Korea: Business confidence among manufacturing firms records worst reading since February 2021 in July
Business confidence among manufacturing firms came in at 83.0 in July, down from June’s 87.0. July’s result marked the weakest sentiment since February 2021. As a result, the index remained entrenched below the 100-threshold, indicating sustained pessimism among businesses.
Business confidence fell most sharply among export-orientated firms, likely on the back of growing fears of a global recession, which would slow external demand for Korean firms’ goods.