SEOUL, Nov. 29 (Korea Bizwire) – Eight out of ten Korean small and medium-sized companies have a very unfavourable view of the current state of economic affairs in Korea.
A recent survey related to the current financial environment, targeting employees in three hundred SMEs, showed that 85.7 percent thought the country was in a financial crisis, 28.7 percent of which said it is a critical time just as bad as the 2008 Financial Crisis and the 1997 Asian Financial Crisis.
In terms of the main causes (multiple choices) of the financial crisis, ‘domestic consumption recession with shrinking consumer sentiment’ (54.1 percent), ‘insecurity from a lack of political leadership’ (51 percent) and ‘distrust of government policies’ (46.3 percent) were among the responses.
As a solution to eliminate these unstable factors, 44.7 percent of respondents said that bipartisan efforts from those in government were crucial, and that they should set aside their political interests.
Others said operating an economic control tower is an urgent matter in order to keep policy consistency (33.3 percent).
As multiple answers for a solution, ‘strengthening management by cost reduction (58.3 percent)’ and ‘pioneering a new market (48.3 percent)’ were suggested.
The respondents also showed concern for Donald Trump’s triumph in the American presidential election.
Of the respondents, 70.7 percent answered that negative effects could be expected due to his victory, and there could be serious damages in the automobile (92.5 percent), electronics (54.2 percent) and iron and steel (46.2 percent) industries (multiple choices).
By Kevin Lee (email@example.com)