DWINDLING CONSUMPTION AND THE ECONOMY

입력 2020.11.24 (15:31) 수정 2020.11.24 (16:46)

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[Anchor Lead]

Unlike the bullish stock market, the real economy remains worrisome. The distribution of consumer vouchers intended to boost domestic consumption has been suspended due to COVID-19, and the dining sector is unlikely to see its sales surge during the holiday season, because restaurants must close earlier due to the elevated social distancing measures. What impact will dwindling consumption have on the Korean economy? Let's take a look

[Pkg]

The government had issued consumer vouchers to boost consumption in a total of eight struggling sectors including dining, tourism and film.

[Soundbite] KIM YONG-BEOM(VICE MINISTER OF ECONOMY AND FINANCE(OCT. 2020)) : "We will do our best to help the economy recover in Q4 by stimulating consumption further."

However, consumer vouchers for all but one of the eight sectors subsidized by the government have been suspended. Only half of lodging coupons and one-third of performance coupons have been issued. As for the dining sector, only 5 percent of coupons were distributed. Due to the elevated social distancing measures in the capital area, the service sector including restaurants will likely suffer a blow during the upcoming yearend festivities and the holiday season. The Bank of Korea predicted that the nation's private consumption would contract 3.9 percent this year. The Korea Development Institute forecasted that it would plummet 4.3 percent. If the government's consumer voucher project fails, the situation is more than likely to take a turn for the worse. But some say the dwindling private consumption will have little impact on the nation's economic growth this year.

[Soundbite] HONG JUN-PYO(HYUNDAI RESEARCH INSTITUTE) : "The measure was taken at the end of November to allow for non-contact consumption, which will help the economy continue to grow."

Korea's exports are also recovering steadily. However, the impact of the growing global pandemic remains to be seen. The Bank of Korea is set to hold a Monetary Policy Board meeting this week to announce the key interest rate and revise its projection of this year's economic growth and the 2021 economic growth outlook.

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  • DWINDLING CONSUMPTION AND THE ECONOMY
    • 입력 2020-11-24 15:31:23
    • 수정2020-11-24 16:46:30
    News Today
[Anchor Lead]

Unlike the bullish stock market, the real economy remains worrisome. The distribution of consumer vouchers intended to boost domestic consumption has been suspended due to COVID-19, and the dining sector is unlikely to see its sales surge during the holiday season, because restaurants must close earlier due to the elevated social distancing measures. What impact will dwindling consumption have on the Korean economy? Let's take a look

[Pkg]

The government had issued consumer vouchers to boost consumption in a total of eight struggling sectors including dining, tourism and film.

[Soundbite] KIM YONG-BEOM(VICE MINISTER OF ECONOMY AND FINANCE(OCT. 2020)) : "We will do our best to help the economy recover in Q4 by stimulating consumption further."

However, consumer vouchers for all but one of the eight sectors subsidized by the government have been suspended. Only half of lodging coupons and one-third of performance coupons have been issued. As for the dining sector, only 5 percent of coupons were distributed. Due to the elevated social distancing measures in the capital area, the service sector including restaurants will likely suffer a blow during the upcoming yearend festivities and the holiday season. The Bank of Korea predicted that the nation's private consumption would contract 3.9 percent this year. The Korea Development Institute forecasted that it would plummet 4.3 percent. If the government's consumer voucher project fails, the situation is more than likely to take a turn for the worse. But some say the dwindling private consumption will have little impact on the nation's economic growth this year.

[Soundbite] HONG JUN-PYO(HYUNDAI RESEARCH INSTITUTE) : "The measure was taken at the end of November to allow for non-contact consumption, which will help the economy continue to grow."

Korea's exports are also recovering steadily. However, the impact of the growing global pandemic remains to be seen. The Bank of Korea is set to hold a Monetary Policy Board meeting this week to announce the key interest rate and revise its projection of this year's economic growth and the 2021 economic growth outlook.

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