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ECONOMIC IMPACT OF COVID-19 ON S. KOREA
입력 2020.04.01 (15:07) 수정 2020.04.01 (16:46) News Today
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[Anchor Lead]

With many businesses cutting their workforce amid the coronavirus pandemic, economic indices show that production and facility investment are also on the decline, resulting in the so-called "triple decrease." The economic impact of COVID-19 is especially noticeable in the automobile sector, which has slashed production sharply. Korea's business sentiment has also plummeted to a level not seen since the global financial crisis.

[Pkg]

Myeong-dong, usually one of the most crowded areas in Seoul, is deserted even during the daytime. The sharp decrease in the number of foreign tourists has dealt a severe blow to stores in the area. Even those that used to be packed with customers are now closed. The economic impact of COVID-19 can be seen through economic indices. Industrial production in February shrank 3.5 percent from the prior month. Automobile production has plunged nearly 30 percent, leading to a 3.8 percent decrease in the mining and manufacturing industries. The service sector contracted 3.5 percent due to a slump in the aviation and travel sectors. Consumption and facility investment also plummeted concurrently, resulting in the so-called "triple decrease." The future outlook remains bleak. Last month, the Business Survey Index fell 11 points to 54, the lowest since the global financial crisis hit in February 2009. This year's outlook fell 16 points to 53. The BSI in the non-manufacturing sector also recorded an all-time low of 53. The wholesale, retail and hospitality sectors sustained particularly serious losses.

[Soundbite] CHANG JAE-CHEOL(KB SECURITIES) : "The economy may start to rebound at the beginning of the third quarter when the COVID-19 pandemic subsides, a cure or a vaccine is developed, and various regulations are eased."

Experts are calling for swift relief measures to boost the struggling economy.
  • ECONOMIC IMPACT OF COVID-19 ON S. KOREA
    • 입력 2020-04-01 15:09:35
    • 수정2020-04-01 16:46:26
    News Today
[Anchor Lead]

With many businesses cutting their workforce amid the coronavirus pandemic, economic indices show that production and facility investment are also on the decline, resulting in the so-called "triple decrease." The economic impact of COVID-19 is especially noticeable in the automobile sector, which has slashed production sharply. Korea's business sentiment has also plummeted to a level not seen since the global financial crisis.

[Pkg]

Myeong-dong, usually one of the most crowded areas in Seoul, is deserted even during the daytime. The sharp decrease in the number of foreign tourists has dealt a severe blow to stores in the area. Even those that used to be packed with customers are now closed. The economic impact of COVID-19 can be seen through economic indices. Industrial production in February shrank 3.5 percent from the prior month. Automobile production has plunged nearly 30 percent, leading to a 3.8 percent decrease in the mining and manufacturing industries. The service sector contracted 3.5 percent due to a slump in the aviation and travel sectors. Consumption and facility investment also plummeted concurrently, resulting in the so-called "triple decrease." The future outlook remains bleak. Last month, the Business Survey Index fell 11 points to 54, the lowest since the global financial crisis hit in February 2009. This year's outlook fell 16 points to 53. The BSI in the non-manufacturing sector also recorded an all-time low of 53. The wholesale, retail and hospitality sectors sustained particularly serious losses.

[Soundbite] CHANG JAE-CHEOL(KB SECURITIES) : "The economy may start to rebound at the beginning of the third quarter when the COVID-19 pandemic subsides, a cure or a vaccine is developed, and various regulations are eased."

Experts are calling for swift relief measures to boost the struggling economy.
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