S.Korea's business sentiment drops amid soaring COVID-19 cases

Source: Xinhua | 2020-02-27

Sentiment among South Korean businesses over economic situation dropped last month amid the soaring cases of the COVID-19 for the past week, central bank data showed Wednesday.

The business sentiment index (BSI) stood at 65 in February, down 10 points from the previous month, according to the Bank of Korea (BOK).

It marked the biggest monthly slide since the data began to be compiled in January 2003. The reading below 100 indicates pessimists outnumbering optimists.

The rapid fall came amid the surging COVID-19 cases. As of Wednesday morning, the number of infected patients totaled 1,146, up 169 from the previous day. From Feb. 19-25, 946 new cases were reported in the country.

The BSI for manufacturers declined 11 points over the month to 65 in February, posting the lowest in four years.

The figure for non-manufacturers, including the eatery, lodging, wholesale and retail sectors, slipped 9 points to 64 in the month, marking the fastest decline in about four and a half years.