in the labor market, noting modest growth in hiring, especially in the manufacturing industry.
 
The institute predicted that in addition to slumps in emerging economies, Britain’s decision to leave the EU will likely discourage the growth of the global economy, even though the domestic financial market appears to have somewhat recovered from the shock.