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Biz News Korea(Eng)

Korean CEOs think economy is as bad as or worse than 1997 crisis

Collected: 2017.02.02

Distributed: 2017.02.03

Source: Go Direct

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Nine out of 10 Korean entrepreneurs believe the economy is as bad as or even worse than 1997 when the country had to seek international bailout on the brink of declaring national bankruptcy.

According to a joint survey by the Maeil Business Newspaper and the Korea Chamber of Commerce and Industry (KCCI) on 72 regional member chiefs, of which 63 responded, 87.3 percent said the current economic situation was as bad as the crisis-hit 1997 or even worse. Just 12.7 percent said it was better. KCCI members are mostly mid-sized or smaller enterprises.

이미지 확대

For this year’s business plan, most will keep the status quo instead of investing or hiring due to foggy economic and business prospects. Just one had plans for increasing recruitment and investment this year.

About 41 percent said they plan to rationalize or restructure to save costs. Another 34.4 percent will concentrate on risk management against foreign exchange and other volatilities. Just 22 percent said they will seek new growth engine and 3.1 percent pursue expansion.

Forecast on recovery was most pinned on the first half of 2019.

By Jung Wook and Kim Jung-hwan

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