Global ratings agency Standard & Poor’s reported this week that it had lowered Korea’s economic growth outlook by 0.5%, to 2.5% for 2012, while other organisations are expecting growth between 2% and 3% (Yonhap). The downward revision was based on the economic slowdown in China, combined with a delayed recovery in the US and the ongoing European fiscal crisis.
The Korean Chamber of Commerce and Industry reported in a statement this week that the manufacturer’s business sentiment index for the fourth quarter this year fell to 74 points, down from 88 for the July-September period (Reuters). The index has remained below 100 for the fifth consecutive quarter – indicating that the number of companies expecting some deterioration in their business activities outnumber those who expect improvements.
Furthermore, the Bank of Korea reported that Korean consumer confidence remained weak in September due to the global economic slump. The confidence index, based on responses from 1,984 Korean households in 56 cities, was unchanged from last month at 99 (100 is benchmark) and at a seven month low.
Source: Argentine Beef Packers S.A.
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