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Korea Consumer Confidence May 2020

Korea: Consumer sentiment improves in May

The Bank of Korea’s composite consumer sentiment index increased to 77.6 in May from 70.8 in April. That being said, the index remained below the 100-point threshold that separates pessimism from optimism among households.

Consumer sentiment in May concerning both current and future domestic economic conditions improved robustly over the previous month. Moreover, consumers were less pessimistic regarding their current and future living standards in May, while their assessment of their future income and spending also increased.

FocusEconomics Consensus Forecast panelists expect private consumption to expand 2% in 2020, which is down 0.7 percentage points from last month’s projection. Looking at 2021, our panelists see private consumption growing at 2.9%.

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