South Korea’s business sentiment remained pessimistic for March due to prolonged concerns over a slowdown of the global economy, a poll showed Tuesday.
The business survey index (BSI) for the country’s top 600 companies by sales stood at 97 for March, up 4.7 points from this month, according to the monthly poll by the Federation of Korean Industries (FKI).
A reading below 100 means pessimists outnumber optimists, while a figure above the benchmark means the opposite. The index has remained below 100 for 24 consecutive months.
The BSI for the manufacturing industry, however, came to 100.5 for March, surpassing the 100 point mark for the first time in 24 months. The index for the nonmanufacturing sector, however, remained below the benchmark at 93.5.
Of the manufacturing sector, industries that recorded optimistic sentiment included machinery, automobiles, petroleum and chemical sectors, the survey showed.
The FKI, the lobby for the country’s family-controlled conglomerates, said it saw positivity in impr
ovement expectations in the manufacturing sector, but stressed the need for more efforts to revitalize business sentiment, as it still remains overall sluggish.
Source: Yonhap News Agency