South Korea: South Korea's consumer sentiment improved in April amid eased political uncertainty following the ouster of former President Yoon Suk Yeol, the central bank said Wednesday. The composite consumer sentiment index stood at 93.8 this month, up 0.4 point from March, according to the survey conducted by the Bank of Korea (BOK).
According to Yonhap News Agency, "Despite concerns over worsening global trade conditions and sluggish domestic demand, political uncertainty has eased, while expectations for economic stimulus measures have increased, resulting in a modest increase in the index," the BOK said in a release. On April 4, the Constitutional Court upheld the impeachment of Yoon over his shocking martial law declaration in December, formally removing him from office.
The index had dropped to a two-year low of 88.2 in December following the martial law imposition. A reading above 100 means optimists outnumber pessimists, while a reading below the benchmark means the opposite.
South Korea is facing multiple economic headwinds, and BOK Gov. Rhee Chang-yong has said that this year's economic growth outlook is likely to be sharply lowered from its earlier forecast of 1.5 percent. Last week, the government unveiled details of its 12.2 trillion-won (US$8.59 billion) extra budget proposal, which is designed to support weak domestic demand and bolster key industries facing heated global competition amid heightened uncertainties stemming from U.S. President Donald Trump's administration's sweeping tariff scheme.