Pyongyang, September 22 (KCNA) — An economy institute of the Hyundai Business Group said the South Korean economy will be thrown into a long-term standstill, according to a radio report from Seoul.
A report of the institute published on Sept. 17 said that the present crisis of the South Korean economy is an early stage of long-term crisis and that in August the stock price dropped by 57 percents compared with last year and the growth rate of mass consumption was minus 11.6 percent.
Investments in several fields including equipment and construction were reduced and prices of economic capital and property are being devaluated, the report said, and went on:
If such a phenomenon goes into a full scale, vicious cycles will be repeated with closure of more enterprises and the increase of unemployment.
The prospect of the South Korean economy is gloomy.
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