The Korean economy is bracing itself for the impact of the Eurozone crisis that has already sent the won into another tailspin. The crisis is having a domino effect worldwide and has begun to affect the economies of the U.S. and China.

The U.S., Europe and China, the three major export destinations for Korean-made products, are all being shaken, dealing a hard blow to Korea's export-driven economy. Domestic consumption has been equally lackluster, sending department store sales down for the first time since 2008, while household debt delinquency has hit a five-year high.

As a result, the government has lowered its growth projection for this year from 3.7 percent to 3.5 percent, and is taking emergency measures to prop up the flagging economy with W5-6 trillion (US$1=W1,179) from various funds to stockpile as reserve capital.