S. Korea’s consumer confidence still ranking near bottom among OECD members – 24 Apr 2017

  • South Korea’s consumer confidence index has improved in 1Q17 but still ranks near the bottom among developed markets, the latest report from the Organization for Economic Cooperation and Development (OECD) said 24 Apr 17.
  • South Korea’s index for Mar 17 measured at 99.06, a third month of upward movement from 98.7 in Jan 17 and 98.81 in Feb 17, according to the main economic indicators from the OECD. The Mar 17 figure, however, still falls behind the OECD members’ average of 100.56. It also places South Korea third from the bottom among the 32 countries featured in the report.
  • As of Mar 17, Turkey (96.76) and Greece (96.34) ranked below South Korea.
  • The measurements are based on a consumer sentiment index released by central banks that are supplemented by other related indicators for comparison with OECD members. A reading above 100 means consumers are expecting better days ahead on their economic situation, while below 100 reflects pessimism.
  • Local economists cited corporate restructuring and the dismissal of the president as some of the central factors that negatively affected consumer confidence. The index had been above the threshold in Aug 16 at 100.08 but fell each month to hit a near eight-year low in Jan 17.

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