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Korean Auto Industry’s Optimism Fades
Carmakers and their suppliers in South Korea are less optimistic than any other sector of the country’s economy, says the Korea Economic Research Institute.
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Carmakers and their suppliers in South Korea are less optimistic than any other sector of the country’s economy, says the Korea Economic Research Institute.
KERI’s monthly business survey index has slumped to 77.6 for the auto industry compared with 92.6 for manufacturing in general and 94.4 for all companies surveyed. Any number below 100 indicates more pessimism than optimism.
The institute notes that its index for Korean business has been below 100 for 16 months. KERI blames the auto industry’s low score on possible changes to the U.S.-Korean free trade agreement, North Korea’s nuclear program and a pending court ruling about treating worker bonuses as a part of standard pay.
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