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Businesses Worry About Triple Whammy

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Businesses Worry About Triple Whammy

Korean businesses point to rising raw material prices, increased lockdown, and higher interest rates as their main issues.

The Korea Chamber of Commerce and Industry said Monday that a recent multiple-choice straw poll of 104 big and 206 small companies found that 81.6 percent cited rising raw material costs, while 80.6 percent pointed to lockdown and 67.7 percent rising interest rates.

The Bank of Korea increased the base rate by 0. 25 % to 0. 75 percentage last week. Although the survey was done just before, the overwhelming majority of respondents still believed that the BOK would freeze the rate for a bit longer.

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