Weakness in the Korean economy is having a
clear effect on people’s willingness or ability
to spend money.
According to Statistics Korea, the percentage
of households getting by on a monthly budget
of less than one-million won — about 850
U.S. dollars — has hit a seven-year high.
The figure for the third quarter came in at
13 percent — the highest since Q3 in 2009
— when it hit 14 percent… during the global
The trend is widely attributed to the government’s
on-going corporate restructuring drive, mounting
household debt and rising unemployment.