April 29, 2024

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(Yonhap News)

A recent poll indicated that business sentiment in South Korea for March has continued to be pessimistic, largely influenced by ongoing worries about the global economic slowdown. 

According to the monthly survey conducted by the Federation of Korean Industries (FKI), the Business Survey Index (BSI) for the nation's top 600 companies based on sales registered 97 for March, showing an increase of 4.7 points from the previous month. 

A BSI score below 100 indicates a prevalence of pessimism over optimism, with the index persisting below 100 for 24 consecutive months.

In contrast, the BSI for the manufacturing sector reached 100.5 in March, exceeding the 100-point threshold for the first time in two years. However, the nonmanufacturing industry trailed with a BSI of 93.5.

Optimistic sentiments were observed in manufacturing areas such as machinery, automobiles, and the petroleum and chemical sectors, as highlighted in the survey results. 

The FKI, representing the conglomerates with family ownership in South Korea, noted a positive outlook on anticipated improvements within the manufacturing industry. 

Nevertheless, the organization emphasized the necessity for enhanced efforts to invigorate overall business sentiment, which currently persists in a sluggish state.

By Investor News (investor@heraldcorp.com)