Over 60 percent of U.S. businesses operating in South Korea were found to have curtailed their investment and hiring plans amid the COVID-19 outbreak. 

The American Chamber of Commerce in Korea(AMCHAM) on Friday announced the result of a survey, in which 117 member companies were asked about the impact of the coronavirus pandemic on their businesses. 

Thirty-four percent of AMCHAM members said they have significantly cut back investment and hiring plans this year compared to last year, while 28 percent reported a smaller scale downsizing of such plans. 

Another 28 percent said there is little change in the plans, while the remaining 10 percent said they expanded investment and hiring targets. 

Many of the American companies suffered from the economic fallout of the pandemic with 28 percent of the members saying their estimated second quarter performances failed to reach even half of their initial goals.