No mention of economic recovery in government's economic report

[Anchor]

As political uncertainty increases, concerns about our already poor economic situation are growing.

For the first time since the emergency martial law situation, the government has released an economic report, and the term 'economic recovery' that had been used until now has disappeared, with a diagnosis indicating that downside risks are increasing.

Kim Jin-hwa reports.

[Report]

Garosu-gil in Seoul was once bustling with young people, but it has recently seen a decrease in foot traffic and an increase in closed shops.

Indicators showing consumer spending have been negative for ten consecutive quarters, indicating that consumers are tightening their wallets.

[Garosu-gil Merchant/Voice Altered: "It's the end of the year now. People used to gather in groups for meals and go out for second and third rounds, but we don't see that these days."]

The impeachment situation following the martial law has even frozen the year-end special events, such as year-end parties.

According to a survey by the Small Business Association, nearly 9 out of 10 small business owners reported a decrease in sales since the martial law situation, with 36% of them stating that their sales have halved.

This reality has also been reflected in the government's monthly economic assessments.

[Kim Gwi-beom/Director of Economic Analysis, Ministry of Economy and Finance: "There are concerns about increased downside risks due to the expansion of domestic and external uncertainties, which are dampening the economic sentiment of households and businesses."]

The government has removed the expression 'economic recovery trend' that appeared since last November and replaced it with the somewhat pessimistic phrase 'downside risks.'

The cause has been identified as domestic and external uncertainties, and while the government did not directly mention martial law or impeachment, it explained that political uncertainty is included in this context.

Even the government, which has been relatively positive in its economic assessments, has changed its evaluation, indicating the severity of our economic situation.

[Woo Seok-jin/Professor of Economics, Myongji University: "The uncertainty escalated significantly after the vote on impeachment failed last week, leading economic agents to start reflecting this in their consumption and investment."]

Major credit rating agencies are closely monitoring Korea's political situation but have confirmed that the country's credit rating remains stable.

This is KBS News, Kim Jin-hwa.