COVID-19 shaking up South Korean economy

COVID-19 shaking up South Korean economy


staying here in the nation people are
shunning under events consumer sentiment has taken a drastic dip in the second
installment of our three-part series our Kim J zooms in how Co V 19 is hurting
select sectors fear of the novel coronavirus is having a negative impact
on consumerism people are shunning outdoor events and consumer spending at
restaurants in hotels and entertainment venues has plunged we are located near I
University so many workers and students come during the school vacations but
it’s been almost empty these days flower businesses have taken a direct hit
schools nationwide have postponed or canceled our graduation or entrance
ceremonies amid coronavirus fears dragging down the demand for flowers our
sales fell to one third of our usual levels maybe even more
I’ve been in this business for more than 15 years but this is the first time of
how to Valentine’s Day as quiet as this year’s a recent survey shows nearly 90
percent of small business owners have suffered losses in sales revenue since
the virus outbreak more than two-thirds said that they’ve seen a significant
decrease and one-third said that their sales have fallen
South Korea’s tourism and aviation sectors have also suffered the worst
economic fallout in years reports say more than 80 percent of
flights to China have been halted or cut due to concerns over the deadly virus
but a lack of participation and outdoor activities has led to a boost in online
spending online credit card spending by consumers in South Korea rose quickly in
the week that followed the Lunar New Year holiday when the virus started to
spread the total was up forty four point five percent compared to the week that
followed the holiday last year one online food delivery service says they
saw around 12% increase on month and weekend orders especially with people
trying to avoid contact the number of customers requesting for their food to
be left in front of their door increased by 20 percent in February fear of the
virus is raising uncertainty in the economy and in order to minimize the
negative impact expert says it’s important to resolve
this fear factor phase of the corona virus may be causing consumption to
shrink excessively the government’s most priority should be to take measures that
gain people’s trust and reduce anxiety the expert also added that the
government should avoid any political propaganda activities that could create
excessive anxiety kim daehee arirang news

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About the Author: Oren Garnes

5 Comments

  1. Defense Minister and Entire Ministry of defense of South Korean and American warmongers Generals be very careful.!! I will make You use Your THAAD weapon of WAR to kill that parasite you just won the award.!! You even think of destabilizing the Korean peninsula for your GREED in the name of protection I will Destroy you once it for All.!!~~~ Remember my Elders are on both sides of that border of Korean North and South Korean Panensula.!! It's all about the business of Life and Death.!! You will Learn to Respect.!! South Korean general Said He will cut my ankle and make me bleed to Death.!! Is that right? I said I'm the king of the North.!! I will skin you alive won't let you Die consider it a Mercy.!! You want WAR I will give you a WAR.!! I like Peace and Love.!! do not upset me.!! My anger you will not survive.!! I'm That MONGOL KHAAN.!!

  2. Thanks alot ccp….top down order is only good for putting a bandaid. Ban wild animals trade when it was already illegal doesn't make any sense. Good on paper, fake in reality….just like everything ccp says.

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