The country’s business sentiment remained pessimistic for a record 34 consecutive months amid the prolonged global recession and political turmoil following President Yoon Suk Yeol’s failed martial law attempt.

The Federation of Korean Industries(FKI) revealed on Thursday that the business survey index(BSI) for the country’s top 600 companies by sales stood at 84-point-six for January.

A reading below 100 indicates that pessimists outnumber optimists, while a figure above the benchmark means the opposite. 

The index has remained below 100 for 34 consecutive months starting in April 2022, marking the longest streak since the FKI started its monthly survey in January 1975. 

The previous record was 33 consecutive months, from June 2018 and February 2021. 

The BSI for January fell by 12-point-seven points compared to the previous month, marking the sharpest decline in nearly five years, following a 25-point-1 point drop in April 2020.