South Korea Consumer & Retail Q4 2019
Despite improvements in the employment outlook, we maintain a pessimistic outlook for the South Korean consumer.The weak economic growth outlook coupled with the elevated youth unemployment will be the main headwinds weighing onconsumer spending. Although low levels of inflation provides some support to consumption, it will not be significantly enough tobuoy consumption. High frequency indicators of consumer confidence and retail sales have also taken hit and we do not expectsignificant gains due to the structural headwinds present.
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