South Korean businesses made pessimistic forecasts on economic conditions for July as oil and commodity prices are expected to rise, an industry survey said on June 29.
The monthly business sentiment index, an indicator of companies' outlook for the coming month, hit 98.7 for June, down from 100.2 for May, according to the survey by Federation of Korean Industries, the nation's top business lobby group.
The figure, which falls below 100 when pessimistic view on the economy outdo optimistic ones, fell to the below-100 level after staying above the benchmark for the two consecutive months.
Amid growing concerns in the market that the economy may not make an expected rebound in the second half, the government earlier last week revised up its growth outlooks from minus 2 percent to minus 1.5 percent.
Source:Xinhua
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