Business confidence in Korea sinks to near record-low

More pessimistic outlook for October as business confidence fell further to 72.

This is a three-point slide from the already bearing 75 in September, noted BBVA, with a score below 100 indicating that pessimists outnumber optimists.

The business outlook for October has fallen close to its lowest level since July 2009 when it hit 70, the lowest since the last financial crisis, said BBVA.

"Korea’s economy is expected to remain under pressure in the coming months as weak exports are spilling over to domestic demand. We expect another 25bp cut in interest rates by the Bank of Korea in the coming month or two, and possible fiscal policy support after the Presidential election in December," it added.

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