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S. Korea’s consumer confidence worst since 2008 financial crisis

Collected: 2016.11.26

Distributed: 2016.11.28

Source: Go Direct

Consumer confidence hit eight-year bottom in South Korea grappling with unprecedented lengthy slowdown in addition to political crisis with the sitting president facing criminal charges for the first time ever and impeachment over power abuses.

According to the Bank of Korea on Friday, the country’s composite consumer sentiment index (CCSI) for November stood at 95.8, down from 101.9 last month and closer to the previous bottom of 94.2 in April 2009 in the wake of the 2008 global financial crisis. A reading over 100 indicates that consumers are more positive than negative about the economy.

Another index measuring sentiment in current economic conditions deteriorated sharply to 60 in November from 72 in the previous month, again lowest since March 2009. Pessimism deepened for the outlook. The sentiment for economy down six months later retreated to post-crisis levels of 64, dropping sharply from 80 in the previous month.

The index in spending propensity slipped to 106 from 107. Cutback was biggest in durable goods, clothing, dining-out, and travelling.

By Boo Jang-won

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