• The KR-ECI and 3-month Expected KR-ECI fell to 40.2 and 40.7, respectively, in December 2020. All components of the KR-ECI also dropped. Households were more concerned about employment and income because of the resurgence of COVID-19 around mid-December 2020 (according to the survey conducted during the final week of December 2020).
• KResearch conducted another survey on household spending on consumer goods in 2020. The poll shows that the majority of households spent the same amount as in 2019, due partly to the government’s relief measures, which helped them maintain purchasing power.
• It is expected that the new wave of COVID-19 will disrupt economic activity again. Many industries, which have begun to recover, will also be adversely affected, in particular tourism - an important sector for employment (which remains fragile). Because of uncertainties surrounding the COVID-19 pandemic, including how long it will continue and whether current control measures are effective or not, it is expected that living conditions of households will get much worse. Close attention, therefore, must be paid to the government’s relief measures, aimed at mitigating the impact of COVID-19 on living conditions of households.
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