ID :
209592
Tue, 09/27/2011 - 05:56
Auther :
Shortlink :
https://oananews.org//node/209592
The shortlink copeid
Korea's business sentiment improves for Oct.
SEOUL (Yonhap) - South Korea's business sentiment for October improved from a month earlier on expectations that the local currency's weakness to the U.S. dollar would help boost exports, a poll showed on Tuesday.
The monthly business survey index (BSI) for the upcoming month came in at 101.4, compared with 96.3 tallied for September, according to the survey by the Federation of Korean Industries (FKI), the lobbying group of the country's large businesses.
A BSI reading below 100 means pessimists outnumber optimists. The poll surveyed the country's 600 largest businesses in terms of sales.
The FKI attributed the improved sentiment for October to the local currency's weakness to the greenback, which will help boost overseas sales.
The South Korean currency fell more than 12 percent to the U.S. dollar in September compared with two months ago on global recovery woes, making it the worst performer among 21 major currencies. The depth of the won's depreciation was the largest among major currencies, according to data compiled by the Bank of Korea.
The federation said there are still concerns over a double-dip recession in the U.S. economy and lingering fiscal problems facing Europe, which could put a strain on local firms.
A steady rise in inflation in Asia's fourth-largest economy is also a risk facing the Korean economy, it said.
South Korea's consumer prices jumped 5.3 percent in August from a year earlier, the fastest pace in three years and also up from a 4.7 percent gain in July.
The monthly business survey index (BSI) for the upcoming month came in at 101.4, compared with 96.3 tallied for September, according to the survey by the Federation of Korean Industries (FKI), the lobbying group of the country's large businesses.
A BSI reading below 100 means pessimists outnumber optimists. The poll surveyed the country's 600 largest businesses in terms of sales.
The FKI attributed the improved sentiment for October to the local currency's weakness to the greenback, which will help boost overseas sales.
The South Korean currency fell more than 12 percent to the U.S. dollar in September compared with two months ago on global recovery woes, making it the worst performer among 21 major currencies. The depth of the won's depreciation was the largest among major currencies, according to data compiled by the Bank of Korea.
The federation said there are still concerns over a double-dip recession in the U.S. economy and lingering fiscal problems facing Europe, which could put a strain on local firms.
A steady rise in inflation in Asia's fourth-largest economy is also a risk facing the Korean economy, it said.
South Korea's consumer prices jumped 5.3 percent in August from a year earlier, the fastest pace in three years and also up from a 4.7 percent gain in July.
