The Korea Development Institute(KDI) has assessed for the sixth straight month that the South Korean economy is in a slump.
The state-run think tank said in its monthly report on economic trends on Sunday that the Korean economy’s sluggishness is driven by weakening internal and external demand.
KDI has used the term “slump” to describe economic conditions since April after having previously described the economy to be “slowing down” from last November to March of this year.
The economy was assessed to be sluggish in consumption, investment and exports.
KDI noted retail sales edged down point-three percent in July from a year earlier, while facility investment slipped four-point-seven percent during the same period.
South Korea's exports plunged 13-point-six percent on-year to 44-point-two billion dollars in August, extending an on-year decline for the ninth consecutive month.
[Photo : YONHAP News]