The Korea Development Institute (KDI) diagnosed that the economy was sluggish for 4 consecutive months. This is because the service industry is worsening due to the re-proliferation of the novel coronavirus infection (Corona 19). KDI evaluated in the’January Economic Trends’ on the 10th, “Despite the recovery trend in the manufacturing industry, as Corona 19 rapidly re-proliferates, the economy is continuing, centering on the service industry.” KDI, which first mentioned the possibility of economic contraction in September last year, has been evaluating the economic downturn for four months since October.
In particular, he pointed out that there is a possibility of a contraction in the economy, centered on service consumption in December of last year, and this month, it was diagnosed that the possibility of a contraction in the economy became more pronounced as the service industry intensified. In fact, in December of last year, credit card sales decreased by 16.2% compared to the same period of the previous year, and the decline was larger than the previous year (-4.2%). The consumer sentiment index was also 89.8, down 8.1 points from the previous report (97.9). KDI said, “With the spread of Corona 19, consumer sentiment index and credit card sales decreased. The sluggish consumption is expected to intensify, centering on the service industry with many face-to-face contact.”
Sejong = Reporter Nam Kun-woo [email protected]
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