March 20, 2014 13:03
Korean businesses have at long last turned optimistic about the country's economic prospects in the second quarter of the year.
The Korea Chamber of Commerce and Industry said on Wednesday the business survey index stood at 111 for the April-June period, the highest since the first quarter of 2011 and 19 points higher than in the first quarter of this year.
Any reading above 100 means optimists outnumber pessimists about the three months ahead.
The index was based on a survey of 2, 425 manufacturers.
From the fourth quarter of 2011 until the first quarter of this year, the index was stuck in pessimistic territory.
Jeon Su-bong of the KCCI said, "The index soared by a large margin due to hopes for the government's economic reform plans and economic recovery in the U.S. The Korean economy has yet to recover, but there is good reason to be optimistic."
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