World Cup No Antidote for Economic Decline

      July 01, 2014 10:13

      Business sentiment has continued to worsen since the ferry disaster on April 16, dashing hopes of a recovery during the World Cup in Brazil.

      The Bank of Korea announced on Monday that the business survey index for June was 77 points, down two points from May. The figure had steadily risen from 76 in January to 82 in April but fell to 79 in May and to 77 in June.

      Any value below 100 means pessimists outnumber optimists.

      "Many businesses seem to be more pessimistic about the economy with a widespread gloomy outlook for the future due to stagnant domestic demand and the strong won against the greenback," a BOK official said.

      "Recovery was expected in June in anticipation of possible increasing demand for electronic devices such as televisions due to the World Cup, but it didn’t turn out to be true."

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