Korean Businesses Grow More Pessimistic Due to Coronavirus

  • By Kim Eun-jung

    February 27, 2020 11:14

    The coronavirus outbreak is dealing a severe blow to business sentiment in Korea as companies become increasingly pessimistic about future economic conditions.

    The Bank of Korea said Wednesday that the business sentiment index in February stood at 65, down 10 points from January. It was the biggest monthly fall since the central bank began compiling statistics in January 2003.

    The previous record was a nine-point drop during the financial crisis in November 2008, the European economic crisis in August 2012 and the outbreak of the Middle East Respiratory syndrome in June 2015.

    A BSI below 100 means pessimists outnumber optimists. February's data was based on responses from 3,696 businesses across Korea.

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