Korea: Consumer sentiment continues to slump in April
The Bank of Korea’s composite consumer sentiment index nosedived to 70.8 in April from 78.4 in March. Consequently, the index moved further below the 100-point threshold that separates pessimism from optimism among households.
Consumer sentiment in April concerning both current and future domestic economic conditions tapered over the previous month. Moreover, consumers were more pessimistic regarding their current and future living standards in April, while their assessment of their future income and spending also deteriorated.
FocusEconomics Consensus Forecast panelists expect private consumption to expand 1.3% in 2020, which is down 0.5 percentage points from last month’s projection. Looking at 2021, our panelists see private consumption growing at 2.4%.