SEOUL, Dec. 30 (Korea Bizwire) – Forty-two percent of South Korean households believe their economic conditions will deteriorate next year, according to a survey by Gallup Korea released Friday.
The survey suggested that South Korea’s consumer confidence has sharply eroded amid uncertainties in the troubled shipping and shipbuilding sectors, and an ongoing influence-peddling scandal involving President Park Geun-hye.
In comparison, last year’s survey showed that 25 percent of households expected their economic conditions to worsen this year.
The survey of 1,500 adults, conducted between Nov. 4 and Nov. 30, showed 45 percent of the respondents believe their economic conditions next year will be at the same level shown this year.
The remaining 11 percent said their economic conditions will improve next year.
Gallup Korea attributed sluggish corporate earnings, worsening export conditions, weaker domestic consumption and a rise in the U.S. interest rate to the gloomy outlook.
Separately, the survey showed that 66 percent of the respondents expected the national economy to decline next year.
The government revised down its 2017 growth outlook Thursday to 2.6 percent next year from an earlier forecast of 3 percent.