November 24, 2022 08:22
Business sentiment in Korea has dropped to its lowest level in almost two years.
The Bank of Korea said on Wednesday the business survey index for November for all industries stood at 75, down one point from the previous month amid an economic slowdown and interest rate hikes. The figure is the lowest since December 2020.
Business sentiment has fallen for three straight months since September, when it stood at 78.
A reading below 100 means pessimists outnumber optimists.
The manufacturing industry saw a slight improvement from 72 to 74 thanks to the lifting of coronavirus restrictions. However, the index for the non-manufacturing sector fell from 79 to 76 due to withering consumer confidence.
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